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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
Vocational skills: Chief of Defence Staff trains 78 retired veterans in North-East
Vocational skills: Chief of Defence Staff trains 78 retired veterans in North-East
The Chief of Defence Staff (CDS), Olufemi Oluyede has trained no fewer than 78 retired military veterans in North-East on vocational skills.
The veterans were drawn from Adamawa, Bauchi, Borno, Gombe Taraba and Yobe States.
The theme is “Empowering Veterans Through Skills Acquisition for Capacity Building and Sustainability,”
Speaking at the three-day training in Yola on Wednesday, General Olufemi Olatubosun Oluyede, the CDS represented by Director, Veterans Affairs Division, Defence Headquarters, Maj. Gen. Oluwafemi Williams said, the training is a strategic initiative aimed at enhancing the well-being of the veterans.
He said, the initiative is for the veterans across six geopolitical zones to help themselves and their families due to the economic situation in the country.
“With the caliber of facilitators selected to deliver this training, I am confident that the participants will be well prepared to take full advantage of the existence of the poverty alleviation programme under my stewardship.
“And with alignment with the Renewed Hope Agenda of President Bola Tinubu”, he said.
He urged them to take advantage of the training and improve on their livelihood and to also network with other colleagues.
According to him, subsequently the beneficiaries would be empowered with starter parks.
Gov. Ahmadu Fintiri of Adamawa, commend the Defence Headquarters for organising the training for the veterans across the six geopolitical zones.
Fintiri, presented by the Chief of Staff Government House also commended the veterans for their sacrifice in serving the nation, and urged them to take advantage of the training to succeed in future.
Prof. Augustine Danwe of Modibbo Adama University (MAU), Yola one of the resource persons said, the training would expose the veterans to a gold smile in Agricultural production.
According to him, with the discipline in the beneficiaries by the military when they implement the skills into practice they would succeed in their respective states.
He urged the veterans to apply the skills into practice for maximum benefit.
Sgt. Sule Gagare retired veteran and a beneficiary from Bauchi thanked and appreciated the CDS for empowering them with the skills and prayed for all the promises made to be fulfilled.
The training focuses on poultry products, snail farming, livestock management, fishery, animal husbandry, integrated irrigation farming system and Modern crops farming techniques.
Vocational skills: Chief of Defence Staff trains 78 retired veterans in North-East
News
COAS reassures troops, pledges improved support during operational visit to operation FANSAN YANMA in Zamfara
COAS reassures troops, pledges improved support during operational visit to operation FANSAN YANMA in Zamfara
By: Zagazola Makama
The rugged landscape of Operation FASA YEMMA’s area of responsibility came alive with renewed optimism on Wednesday as the Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, paid his maiden operational visit, engaging frontline troops and assuring them of sustained support, welfare and enhanced joint operations.
The visit, which brought together senior commanders from the Nigerian Army, Navy and Air Force, marked a significant boost to the morale of troops deployed across one of Nigeria’s most challenging security theatres.
Addressing the soldiers, Shaibu praised their bravery and resilience, acknowledging the vastness and complexity of the area covered by the operation.
“I am here on my maiden operational visit to Operation FASA YEMMA. The area of responsibility is very large, and we understand what that means for all of you operating under difficult circumstances,” he said.
The COAS disclosed that he had received a thorough brief from the Theatre Commander, detailing operational challenges and requirements.
“I have just listened to a detailed brief from the Theatre Commander, which outlines the challenges the troops are facing, and we are tackling those challenges headlong,” he assured.
He also highlighted the presence of senior representatives from sister services, including the Nigerian Air Force and Nigerian Navy, reinforcing the commitment to joint inter-service collaboration.
“I am here with the Chief of Air Staff, ably represented by AVM Maddy, the Chief of Operation. Together, we are listening to the challenges of both the air and land components. The representative of the Chief of Naval Staff is also here, listening to the concerns of our Special Boat Service personnel. I assure you all that these issues will be addressed going forward,” he said.
Shaibu emphasized professionalism, discipline and the enduring values of the military as essential tools for confronting the region’s complex security threats.
“I want to encourage you to continue to uphold the core values of the Army and the Armed Forces so that we can tackle the myriad challenges confronting Operation FASA YEMMA,” he said.
In a tone that blended firmness with empathy, the COAS reminded troops of the significance of their service.
“As soldiers, you must understand that the job you are doing is a very noble one. Your presence here has ensured that most people go about their daily duties without fear. For that, we appreciate you,” he said.
He assured them that issues affecting their welfare would remain a priority of the Army leadership.
“Your welfare issues will be given top priority to ensure that you discharge your duties properly. These challenges are transient. Remain resolute, determined, and carry out your duties professionally. The Nigerian people appreciate what you are doing,” he added.
As he prepared to conclude his address, Shaibu opened the floor for direct engagement with the troops.
The visit is seen as part of the Army leadership’s broader effort to strengthen troop confidence, improve operational synergy, and reinvigorate the fight against banditry and terrorism in the North-West.
With vast forest corridors, fluid enemy movements and difficult terrain, Operation FASA YEMMA has remained a critical component of national security efforts.
COAS reassures troops, pledges improved support during operational visit to operation FANSAN YANMA in Zamfara
News
N-Youth Sports Alumni, Oluebube Miracle Ezechukwu, Secures Full Scholarship to Auburn University’s Elite Track & Field Program
N-Youth Sports Alumni, Oluebube Miracle Ezechukwu, Secures Full Scholarship to Auburn University’s Elite Track & Field Program
By: Michael Mike
Oluebube Miracle Ezechukwu, one of the standout athletes produced by N-Youth Sports Academy, has earned a full athletic scholarship to Auburn University in the United States, gaining admission into the university’s prestigious Track & Field (TFXC) program.
A reigning African Champion and one of the continent’s most explosive young sprinters, Miracle showcased her exceptional talent by winning gold at the African Championships. Her powerful speed, technical refinement, and consistent performances have established her as one of Africa’s brightest rising stars in athletics.
This full scholarship represents a major milestone in her sporting journey, opening the door for her to compete on the highly competitive NCAA stage. At Auburn University—renowned for producing world-class athletes—Miracle is expected to further develop her abilities and make an even greater impact on the global athletics scene.
Her coaches, supporters, and the entire N-Youth community celebrate this achievement as a reflection of her discipline, determination, and relentless pursuit of excellence. Miracle’s success stands as an inspiration to young athletes across Africa.
As she prepares to represent both Auburn University and the African continent on an international platform, Oluebube Miracle Ezechukwu continues to make us all proud.
N-Youth Sports Alumni, Oluebube Miracle Ezechukwu, Secures Full Scholarship to Auburn University’s Elite Track & Field Program
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