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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
Troops Rescue Two Kidnap Victims in Kogi
Troops Rescue Two Kidnap Victims in Kogi
By Zagazola Makama
Troops of the Nigerian Army have rescued two kidnapped victims during a routine patrol in Yagba West Local Government Area of Kogi State.
Security sources said the operation took place at about 7:01 p.m. on April 30 when troops of 12 Brigade deployed at Okoloke Patrol Base intercepted suspected kidnappers at Ejiba community.
The sources disclosed that the troops acted swiftly, forcing the suspects to abandon their victims.
According to the sources, the two kidnapped persons were successfully rescued and later reunited with their families.
They added that security patrols have been intensified in the area to prevent further incidents and ensure the safety of residents.
Troops Rescue Two Kidnap Victims in Kogi
News
Nigeria Summons South Africa Envoy Over Renewed Anti-Foreigner Protests, Attacks on Nigerians
Nigeria Summons South Africa Envoy Over Renewed Anti-Foreigner Protests, Attacks on Nigerians
By: Michael Mike
The Federal Government has summoned the Acting High Commissioner of South Africa following mounting concerns over a fresh wave of anti-foreigner protests and reported attacks targeting Nigerian citizens and their businesses.
The Ministry of Foreign Affairs disclosed that the envoy is expected at its headquarters in Abuja on Monday, May 4, 2026, where Nigerian authorities will formally register their strong displeasure over developments seen as threatening the long-standing diplomatic and economic ties between both countries.
At the heart of the meeting are recent demonstrations by various groups in South Africa, which have reportedly degenerated into harassment, violence, and destruction of foreign-owned businesses—many belonging to Nigerians. The incidents have triggered widespread anger among Nigerians, amid fears for the safety of thousands living and working in South Africa.
Spokesperson of the Ministry, Kimiebi Ebienfa on Saturday said the government is deeply worried about the implications of the unrest on bilateral relations, stressing that Nigeria remains committed to protecting its citizens abroad while pursuing diplomatic solutions.
Despite the rising tension, the Federal Government urged Nigerians to remain calm, assuring that steps are being taken at the highest diplomatic levels to address the situation and ensure the safety and dignity of its nationals.
Nigeria and South Africa share one of Africa’s most strategic bilateral relationships, rooted in a history of solidarity dating back to Nigeria’s support for the anti-apartheid struggle. However, relations have repeatedly come under strain due to recurring outbreaks of xenophobic violence in South Africa.
Notably, major incidents in 2008, 2015, and 2019 saw widespread attacks on foreign nationals, including Nigerians, leading to deaths, looting, and destruction of properties. The 2019 crisis, in particular, sparked a diplomatic row, with Nigeria recalling its High Commissioner and boycotting the World Economic Forum on Africa 2019 in protest.
In response to past crises, both countries established diplomatic mechanisms, including an early warning system and joint consular forums, aimed at preventing further violence and protecting citizens. Despite these measures, sporadic tensions and anti-immigrant sentiments have persisted, often fueled by local grievances over unemployment and crime.
Analysts warned that the current developments, if not swiftly contained, could once again test diplomatic ties between Africa’s two largest economies and undermine regional integration efforts under frameworks such as the African Union and the African Continental Free Trade Area.
The outcome of Monday’s meeting is therefore seen as crucial in determining whether both nations can de-escalate tensions and reaffirm their commitment to mutual respect, cooperation, and the protection of citizens on both sides.
Nigeria Summons South Africa Envoy Over Renewed Anti-Foreigner Protests, Attacks on Nigerians
News
Troops Rescue Injured Victim After Attack by Berom militia in Plateau
Troops Rescue Injured Victim After Attack by Berom militia in Plateau
By Zagazola Makama
Troops of Operation Safe Haven have rescued a civilian who sustained machete injuries following an attack by Berom militia along Bachi–Werreng Road in Riyom Local Government Area of Plateau State.
Security sources said the incident occurred at about 7:20 p.m. on May 1 when suspected criminals attacked the victim along the road.
The sources disclosed that troops of Sector 6, deployed at Bachi, swiftly responded to a distress call and moved to the scene.
According to the sources, the attackers fled upon the arrival of the troops, abandoning the injured victim.
They added that the victim, who sustained machete cuts, was immediately evacuated to a hospital in Rachi for medical treatment.
The sources further said the assailants carted away the victim’s motorcycle during the attack.
They noted that security patrols have been intensified in the area, while efforts are ongoing to track down the fleeing suspects.
Troops Rescue Injured Victim After Attack by Berom militia in Plateau
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