News
NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital
NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital
*We must reposition BOA to drive Nigeria’s food security- VP Shettima
By: Our Reporter
The National Council on Privatisation (NCP) has received key recommendations from its committee on the Bank of Agriculture (BOA), including a proposed merger with the Central Bank of Nigeria’s NIRSAL Microfinance Ltd and a fresh capital injection to revitalize the bank.
Addressing the second NCP meeting of 2024 at the Presidential Villa on Wednesday, the Vice President, Senator Kashim Shettima reiterated President Bola Ahmed Tinubu’s commitment to repositioning and reforming BOA to drive the administration’s food security agenda.
“Let’s get very sound professionals with integrity to manage the bank. If we use it well, it’s going to be a tool for the transformation of our economy because agriculture is the key,” the Vice President said.
Presenting the committee’s report, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who doubles as NCP Vice-Chairman, said the Council’s decision was informed by the challenges identified and the need for urgent resolution of the issues confronting the Bank.
Edun outlined the major recommendations, including “the immediate reconstitution of the Board of Directors of the Bank to enhance corporate governance” and “a merger of BOA with the CBN’s NIRSAL Microfinance Ltd.”
He also highlighted the proposal to “cede National Agricultural Land Development Authority (NALDA) land titles to BOA so that it reflects in its Balance Sheet, thus increasing its capital adequacy for the purpose of raising funds from institutional investors.”
Acknowledging the need for financial reinforcement, the Minister identified “adequate capital injection into the Bank by the shareholders” as a crucial step forward.
The committee’s report comes after the NCP empanelled an 8-member inter-ministerial body in December 2023 to review the state of affairs at BOA, given agriculture’s critical role in the economy and the Tinubu administration’s commitment to food security under the Renewed Hope Agenda.
In 2016, the NCP had approved the collaboration between the Bureau of Public Enterprises (BPE), the then Federal Ministry of Agriculture and Rural Development, and the Federal Ministry of Finance to restructure and recapitalize BOA.
A consultant, Lead Capital Consortium, was engaged in 2019 to review the bank’s operations and advise on strategies for rebirth and growth. The consultant’s core recommendation was for the government to recapitalize the bank, implement reforms, provide technical assistance, and transform BOA into a sustainable agricultural development bank.
Edun further outlined additional recommendations, including “Provision and upgrade of the Bank’s ICT infrastructure to automate processes, reduce costs and enhance the Bank’s outreach to the grassroots” and “Enhance governance and risk management by appointing qualified Board members and senior management with relevant expertise.”
In a move to bring transparency and efficiency to the nation’s energy sector, the NCP also noted the proposal seeking approval for the establishment of an independent system operator from the Transmission Company of Nigeria (TCN).
NCP Chairman, Vice President Shettima, set up a committee to liaise with the Special Adviser to the President on Energy and the Federal Ministry of Power to provide a roadmap and reach out to stakeholders.
The committee is chaired by Mr. Oye Hassan-Odukale, Technical Committee Chairman of NCP.
On a Strategy Paper for the Optimisation of Oil and Gas Assets, the Council also formed a committee to look into issues concerning oil and gas infrastructure, stressing the strategic importance of investors in the sector.
The committee chaired by the Minister for Budget and Economic Planning includes the Coordinating Minister of Health and Social Welfare, the NCP Secretariat, the Ministers of Power, the Minister of State for Petroleum Resources (Oil) and the Minister of State for Petroleum Resources (Gas),
The committee was given three weeks to come up with its report on optimizing the nation’s oil and gas assets.
End
NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital
Security forces neutralise two notorious bandits in Benue clearance operation
By: Zagazola Makama
Security forced have neutralised two suspected notorious bandits during a clearance operation in Ukum Local Government Area of the state.
Sources told Zagazola that the operation followed credible intelligence received on Tuesday at about 1:00 p.m.
The report indicated that a criminal gang led by one Senen Hemen, also known as Orpa, was sighted along the pipeline axis between Gbeji and Igbongom communities in Ukum.
According to the sources, security forces were promptly mobilised to the location, where the gang engaged the operatives in a gun duel.
During the exchange, Hemen and another gang member identified as Mzungweve Ichur, both from Igbongom, were shot dead, while others fled the scene with gunshot injuries.
The sources confirmed that the corpses of the two suspects had been recovered and deposited at a private mortuary in Gbeji, while a manhunt had been launched in the surrounding bushes to track the fleeing accomplices.
The sources assured residents that the operation was part of ongoing efforts to rid Ukum and adjoining areas of violent criminal gangs.
Security forces neutralise two notorious bandits in Benue clearance operation
Gunmen abduct worshipper in Oyo community
By: Zagazola Makama
Gunmen have abducted a worshipper from a mosque in Gbonkan Village, Ipapo, Itesiwaju Local Government Area.
Sources said that the victim, identified as Amadu Usman, was kidnapped on Monday night while praying at the mosque alongside his elder brother, Adamu Usman.
The sources said seven armed men invaded the mosque at about 9 p.m. and whisked the victim away to an unknown destination.
The sources said that a joint team of security forces, Amotekun Corps, vigilantes and local hunters had since launched a search-and-rescue operation, combing surrounding bushes to track down the suspects and rescue the victim.
Gunmen abduct worshipper in Oyo community
Troops of Operation FANSAN YANMA repel bandit attack in Malumfashi, Katsina
By: Zagazola Makama
Troops of Operation FANSAN YANMA, in collaboration with the Police, Community Watch Corps and local vigilantes, have repelled a bandit attack in Malumfashi Local Government Area of Katsina State.
Sources said that the incident happened on Tuesday evening when armed bandits launched an attack on a hunters’ camp in Naalma village.
According to the sources, the troops and other security operatives responded swiftly to a distress call and engaged the bandits in a fierce gun battle, forcing them to withdraw.
“During the operation, Usman Lawal, 35, the Commander of the Hunters’ group, sustained fatal injuries. One of the bandits was neutralised while the rifle earlier seized from the hunters’ commander was recovered.
“Other fleeing bandits are suspected to have escaped with gunshot wounds. Troops are currently conducting cordon-and-search operations within the area,”said the sources.
Troops of Operation FANSAN YANMA repel bandit attack in Malumfashi, Katsina
Security forces neutralise two notorious bandits in Benue clearance operation
Gunmen abduct worshipper in Oyo community
Troops of Operation FANSAN YANMA repel bandit attack in Malumfashi, Katsina
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
THE PLIGHT OF FARIDA
POLICE CHARGE ROOMS, A MINTING PRESS
-
News1 year agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years ago
THE PLIGHT OF FARIDA
-
Opinions4 years ago
POLICE CHARGE ROOMS, A MINTING PRESS
-
News1 year agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
-
News5 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
