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

Borno Widows, Orphans Laud Gov Zulum Over Christmas Gifts

Published

on

Borno Widows, Orphans Laud Gov Zulum Over Christmas Gifts

By Francis Okoye

Widows and orphans including less privileged in Maiduguri have lauded Borno State Governor, Babagana Umara Zulum for donating gift of N50,000 to over 250 of them for Christmas celebration.

The widows and orphans who were assembled on Tuesday, 24 December , at the pompomari area of Maiduguri, said the Governor’s benevolence has raised their hope of celebrating the festive period amid the economic crunch bedeveiling the citizens due to high cost of living.

Speaking, Maram Saleh who lost her husband four years ago, said she was thinking how she can even get some cups of rice and condiments for the Christmas before the Governor’s gesture came their way.

She therefore, lauded Governor Zulum for making the celebration a reality for so many of her kinds who are feeding from hand to mouth due to the loss of their bread winners, saying that she can now go home and celebrate the Christmas with her children with joy.

In the same sentiment, Patience Bitrus, a mother of five children who lost her husband at the pick of the Boko Haram insurgency, said her hope of celebrating the Christmas with members of her family was rekindled by the Governor’s benevolence.

” We are really grateful to Governor Zulum for coming to the aid of the widows and orphans especially, at this year’s Christmas when there is high cost of living and economic hardship. We will continue to pray for the Governor for more wisdom, good health and courage to continue to deliver dividends of democracy to the citizens as he has been doing,” she said.

Also speaking, trio of Eunice Onwuchekwe , Sarah Hakila and Elizabeth Ani, expressed their joy over the Governor’s gesture describing it as one of the best gifts coming their way.

The Coordinator/ Zonal Chairman Ohanaeze All Progressives Congress ( APC ) , Chief Ugochukwu Egwidike, commended Governor Zulum for coming to the aid of the widows, orphans and less with the Christmas gifts.

He noted that the Governor had been celebrating Christmas for the widows and orphans since 2020 to date with cash gifts, adding that 250 beneficiaries were targeted from benefiting from the gesture, but due to the harsh economic reality facing people of the country , more people turned up to benefit from the gesture. End

The Secretary of the Ohanaeze APC Support Group, Asiwaju Alabi , expressed gratitude to Governor Zulum for providing free transport scheme to 710 non indigenes in the State to travel to their various States for the celebration of Christmas and new year with their loved ones, as well as the cash gifts to the widows and orphans in the State.

Borno Widows, Orphans Laud Gov Zulum Over Christmas Gifts

Continue Reading

Crime

Four Drug Lords Get 28 Years in Jail, Forfeit VGC Houses, Large Cash

Published

on

Four Drug Lords Get 28 Years in Jail, Forfeit VGC Houses, Large Cash

By: Michael Mike

The National Drug Law Enforcement Agency (NDLEA) has gotten for drug kingpins arrested in connection with the historic seizure of 2,139.55 kilogrammes of cocaine at an Ikorodu residential estate in 2022.

They were convicted by a Federal High Court, Lagos presided over by Justice Yellim Bogoro who sentenced them to various jail terms totaling 28 years with hard labour.

The convicts: Soji Oke, 71; Wasiu Akinade, 55; Emmanuel Chukwu, 67; and Kelvin Christopher Smith, 44, a Jamaican, were charged with six counts in charge number: FHC/L/607C/2022 in October and December 2022, while the trial of the fifth suspect, Oguntolure Sunday arraigned along with them is still ongoing in court.

The charges border on conspiracy to form and operate a drug trafficking organisation (DTO); management and financing of a DTO; importation and possession of 2,139.55 kilogrammes of cocaine, among others.

A press statement on Thursday by the spokesman of the NDLEA, Femi Babafemi read: operatives of a special operations unit of NDLEA had in a well-coordinated and intelligence-led operation on Sunday 18th September, 2022 raided a house located at 6 Olukuola crescent, Solebo estate, Ikorodu, Lagos where the over 2.1 tons of cocaine were seized, the largest singular cocaine seizure in the history of Nigeria’s anti-narcotic operations.

He added that the drug kingpins were picked from hotels and their hideouts in different parts of Lagos between the night of Sunday 18th and Monday 19th September, 2022.

Babafemi said after over two years of diligent prosecution, the trial judge handed the Jamaican, Kelvin Smith four years imprisonment with hard labour; Emmanuel Chukwu got a total of 16 years; Soji Oke got five years with hard labour and Wasiu Akinade three years with hard labour.

He disclosed that the trial judge however gave the convicts varying options of fine with the exception of one of them who will serve his full jail term without an option of fine.

Babafemi said they were also to forfeit a grey colour Toyota Tacoma SUV marked AAA-734HT registered in the name of Emmanuel Chukwu; $50,000:00 belonging to Chukwu; N55,099,509.50 also belonging to Chukwu; the sum of N9,003,168.06 belonging to Wasiu Akinade and N3,052,295.20 also belonging to Akinade.

The spokesman said the agency also in another suit marked FHC/L/MISC/672/2024 and filed before Justice Bogoro on 9th December 2024 after an initial interim forfeiture order, secured the final forfeiture of two houses linked to members of the drug cartel.

The trial judge said: “That an Order of final forfeiture and confiscation is granted in favour of the Federal Government of Nigeria, Landed Property/House Number 6 Olokunola Street, Sholebo Estate, Ikorodu, Lagos State, as contained in Exhibit NDLEA 2A, 2B, and 2C attached to this application used for the storage and concealment of 2,139.55 kilogrammes (More Than Two Tons) Cocaine, an illicit substance similar to Heroin and LSD.

“That an Order of final forfeiture and confiscation is granted in favour of the Federal Government of Nigeria, Landed Property/House Number J9, Road 3, Close 1,
Victoria Garden City (VGC) Estate, Lagos, Lagos State, as contained in Exhibit NDLEA 3 attached to this application reasonably believed to be bought with proceeds derived
from trafficking in illicit drug substances (proceeds of crime) as in relief 1 of this Motion.

“That an Order is granted directing the sale or disposal by any other means provided by law of the forfeited House/Landed Property by the Applicant and the payment of the proceeds therefrom to the Federal Government of Nigeria.”

Meanwhile, the Chairman/Chief Executive of NDLEA, Brig. Gen. Buba Marwa (Rtd) while commending all the officers and men of the agency involved in the extensive investigation and prosecution of members of the drug cartel, said the case is a historical blow to the drug cartels and a strong warning that they’ll not only go to jail but will equally lose all their investments in illicit drug consignments including all the properties and wealth acquired through the criminal trade.

Four Drug Lords Get 28 Years in Jail, Forfeit VGC Houses, Large Cash

Continue Reading

News

Niger Republic’s Military Leader’s Allegations Against Nigeria Are Baseless – FG

Published

on

Niger Republic’s Military Leader’s Allegations Against Nigeria Are Baseless – FG

By: Mohammed Idris

The Federal Government of Nigeria strongly rejects allegations made in a viral video by the military leader of Niger Republic, General Abdourahamane Tchiani, claiming non-existent collusion between Nigeria and France to destabilize his country.

These claims exist solely in the realm of imagination, as Nigeria has never engaged in any overt or covert alliance with France – or any other country – to sponsor terrorist attacks or destabilize the Niger Republic in the wake of the undemocratic change in the leadership of that country.

President Bola Ahmed Tinubu (GCFR), as Chairman of ECOWAS, has demonstrated exemplary leadership, keeping the doors of the sub-regional body open to re-engaging Niger Republic despite the political situation in the country. Nigeria remains committed to fostering peace, harmony, and historic diplomatic ties with Niger.

Nigeria’s Armed Forces, in collaboration with partners in the Multinational Joint Task Force, are succeeding in curbing terrorism within the region. It is, therefore, absurd to suggest that Nigeria would conspire with any foreign power to undermine the peace and security of a neighbouring country.

Neither the Nigerian government nor any of its officials has ever been involved in arming or supporting any terror group to attack Niger Republic. Furthermore, no part of Nigeria has been ceded to any foreign power for subversive operations in Niger Republic. We reiterate our full support to senior Nigerian government officials for their untiring commitment to fostering peace and security between the government and people of Nigeria and Niger, and for their efforts towards stronger cooperation in the ECOWAS region.

Indeed, Nigeria has a long-standing tradition of safeguarding its sovereignty and territorial integrity. Unlike some nations, Nigeria has never permitted foreign powers to establish military bases on its soil. This demonstrates our commitment to national independence and regional leadership.

The accusation that Nigeria seeks to sabotage Niger’s pipelines and agriculture is both unfounded and counterproductive. Nigeria has consistently supported Niger’s economic development through joint energy and infrastructure projects, such as the Trans-Saharan Gas Pipeline and the Kano-Maradi Railway Project. It is illogical to suggest that Nigeria would undermine initiatives it has actively promoted.
The claims about the alleged establishment of a so-called Lakurawa terrorist headquarters in Sokoto State, purportedly orchestrated by Nigeria in collaboration with France, are baseless. Nigeria has been a regional leader in combating terrorism, dedicating significant resources and lives to ensure stability in the Lake Chad Basin and beyond.

Recently, the Nigerian military launched Operation Forest Sanity III, specifically addressing the Lakurawa threat, Code Named Operation Chase Lakurawa Out. How can a government actively fighting the Lakurawa menace now be accused of harbouring the same group within its borders? These accusations lack credible evidence and seem to be part of a broader attempt to deflect attention from Niger’s internal challenges.

The public is urged to disregard these false allegations. Those making such claims, particularly the Military Leader in Niger Republic, must provide credible evidence to substantiate them. Any attempt to blackmail Nigeria over ECOWAS’s principled stance against the unconstitutional seizure of power in the Niger Republic is both disingenuous and doomed to fail.

In conclusion, President Tchiani’s allegations are not only unfounded but also a dangerous attempt to divert attention from his administration’s shortcomings. Nigeria remains committed to fostering regional stability and will continue to lead efforts to address terrorism and other transnational challenges. We urge Niger to focus on constructive dialogue and collaboration rather than peddling baseless accusations.

Niger Republic’s Military Leader’s Allegations Against Nigeria Are Baseless – FG

Continue Reading

Trending

Verified by MonsterInsights