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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
Troops Foil Kidnapping Attempt, Rescue Injured Victim in Kaduna
By: Zagazola Makama
Troops of Sector 7, Sub-Sector 71 of Operation Enduring Peace have foiled a kidnapping attempt along a highway in Sanga Local Government Area of Kaduna State.
Security sources told Zagazola that the incident occurred at about 12:15 a.m. on May 21 when troops deployed at Ungwan Gora checkpoint responded to distress information on suspected kidnappers operating along the road at Ungwan Dariya village.
The troops reportedly moved swiftly to the location, forcing the suspected kidnappers to abandon their mission and flee into surrounding areas.
During the operation, one victim was rescued with injuries sustained during the attack.
The victim was immediately evacuated to Confidence Hospital, Fadan Karshi, for medical treatment.
Security sources said efforts were ongoing to track and apprehend the fleeing suspects, while patrols had been intensified along the axis to prevent further incidents.
Troops Foil Kidnapping Attempt, Rescue Injured Victim in Kaduna
Suspected Kidnap Collaborator Dies in Custody After Arrest in Nasarawa
By: Zagazola Makama
A suspected collaborator of kidnappers has died after becoming unconscious while in military custody in Nasarawa State.
Security sources said troops of Sector 2 under Operation Whirl Stroke (OPWS) intercepted the suspect at about 7:00 a.m. on May 19 at Ancha community in Akwanga Local Government Area.
The suspect was reportedly apprehended at Anguwan Makama following allegations of involvement in activities linked to kidnapping operations in the area.
During preliminary interrogation, the suspect reportedly became unconscious.
He was immediately evacuated to Nunku Primary Health Care Centre for medical attention, where he was confirmed dead by health officials.
Sources added that the remains of the deceased were released to his family for burial in accordance with local customs.
Security authorities said further assessment would continue in line with standard procedures, while operations against kidnapping networks in the area remain ongoing.
Suspected Kidnap Collaborator Dies in Custody After Arrest in Nasarawa
U.S. AFRICOM Delegation Visits Maiduguri, Reaffirms Counterterrorism Cooperation
By: Zagazola Makama
A delegation from the United States Africa Command (AFRICOM) has visited the Headquarters Joint Task Force North East Operation Hadin Kai in Maiduguri to strengthen ongoing counterterrorism cooperation in the Lake Chad region.
Security sources said the delegation, led by the Deputy Director of Operations/Cyber, Rear Admiral Cameron Chen, arrived at Maimalari Cantonment on May 20, where they were received by the Deputy Theatre Commander, Air Vice Marshal O.F. Akinboyewa.
The visit featured a detailed briefing on the current threat assessment in the North-East and ongoing counterterrorism and counter-insurgency operations across the theatre of operations.
Discussions during the engagement focused on enhancing intelligence sharing, intelligence surveillance and reconnaissance (ISR) support, logistics interdiction, and improved operational coordination within the Lake Chad basin.
The delegation also reviewed ongoing multinational efforts aimed at degrading terrorist capabilities and disrupting logistics networks across the region.
Security sources said both sides reaffirmed their commitment to continued collaboration under counterterrorism and counter-insurgency frameworks, including preparations for Operation Lake Sanity III.
The visit was described as successful and conducted without incident.
Authorities noted that international cooperation remains a key component in sustaining pressure on terrorist groups operating in the North-East.
U.S. AFRICOM Delegation Visits Maiduguri, Reaffirms Counterterrorism Cooperation
Troops Foil Protest Over Election Result Dispute in Kaduna
Troops Rescue Suspect from Mob Action Over Alleged Attempted Rape in Plateau
Troops Foil Kidnapping Attempt, Rescue Injured Victim in Kaduna
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