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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
News
Military Air precision bombardment neutralises over 50 terrorists after attack on Ngoshe in Borno
Military Air precision bombardment neutralises over 50 terrorists after attack on Ngoshe in Borno
By: Zagazola Makama
The Air Component of Operation Hadin Kai has neutralised over 50 suspected Boko Haram/ISWAP terrorists following precision air strikes on their withdrawal routes after a failed attack on Ngoshe in Gwoza Local Government Area of Borno.
Sources told Zagazola Makama that the officer said the terrorists had, at about 7:30 p.m. on March 3, launched a coordinated assault on artillery positions in Ngoshe, a community located about 12 kilometres from Pulka and 31 kilometres from Gwoza town.
“The insurgents attempted to overrun the artillery positions in a surprise evening attack. Troops on ground responded effectively but conducted a tactical withdrawal under intense fire to preserve personnel and equipment while reinforcements were being mobilised,” he said.
The sources explained that the insurgents had adopted a hit-and-withdraw tactic, abandoning the scene before reinforcement troops fully secured the area.
The sources added that additional troops were immediately deployed, while surveillance platforms tracked the fleeing terrorists along identified withdrawal corridors.
“Upon receipt of real-time intelligence from ground troops, the surveillance aircraft were scrambled to engage the terrorists on their egress routes. The terrorists were sighted moving in clusters in both locations.
“Precision bombardment was conducted on confirmed target clusters and movement trails. Battle Damage Assessment indicates that over 50 terrorists were neutralised in two separate strike runs,” the officer said.
“The air-ground synergy under Operation Hadin Kai ensured that although the terrorists attempted to escape into forested enclaves, they were decisively engaged from the air.
“The strikes also disrupted their logistics and mobility capability within the Ngoshe–Pulka corridor,” he said.
The sources further stated that clearance and area domination operations were ongoing to forestall any regrouping attempts by the insurgents.
He noted that the Ngoshe–Gwoza axis remains a historically volatile corridor due to intermittent activities of Boko Haram and ISWAP remnants exploiting difficult terrain and proximity to cross-border forest zones.
“Operation Hadin Kai remains resolute in sustaining offensive pressure. The message is clear any attempt to attack our positions will attract overwhelming and coordinated firepower,” he said.
He assured residents of Gwoza and surrounding communities of the military’s commitment to protecting lives, supporting resettlement efforts, and consolidating gains recorded in the ongoing counter-insurgency campaign in Borno.
Military Air precision bombardment neutralises over 50 terrorists after attack on Ngoshe in Borno
News
Two arrested over alleged child trafficking in Cross River
Two arrested over alleged child trafficking in Cross River
By; Zagazola Makama
Two suspected child traffickers have been arrested by the Police in Oboho Ito community, Odukpani Local Government Area of Cross River, following a foiled attempt to allegedly sell a one-month-old baby.
Security sources told Zagazola Makama that the suspects were apprehended on March 2 after youths of the community intercepted them based on a tip-off.
According to the source, the mother of the baby, Favour Effiong, reported that on March 1, one Happiness Etim Udoh, allegedly persuaded her to bring her one-month-old child under the pretext of taking her to receive financial assistance for the upkeep of the baby.
“On suspicion, the mother informed her landlord, and community youths laid ambush for the suspect,” the source said.
Udoh was subsequently arrested alongside an alleged accomplice, Ekpo Inyang, said to have no fixed address.
Police say preliminary investigation revealed that the suspects allegedly planned to snatch and sell the baby to a woman in Abuja.
The source further disclosed that during interrogation, the suspects allegedly confessed to previously selling a child for N200,000 to a buyer in Abuja.
It was also alleged that arrangements had been made to hand over the one-month-old baby to a relative of one of the suspects in Abuja, who was reportedly pretending to be pregnant.
The baby was safely recovered and handed back to the mother.
Police said investigation into the matter had commenced, while efforts were ongoing to identify and apprehend other members of the suspected trafficking network.
They reiterated commitment to tackling child trafficking and protecting vulnerable children across the state.
Two arrested over alleged child trafficking in Cross River
News
Troops of Operation HADIN KAI repel ISWAP attack in Damasak, three residents shot
Troops of Operation HADIN KAI repel ISWAP attack in Damasak, three residents shot
By: Zagazola Makama
Troops of Operation HADIN KAI, in collaboration with Civilian Joint Task Force (CJTF)/Hunters Group, successfully repelled an attack by suspected ISWAP terrorists in Damasak town, Nganzai Local Government Area.
According to sources, the assailants invaded the town around 10:30 p.m., opening sporadic gunfire that sent residents fleeing in panic.
“Three civilians, Goni Dauda, 25, of Zanna Umarti Ward; Modu Ya’asham, 32, of Gajiram Town; and Asinamai David, 25, of Bula Kara, Gubio Town, were fatally hit by stray bullets, while Kellu Bukar, 40, an IDP camp resident, sustained a chest wound and is currently receiving treatment at General Hospital Damasak.
The troops stormed the scene and engaged the terrorists in a heavy gun battle forcing them to flee with bullets wounds.
The troops later visited the scene and evacuated the victims.
The corpses of Goni Dauda and Modu Ya’asham were released to their families for burial according to Islamic rites, while Asinamai David was buried according to Christian rites.
Security forces confirmed that normalcy has returned to the town, and monitoring continues to prevent further incidents.
Troops of Operation HADIN KAI repel ISWAP attack in Damasak, three residents shot
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