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NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital

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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

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Four police officers injured in patrol vehicle crash on Yelwata–Makurdi road

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Four police officers injured in patrol vehicle crash on Yelwata–Makurdi road

By: Zagazola Makama

Four personnel of the 18 Police Mobile Force (PMF) Squadron were injured on Friday when their patrol vehicle was involved in a lone accident along the Yelwata–Makurdi road in Benue State.

Zagazola gathered that the incident occurred at about 9:10 a.m. when the officers, on routine patrol of the axis, were travelling in an official Toyota Hilux driven by Cpl. Augustine Garba. The vehicle reportedly lost control and somersaulted into the bush.

Sources said that the DPO Yelwata mobilised tactical teams to the scene. The injured officers were evacuated and rushed to the Police Clinic in Makurdi for urgent medical attention,” the source said.

Three of the injured personnel were treated and discharged, while one officer remains hospitalised.

Police authorities confirmed that the remaining officer is in stable condition.

The sources said that the Benue Police Command has commenced internal review procedures to determine the cause of the crash and ensure adherence to patrol safety protocols.

Four police officers injured in patrol vehicle crash on Yelwata–Makurdi road

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Police arrest notorious bandit linked to killings of officers in Benue, Nasarawa

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Police arrest notorious bandit linked to killings of officers in Benue, Nasarawa

By: Zagazola Makama

Police operatives in Benue have arrested a suspected notorious armed bandit believed to be responsible for multiple attacks on security personnel in the state.

Zagazola gathered that the suspect, identified as Yongu Justine Makwagh of Kadarko in Nasarawa State, was arrested on Friday at about 8:00 p.m. at Balcony Park in Makurdi following months of sustained surveillance.

It was gathered that the Divisional Police Officer (DPO) of Daudu led the operation after acting on credible intelligence, with reinforcement from operatives of the Inspector-General of Police Intelligence Response Team (IRT) on special duty.

Sources said Makwagh has been on the command’s wanted list due to his alleged involvement in several deadly attacks in the Sankera axis.

“The suspect was earlier linked to the killing of two Safer Highway Police personnel at Yelwata and two operatives of the Department of Operations (DOPS) in Daudu, during which firearms were carted away,” the source said.

The arrest is considered a major breakthrough for the command, which has intensified efforts to dismantle bandit networks operating across Benue and neighbouring states.

Police authorities said the suspect is currently in custody and undergoing interrogation, while further investigations are ongoing to recover additional arms and track his accomplices.

Police arrest notorious bandit linked to killings of officers in Benue, Nasarawa

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“We are behind you,” Zulum addresses armed forces in Damboa

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“We are behind you,” Zulum addresses armed forces in Damboa

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, on Saturday, addressed troops of 25 Task Force Brigade of Nigerian Army, declaring the state’s and its people’s support for their relentless fight against Boko Haram/ISWAP insurgents.

The governor, speaking at a front-line military base in Damboa, sympathised deeply with the officers and soldiers, acknowledging the immense personal sacrifice and hard work they put in daily. He commended what he described as their “giant effort and supreme sacrifice” in the ongoing battle to secure Borno State and protect civilians from the threats of Boko Haram and Islamic State West Africa Province (ISWAP).

Zulum stated, “On behalf of the government and good people of Borno State. We are here in Damboa purposely to commiserate with you over the recent setback which claimed the lives of some of your colleagues.

It is an unfortunate event, and I want to extend my condolences to you and the families of all the officers and men of this brigade who lost their lives while discharging their duties. We pray to Almighty Allah to heal those injured in action as soon as possible.

For those of you who are still alive and healthy, we pray that God will protect you, give you the vision and strength to carry out your duties effectively. You have been doing very well. We have acknowledged your support and would like to commend you.

I want to once again sympathise with you on behalf of the government and good people of Borno State, and to assure you that we will do everything possible within the resources available to us to support your mission and vision to end the crisis.”

The governor was received by the Brigade Commander of 25 Task Force Brigade, Brigadier General Igwe Patrick Omokeh.

The visit was part of Zulum’s tour of communities in southern Borno. Earlier in the day, the governor met with grieving families in Chibok, where he commiserated with them over the loss of lives and property, offering condolences and immediate relief to those that
lost properties.

During the Chibok meeting, the governor announced concrete measures to protect lives and property. He noted that the state government, in collaboration with the federal government and security agencies, is implementing enhanced measures to protect vulnerable communities against future attacks.

“We are here to offer our condolences over what happened these past days in Chibok general area, especially to those who lost their lives. The situation is painful. We are here to show our sorrow over what happened.

Death comes at its appointed time. We offer you our condolences and assure you that, God willing, the issue of insecurity in Chibok will be resolved. We will provide a permanent solution and put an end to it.

We will take action. Please be patient. Our thoughts are with you, and one thing that made me happy is how you have remained calm and stayed in your communities despite everything,” Zulum said. The governor announced financial assistance of N1 million to the bereaved families and N500,000 to those whose properties were destroyed during the recent unfortunate attacks.

“We are behind you,” Zulum addresses armed forces in Damboa

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