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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 another attack on locals in Plateau, two persons injured
By: Zagazola Makama
Troops of Sector 9, Operation Enduring Peace (OPEP), have foiled an attack on locals by suspected terrorists in Shendam Local Government Area of Plateau State.
Security sources said the incident occurred at about 7:30 a.m. on April 3 along Yelwa cattle market axis, following a distress call over sporadic shooting in the area.
The sources explained that troops swiftly mobilised to the scene, upon which the suspected gunmen fled into nearby bushes on sighting the advancing troops.
According to the sources, troops conducted a follow-up exploitation of the area and discovered two locals who sustained gunshot wounds during the attack.
The injured victims were immediately evacuated to a nearby hospital for medical attention.
The sources added that troops have dominated the general area to deny the criminals freedom of action, while efforts are ongoing to track and apprehend the fleeing suspects.
Troops foil another attack on locals in Plateau, two persons injured
Troops respond to isolated killing in Plateau, victim buried by family
By: Zagazola Makama
Troops of Sector 6, Operation Enduring Peace (OPEP), have responded to an isolated killing incident in Riyom Local Government Area of Plateau State.
Security sources said the incident occurred at about 6:30 a.m. on April 3 along the JOL–Tanjol village road, following reports of an attack on a Hausa youths by suspected hoodlums.
The sources explained that troops of Sector 6, stationed at Dokku, immediately moved to the scene upon receiving the information.
According to the sources, the corpse of the victim was discovered to have already been evacuated by family members for burial before the arrival of the troops.
They added that efforts are ongoing to identify and arrest the assailants, while security surveillance has been intensified in the area to prevent further incidents.
Zagazola report that despite efforts of security agencies to restore normalcy in Plateau there have been reports of silents killings orchestrated by the youths in Plateau against other ethnic communities.
Troops respond to isolated killing in Plateau, victim buried by family
Troops neutralise suspected armed robber in Kaduna, recover weapons
By: Zagazola Makama
Troops have neutralised a suspected armed robber and recovered weapons during a clearance operation in Kaura Local Government Area of Kaduna State.
Security sources said the operation was carried out in the early hours of Saturday following a distress call from a motorist over the activities of armed robbers along the Mallagum–Kagoro–Kaura checkpoint axis.
According to the sources, troops swiftly mobilised and conducted a route clearance operation, during which they made contact with the suspects and engaged them with superior firepower.
“During the engagement, one of the armed robbers was neutralised, while others fled into nearby bushes with suspected gunshot wounds,” the source said.
He added that troops subsequently exploited the area and recovered one locally fabricated gun, a cutlass and a knife, among other items.
The source further disclosed that the troops expended six rounds of 7.62mm special ammunition during the encounter.
Efforts are ongoing to track and apprehend the fleeing suspects, while normalcy has been restored along the affected route.
Troops neutralise suspected armed robber in Kaduna, recover weapons
Troops foil another attack on locals in Plateau, two persons injured
Troops respond to isolated killing in Plateau, victim buried by family
Troops neutralise suspected armed robber in Kaduna, recover weapons
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