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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
El-Rufai’s Bereavement: Northern Christian Youths Praise Tinubu, ICPC for ‘Humanity Above Politics’
El-Rufai’s Bereavement: Northern Christian Youths Praise Tinubu, ICPC for ‘Humanity Above Politics’
By: Michael Mike
A northern Christian youth group has praised the decision of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to allow former Kaduna State governor Nasir El-Rufai time to mourn and bury his late mother, describing the move as a reflection of the leadership style of President Bola Tinubu
In a press statement issued on Saturday, the Northern Christian Youth Professionals said the commission’s decision demonstrated compassion and respect for human dignity, values it said have continued to shape the Tinubu administration’s approach to governance.
The group noted that allowing El-Rufai to attend to family matters despite existing political disagreements with the president highlights what it called “politics without bitterness,” where humanity is placed above partisan differences.
According to the statement signed by its chairman, Isaac Abrak, the gesture sends a strong signal that leadership should be guided not only by authority and political interests but also by empathy and understanding.
“The humane decision by the ICPC reflects a leadership disposition that prioritises compassion and respect for human dignity,” Abrak said. “It shows that governance can be conducted with empathy even in the midst of political disagreements.”
The group stressed that the development was particularly noteworthy given the widely known political differences between Tinubu and El-Rufai, arguing that the decision reinforces the president’s belief that political competition should not erase shared human values.
Abrak said the move stands in contrast to earlier periods in Nigeria’s political history when leaders were accused of showing little compassion in similar circumstances.
He recalled that former president Muhammadu Buhari was reportedly not allowed to attend his mother’s burial while he was detained after the 1985 change of government led by Ibrahim Babangida, an episode that generated public criticism at the time.
“Many Nigerians viewed that situation as reflective of a rigid leadership approach that placed limited emphasis on humanity,” the statement said.
The group argued that Tinubu’s leadership has demonstrated that governance can be exercised with grace and empathy without undermining the rule of law.
It also emphasised that granting El-Rufai time to mourn does not interfere with ongoing legal processes, stressing that investigations or judicial procedures should continue after the burial in accordance with the law.
“The pursuit of justice must remain firm,” Abrak added, “but it should not come at the expense of compassion when a citizen is faced with a moment of personal loss.”
The Northern Christian Youth Professionals urged leaders and institutions across Nigeria to emulate what it described as a balanced approach that upholds both humanity and accountability.
El-Rufai’s Bereavement: Northern Christian Youths Praise Tinubu, ICPC for ‘Humanity Above Politics’
News
Bangladesh Envoy Seeks Stronger Nigeria Ties, Laments Low Bilateral Trade
Bangladesh Envoy Seeks Stronger Nigeria Ties, Laments Low Bilateral Trade
By: Michael Mike
The High Commissioner of Bangladesh to Nigeria, Miah Md. Mainul Kabir, has expressed concern over the relatively low volume of trade between the two countries, describing it as far below its actual potential despite the strong diplomatic ties that have existed for decades.
Kabir made the remarks in Abuja while addressing guests at the celebration of the 55th anniversary of Bangladesh’s Independence and National Day. He stressed that expanding economic cooperation between both countries would remain a key focus of his diplomatic mission.
According to him, although trade between Nigeria and Bangladesh has recorded gradual growth over the years, the level of commercial exchange does not reflect the enormous opportunities available to both nations.
“Bilateral trade between our two countries has grown steadily yet remains well below its true potential,” he said. “Bangladesh offers competitively priced, high-quality products in textiles and garments, pharmaceuticals, ceramics, jute goods, processed foods and ICT services, while Nigeria, with its vast market, energy resources and agricultural depth, presents significant opportunities for stronger trade relations.”
The envoy highlighted agriculture as one of the most promising areas for collaboration, pointing particularly to contract farming as a new pathway for expanding bilateral economic engagement.
He explained that Bangladesh’s experience in high-yield and climate-adaptive agricultural production could be combined with Nigeria’s vast arable land and growing agro-processing industry to boost productivity and food security in both countries.
To unlock these opportunities, Kabir said Bangladesh is now intensifying its diplomatic and economic engagement with African nations, with Nigeria occupying a strategic position in that effort.
“Bangladesh is placing renewed focus on strengthening our partnerships in Africa, particularly with Nigeria — a country of immense dynamism, influence and opportunity,” he said.
The High Commissioner noted that the two countries share long-standing cordial relations rooted in similar historical experiences, youthful populations and shared democratic aspirations.
He added that both nations have consistently worked together within major international organisations such as the United Nations, the Non-Aligned Movement, the Organisation of Islamic Cooperation, the D-8 Organization for Economic Cooperation and the Commonwealth of Nations.
According to him, the partnership between the two countries reflects a broader commitment to South–South cooperation and collective efforts by developing nations to promote shared prosperity and global development.
Beyond trade, Kabir identified several other sectors where Nigeria and Bangladesh could deepen collaboration, including education, skills development, digital innovation, technical training and defence cooperation, particularly in professional military training and peacekeeping operations.
He also emphasised the importance of people-to-people engagement, noting that stronger cultural exchanges, academic partnerships and youth cooperation would further strengthen the bond between both nations.
The envoy used the occasion to commend Bangladeshi nationals living and working in Nigeria, describing them as responsible representatives of their country abroad.
“You are exemplary ambassadors of our nation,” he said. “Your hard work and integrity contribute significantly to the economies of Bangladesh and Nigeria and strengthen the bond between our peoples.”
Kabir also reflected on Bangladesh’s development journey over the past five and a half decades, noting that the country has emerged as a significant economic force among developing nations.
According to him, Bangladesh’s nominal gross domestic product is approaching half a trillion dollars, placing the country among the 35 largest economies in the world and making it a leading example of socio-economic progress in the Global South.
In his remarks, Director of Regions at Nigeria’s Ministry of Foreign Affairs, Bukar Hamman, reaffirmed Nigeria’s commitment to strengthening bilateral relations with Bangladesh.
Hamman said both countries share a strong belief in multilateral cooperation, peacebuilding and inclusive development.
“Both our nations have contributed significantly to United Nations peace operations, demonstrating mutual dedication to global peace and security,” he said.
He noted that bilateral engagement between Nigeria and Bangladesh has continued to expand in recent years, particularly in trade, agriculture, education and defence cooperation.
Hamman also welcomed the growing presence of Bangladeshi businesses in Nigeria and encouraged deeper collaboration between private sector actors from both countries.
“There is vast potential for collaboration in textiles, pharmaceuticals, ICT and renewable energy sectors where Bangladesh has developed notable expertise,” he said.
“As we look to the future, Nigeria remains committed to strengthening our ties with Bangladesh. Enhanced cooperation between our two countries will not only benefit our peoples but also contribute to stronger South–South cooperation and global development efforts.”
He added that the celebration of Bangladesh’s independence anniversary was not only an opportunity to reflect on the country’s historical journey but also a moment to recognise its aspirations for continued peace, innovation and progress.
Hamman stressed that Nigeria values Bangladesh as a trusted partner and friend, expressing confidence that the relationship between the two nations would continue to grow stronger in the years ahead.
Bangladesh Envoy Seeks Stronger Nigeria Ties, Laments Low Bilateral Trade
News
Troops ambush terrorists along Marte–Dikwa road, recover logistics in Borno
Troops ambush terrorists along Marte–Dikwa road, recover logistics in Borno
By: Zagazola Makama
Troops of Operation Hadin Kai have successfully ambushed Boko Haram/ISWAP terrorists along the Marte–Dikwa axis of Borno, forcing them to flee and abandoning logistics items.
A military source said the operation was conducted in the early hours of Thursday by a combined team of 50 Task Force Battalion/24 Task Force Brigade and 134 Special Forces Battalion, supported by volunteer forces.
The source disclosed that the troops, who had laid in wait at Momoh village along the Marte–Dikwa road, made contact with the insurgents moving on bicycles at about 12:45 a.m.
“On sighting the terrorists, the troops engaged them decisively, compelling them to retreat in disarray,” the source said.
He added that troops immediately carried out exploitation of the general area, leading to the recovery of eight bicycles believed to have been used by the insurgents for mobility, as well as some beverages suspected to be part of their logistics supply.
The Marte–Dikwa axis has remained a critical corridor in counter-insurgency operations, with sustained military pressure limiting the activities of insurgents in the area.
The source reaffirmed the commitment of troops to sustain aggressive operations to deny terrorists freedom of action and ensure the safety of communities across Borno.
Troops ambush terrorists along Marte–Dikwa road, recover logistics in Borno
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