Connect with us

News

NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NIMC Pushes Digital Identity Reforms to Boost Service Delivery, Security

Published

on

NIMC Pushes Digital Identity Reforms to Boost Service Delivery, Security

By: Michael Mike

The National Identity Management Commission (NIMC) has reaffirmed its commitment to strengthening Nigeria’s Digital Public Infrastructure (DPI) through the deployment of secure digital identity systems aimed at improving governance, enhancing national security, and expanding access to public services.

Speaking at a digital conference in Abuja themed “Building Africa’s Digital Foundations Together,” the Director-General and Chief Executive Officer of NIMC, Abisoye Coker-Odusote, represented by the Head of Infrastructure Technology and Identity Databases, Mr. Sulaiman Falade, said the commission is driving reforms and institutional partnerships to build an inclusive and interoperable digital identity ecosystem.

According to her, the National Identification Number (NIN) has become central to Nigeria’s digital transformation agenda, serving as a key tool for identity verification, biometric authentication, and access to both government and private sector services.

She noted that following the Presidential Directive issued on April 5, 2024, Ministries, Departments and Agencies (MDAs) were mandated to integrate the NIN into digital services, particularly in areas involving data capture, identity verification, and authentication processes.

Coker-Odusote stated that NIMC has already established implementation structures to ensure compliance with the directive and to deepen the adoption of digital identity solutions across the country.

She further stressed that the Federal Government’s vision is to establish a unified, secure, and transparent digital identity framework capable of supporting efficient service delivery and accountability in governance.

The NIMC boss added that the commission is also advancing Nigeria’s broader digital governance goals through the deployment of the National Public Key Infrastructure (nPKI), a system designed to strengthen trust in digital transactions, safeguard citizens’ data, and promote secure online interactions.

She called on stakeholders in both the public and private sectors to continue supporting the implementation of Nigeria’s digital identity ecosystem, noting that the initiative is critical to national development and economic growth.

According to her, NIMC remains committed to leveraging technology and innovation to build a more connected, efficient, and resilient nation.

NIMC Pushes Digital Identity Reforms to Boost Service Delivery, Security

Continue Reading

News

Tinubu Sweeps Zulum’s Ward with 100% Votes in APC Presidential Primary

Published

on

Tinubu Sweeps Zulum’s Ward with 100% Votes in APC Presidential Primary

By: Michael Mike

President Bola Ahmed Tinubu recorded a landslide victory in the All Progressives Congress (APC) presidential primary election in Mafa Ward of Borno State, securing all valid votes cast in the exercise held in the home ward of Governor Babagana Umara Zulum.

The direct primary election took place at Mafa Central Primary School under the supervision of the Chairperson of the Presidential Primary Election Committee, Hajiya Inna Alkali Imam.

According to the results announced at the ward level, Tinubu polled 2,175 votes, representing 100 per cent of the valid votes cast during the exercise. Out of the 2,277 registered APC members in the ward, 2,175 were accredited and participated in the voting process.

Tinubu’s challenger, Stanley Osifo, an APC chieftain and businessman from Edo State, failed to secure any vote in the ward.

Governor Zulum, who served as the Coordinator and Collation Officer for the presidential primary in the state, said he participated in the exercise as an indigene of Mafa Ward.

“I am from Mafa Ward, and that is why I am here to witness and participate in the exercise. We have two candidates, President Bola Ahmed Tinubu and Mr Stanley Osifo,” Zulum stated.

The governor also commended the peaceful conduct of the exercise and the turnout of party members.

“So far so good, we have conducted the presidential primary election for Mafa Ward, and I am very impressed with the turnout. We have a total of about 2,277 registered party members in Mafa Ward, out of which 2,175 were accredited for the voting, and all of them voted for President Bola Ahmed Tinubu, while the other candidate scored zero,” he said.

The APC presidential primary is ongoing in several states across the country, with the party expected to collate and announce final nationwide results at a later date.

Tinubu Sweeps Zulum’s Ward with 100% Votes in APC Presidential Primary

Continue Reading

News

I Remember At Age Of 8,General Gowon Would Send Hand Written Letter To Yusuf Signed Uncle Joe-Sanusi

Published

on

I Remember At Age Of 8,General Gowon Would Send Hand Written Letter To Yusuf Signed Uncle Joe-Sanusi

By: Our Reporter

The 16th Emir of Kano, Muhammadu Sanusi II, has recounted a touching childhood memory about former Nigerian Head of State Yakubu Gowon, portraying him as a compassionate leader who extended personal support to the family of a military officer killed during the 1966 coup.

Speaking during an interview on Signature TV, Sanusi reflected on his early years at St Anne’s Secondary School in Kaduna, where he attended school alongside Yusuf Pam, the son of the late Colonel Joseph Pam, one of the victims of the January 1966 Nigerian coup.

The former governor of the Central Bank of Nigeria recalled that despite the demands of national leadership, Gowon took a personal interest in the wellbeing of Yusuf following the loss of his father. According to Sanusi, the former Head of State frequently sent handwritten letters to the young boy, signing them “Uncle Joe.”

“What I remember at the age of eight was that General Gowon, as Head of State, would send a handwritten letter to Yusuf signed ‘Uncle Joe.’ That is a window into the person you are dealing with,” Sanusi said.

The Emir noted that the gesture has remained vivid in his memory over the years because it revealed a caring and humane side of leadership during one of the most turbulent periods in Nigeria’s history. He suggested that Gowon’s actions reflected empathy and a sense of responsibility toward families affected by the political upheaval of the time.

Colonel Pam was among several prominent figures who lost their lives during the 1966 coup, a pivotal event that reshaped Nigeria’s political landscape and contributed to years of instability and conflict that followed.

I Remember At Age Of 8,General Gowon Would Send Hand Written Letter To Yusuf Signed Uncle Joe-Sanusi

Continue Reading

Trending

Verified by MonsterInsights