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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
Troops neutralise eight terrorists in failed ambush operation in Borno
By: Zagazola Makama
Troops of 21 Special Armoured Brigade (21 SAB), in collaboration with Civilian Joint Task Force (CJTF) and hybrid forces, have neutralised eight suspected terrorists during an ambush operation in Bama Local Government Area of Borno.
A military source told Zagazola Makama that the operation was carried out at about 2:06 a.m. on April 1 around the Gadangari axis, behind Government Girls Secondary School (GGSS), Bama.
The source said the troops conducted a planned ambush targeting suspected Boko Haram terrorists and their logistics collaborators operating around the area.
“While lying in wait, the troops intercepted terrorists’ collaborators and logistics suppliers moving towards Yale axis,” the source said.
He added that the troops engaged the targets in a brief exchange of fire, resulting in the neutralisation of eight terrorists, while others escaped with possible gunshot wounds.
The source further noted that follow-up operations were ongoing to track fleeing elements and dismantle their logistics networks in the area.
He assured that the situation remained under control, with troops maintaining aggressive posture in the general area.
Troops neutralise eight terrorists in failed ambush operation in Borno
Troops rescue two teenage boys escaping suspected terrorist camp in Borno
By: Zagazola Makama
Troops of 25 Brigade, operating from Forward Operating Base (FOB) Azir in Damboa Local Government Area of Borno State, have rescued two teenage boys who reportedly escaped from a suspected terrorist camp in Dusula.
A military source told Zagazola Makama that the incident occurred at about 10:00 a.m. on April 1 after the village head of Azir alerted troops to the arrival of two minors in the community under suspicious circumstances.
The source said troops immediately mobilised to the village and apprehended the boys, who were later taken to the Forward Operating Base for interrogation.
He identified the teenagers as Abuna Yammadu Kala, 15, and Abulkaka Yammadu Kala, 10.
According to preliminary interrogation, the boys reportedly disclosed that they recently escaped from a suspected terrorist camp located in Dusula.
The source said the children stated that they fled the camp due to harsh conditions and fear for their lives.
He added that the minors have been moved for profiling and further necessary action.
Troops rescue two teenage boys escaping suspected terrorist camp in Borno
Troops arrest three suspected terrorists in Adamawa, foil alleged attack plan on Mubi barracks
By: Zagazola Makama
Troops of 232 Battalion (Tactical), in collaboration with professional hunters, have arrested three suspected terrorists during a cordon-and-search operation in Mubi North Local Government Area of Adamawa State.
A military source told Zagazola Makama that the operation was conducted at about 1:15 a.m. on April 1 in Angwan Rami general area based on credible human intelligence on terrorist activities.
The source said the troops apprehended three suspects identified as Ado John, 27; Umaru Yunusa, 22; and Alhaji Saleh Mamman Ibrahim, 44.
He added that preliminary investigation confirmed the suspects to be members of terrorist elements operating in the area.
According to him, one of the suspects, Alhaji Saleh Mamman Ibrahim, who was previously documented as a repentant terrorist, allegedly confessed to participating in the attack on Ngoshe in Borno State.
The source further disclosed that the suspect also admitted to acting as a double agent and allegedly planning an attack on Mubi barracks with the intention of carting away weapons.
He said the suspects are currently in the custody of 232 Battalion for further investigation and intelligence exploitation.
He reaffirmed the commitment of security forces to sustain ongoing operations aimed at denying terrorists freedom of action in the North-East.
Troops arrest three suspected terrorists in Adamawa, foil alleged attack plan on Mubi barracks
Troops neutralise eight terrorists in failed ambush operation in Borno
Troops rescue two teenage boys escaping suspected terrorist camp in Borno
Troops arrest three suspected terrorists in Adamawa, foil alleged attack plan on Mubi barracks
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