News
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 Arrest Three Suspected Cattle Rustlers in Borno
By: Zagazola Makama
Troops of 212 Battalion deployed at Forward Operating Base (FOB) Tuba have arrested three suspected cattle rustlers during an operation in Karnuwa general area of Borno State.
Security sources said the operation followed intelligence provided by a local resident, Malam Muhammadu Ardo, concerning alleged cattle rustling activities within the area.
The troops reportedly mobilised to Karnuwa at about 12:30 p.m. on May 4, 2026, where they apprehended the suspects identified as Mallam Mohammad Abatcha, 28; Mallam Mamman Bukar, 18; and Malam Modu Hassan, 30.
According to the sources, the suspects were intercepted while using a pickup vehicle with registration number WW 806 GZ Delta, allegedly employed in transporting stolen cattle.
The rustled cattle were recovered and immediately handed over to their rightful owners at the scene of the arrest.
Items recovered from the suspects included a bow and arrow, three mobile phones, five national identity cards and the sum of N20,650.
Preliminary investigation reportedly revealed that the suspects admitted to repeatedly stealing and selling rustled cattle to buyers in Maiduguri.
Security sources further disclosed that investigators suspect possible links between the suspects and members of the Islamic State West Africa Province or Jama’atu Ahlis Sunna Lidda’awati wal-Jihad due to alleged inconsistencies observed in their statements during interrogation.
Troops Arrest Three Suspected Cattle Rustlers in Borno
Troops Discover Illegal Refinery Site, Recover 600 Litres of Stolen Crude in Rivers
By: Zagazola Makama
Troops of 29 Battalion operating under the Joint Task Force South-South, Operation Delta Safe (OPDS), have uncovered an illegal refining site and recovered about 600 litres of suspected stolen crude oil in Oyigbo Local Government Area of Rivers State.
Security sources said the discovery was made at about 10:00 a.m. on May 12, 2026, during ongoing anti-illegal bunkering operations in the Niger Delta region.
The troops reportedly discovered the illegal refining site around Asa community, where a large cooking pot loaded with stolen crude oil was found stockpiled in sacks.
Military authorities said the recovered products and equipment were handled in accordance with operational directives guiding anti-crude oil theft operations under Operation Delta Safe.
The operation was conducted without any confrontation or security incident.
The Nigerian military has continued to intensify operations against crude oil theft, illegal refining and other forms of economic sabotage across the Niger Delta region.
Troops Discover Illegal Refinery Site, Recover 600 Litres of Stolen Crude in Rivers
Troops, NDLEA Raid Drug Hideout in Katsina, Arrest Suspected Supplier to Terrorists
By: Zagazola Makama
Troops of the Forward Operating Base (FOB) Malumfashi at Kafur, in collaboration with the National Drug Law Enforcement Agency, have raided a suspected drug peddlers’ hideout in Kafur Local Government Area of Katsina State.
Security sources said the operation was conducted at about 12:30 p.m. on May 12, 2026, at Huguma village following intelligence on illicit drug activities within the area.
During the raid, troops apprehended one suspect identified as a major supplier of illicit drugs and other substances to terrorists and criminal elements operating within Kafur Local Government Area and surrounding communities.
Items recovered during the operation included 146 grams of suspected cannabis and 16.5 grams of a substance identified as Exol-5.
The suspect and the recovered drugs have since been handed over to the National Drug Law Enforcement Agency for further investigation and necessary legal action.
Troops, NDLEA Raid Drug Hideout in Katsina, Arrest Suspected Supplier to Terrorists
Troops Neutralise Two Terrorists in Night Ambush Operation in Borno
Troops Arrest Three Suspected Cattle Rustlers in Borno
Troops Intercept Vehicle Conveying Illegal Diesel in Bayelsa
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
THE PLIGHT OF FARIDA
FAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years ago
THE PLIGHT OF FARIDA
-
News1 year agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
