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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
Zulum Approves ₦1 Billion for New Agric University’s Take Off
Zulum Approves ₦1 Billion for New Agric University’s Take Off
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has approved ₦1 billion for the immediate commencement of the Federal University of Agriculture and Entrepreneurship in Bama.
Governor Zulum announced the donation on Monday while receiving an inter-ministerial delegation on an assessment visit to the Government House.
The team included officials from the Federal Ministry of Education, the National Universities Commission, the Budget Office, and the Office of the Head of Service.
The institution was established after a bill sponsored by Senator Kaka Shehu Lawan was signed into law by the President on May 22, 2025.


Governor Zulum had previously handed over the existing Umar Ibn Ibrahim Elkanemi College of Education, Science and Technology in Bama to the federal government to facilitate a quick start of academic activities.
“I want to announce the donation of ₦1 billion for the take off of the University,” Zulum stated. “I hereby direct the Commissioner for Education to facilitate the process and identify the immediate priority areas and gaps to channel the resources.”
He explained the state’s proactive role, saying, “The federal government announced the establishment of the university, but the state has to provide the enabling environment for the immediate take off of the institution.”
“Although the institution belongs to the federal government, the services that would be rendered is for the good people of Borno State,” he added. “For me, every federal institution, especially the tertiary institutions belong to Borno State government.”
The governor also promised to construct staff quarters and provide additional support.
He commended President Bola Tinubu, Vice President Kashim Shettima, sponsor of the bill, Senator Kaka Shehu Lawan, minister of education for ensuring that the university becomes a reality.

Leader of the federal delegation, who is also the Director of University Education at the Federal Ministry of Education, Hajiya Rakiya Gambo Iliyasu, reported that the team was impressed after inspecting the Bama facility.
“Your Excellency, the team went round the institution this morning and what we saw was quite encouraging,” Rakiya said. “We can tell His Excellency that the institution has everything it needs to take off.”
She confirmed that the institution is ready to begin operations and that the team would proceed with staff verification.
The event was attended by the Deputy Governor, Hon. Umar Usman Kadafur; Senator representing Borno Central, Senator Kaka Shehu Lawan, SAN; Member representing Monguno, Marte and Nganzai federal constituency, Hon. Bukar Talba; Acting Chief of Staff, Dr Babagana Malumbe; other members of the State Executive Council as well as Special Advisers.
Zulum Approves ₦1 Billion for New Agric University’s Take Off
News
45 kidnapped victims regain freedom under peace accord in Katsina
45 kidnapped victims regain freedom under peace accord in Katsina
By: Zagazola Makama
Forty-five kidnapped persons have been released from captivity in Bakori Local Government Area of Katsina State following engagements under the Operation Safe Corridor peace accord.
The victims, comprising men and women abducted from Guga in Doguwar Dorawa Fulani settlement camp and Gidan Danmayaki villages, were freed on Monday through a negotiation channel linked to a bandit leader identified as Isiya Kwashen Garwa.
Zagazola Makama report that the victims regained freedom at about 1400hrs and were immediately received by the member representing Bakori Constituency in the Katsina State House of Assembly.
The lawmaker transferred the victims to the Comprehensive Health Centre, Bakori, where medical personnel conducted evaluations to ascertain their physical condition after prolonged captivity.
Authorities said the freed hostages have since been reunited with their families.
Security personnel and community leaders are maintaining close monitoring as part of efforts to consolidate the peace process and prevent further attacks.
45 kidnapped victims regain freedom under peace accord in Katsina
News
Propcom+, Welcome2Africa International target £5 million investments into Nigeria’s agricultural sector
Propcom+, Welcome2Africa International target £5 million investments into Nigeria’s agricultural sector
The UK Government, through its climate-smart agriculture programme, Propcom+ in collaboration with Welcome2Africa International, is spearheading a Strategic Agribusiness Deal Room designed to mobilise private capital into Nigeria’s agricultural value chains while supporting inclusive, market-led economic transformation.
This initiative underscores the UK’s commitment to strengthening agribusiness value chains, fostering sustainable partnerships, and driving inclusive economic growth across Nigeria.
Positioned as a high-impact investment marketplace, the Deal Room, which will be held from November 18 to 19, 2025, in Lagos, is expected to unlock over £5 million in potential investment and trade commitments, featuring more than 20 pre-vetted, investment-ready agribusinesses.
These enterprises operate across priority sectors, including grains, cassava and starch derivatives, livestock, bioethanol, food processing, mechanisation, agri-tech, and renewable energy, all demonstrating clear growth pathways, commercial traction, and scalability.
“The Deal Room represents a strategic opportunity to accelerate private investment into Nigeria’s agrifood sector and deepen the pipeline of climate-smart, inclusive enterprises,” Olumide Ojo, Propcom+’s Strategy Director, noted.
“By connecting high-potential SMEs with investors, we aim to drive capital mobilisation that strengthens market systems, improves resilience, and expands economic opportunities for farmers, women, and rural communities.”
Echoing the investment rationale, Welcome2Africa International CEO, Bamidele Seun Owoola, reinforced the platform’s role in facilitating cross-border capital flows.
“At Welcome2Africa International, our focus is to catalyse sustainable investment into Africa’s agrifood sector. Co-hosting the Deal Room with Propcom+ presents a unique opportunity to position Nigeria’s most promising agribusinesses before global investors. This platform is fundamentally about unlocking capital and forging long-term investment partnerships that deliver shared prosperity.”
The Deal Room forms part of Propcom+’s broader mandate to strengthen Nigeria’s agricultural markets, empower SMEs, and drive low-carbon, climate-smart growth. Following the event, Propcom+ will continue to support participating enterprises through technical assistance, investor engagement, due diligence, and transaction facilitation, advancing businesses toward investment closure.
Propcom+, Welcome2Africa International target £5 million investments into Nigeria’s agricultural sector
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