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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
NHRC trains 34 human rights advocates in Gombe
The National Human Rights Commission (NHRC) has trained 34 Community Protection Rights Advocates to protect and promote human rights in Gombe state.
Dr Joseph Wanshe, the State Coordinator of the Commission, made the disclosure in an interview with the News Agency of Nigeria (NAN) in Gombe on Monday.
Wanshe said that the training was imperative toward achieving the mandate of the commission in the state.
According to him, the trained advocates, who are mostly in rural areas, will penetrate distant and rural communities where human rights violations are rampant.
He said that the training has started yielding the expected results as there have been increased number of reported cases of human rights violations from rural communities across the state.
He said that the advocates have been deployed to the 11 local government areas of the state.
“We are witnessing an upsurge in human rights reporting coming to the office.
“ The numbers are increasing as regards civil and political rights followed by cases of women and children, domestic violence, economic, social and cultural rights.
“ There are many factors involved in the upsurge as the NHRC within the last one month has stepped up sensitisations and stakeholders’ engagements.
“ We have trained Community Protection Rights advocates, who have been working and as a result, awareness has increased and number of complaints received have spiked,” he said.
Wanshe said that the trained advocates have been affiliated to NHRC at the local government levels toward ensuring wider coverage of the state in terms of human rights protection.
He assured residents on the commission’s effort at ensuring that it achieved effectively its mandate of protection and promotion of human rights.
Wanshe commended the people of Gombe State for their improved confidence in NHRC which has resulted in improved reportage of human rights violations
He further urged communities to support the advocates in their domains in the overall interest of human rights protection.
NHRC trains 34 human rights advocates in Gombe
Troops intercept 11 suspects with IED-making materials in Abuja
Troops of the Nigerian Army have intercepted 11 suspected criminals conveying materials believed to be for the production of improvised explosive devices (IEDs) in Kuje Area Council of the Federal Capital Territory.
By: Zagazola Makama
Security sources said the suspects, comprising 10 males and one female, were arrested at about 12:59 a.m. on April 27 by troops of 176 Guards Battalion deployed at Kuchiyako.
The sources disclosed that the suspects were intercepted in a vehicle along the Kuchiyako–Tipper Garage road, allegedly loaded with IED-making materials.
According to preliminary investigation, the suspects claimed they were en route to mining sites around Kabbin Mangoro in Kuje Area Council to collect mineral resources.
Items recovered from them include explosive charges and three-and-a-half bags of unidentified mineral substances, among other sundry materials.
The suspects are currently in military custody, while investigations are ongoing to ascertain their intent and possible links to criminal or terrorist activities.
Troops intercept 11 suspects with IED-making materials in Abuja
Troops repel terrorists in Zamfara, recover calm after attack on Godel community
By: Zagazola Makama
Troops of the Nigerian Army under 1 Brigade have repelled an attack by suspected terrorists in Godel community of Birnin Magaji Local Government Area of Zamfara State.
Security sources said the incident occurred at about 2:08 p.m. on April 27 when troops deployed at Forward Operating Base (FOB) Kaura Namoda responded to credible intelligence on terrorist activities in the area.
The sources disclosed that troops made contact with the attackers upon arrival, leading to a fierce exchange of fire.
According to the sources, the troops forced the terrorists to withdraw from the area following the encounter.
However, during the attack, the assailants reportedly rustled an unspecified number of cattle belonging to residents of the community.
Three civilians were also said to have sustained gunshot wounds and were evacuated for medical attention.
The sources added that troops have intensified patrols and clearance operations in the general area to prevent further attacks and recover the rustled livestock.
Troops repel terrorists in Zamfara, recover calm after attack on Godel community
NHRC trains 34 human rights advocates in Gombe
Troops intercept 11 suspects with IED-making materials in Abuja
Troops foil kidnap attempt in Kaduna, rescue two victims
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