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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
Armed bandits kill man, abduct nine in macitta village, niger state
By: Zagazola Makama
Nine people were abducted and one man killed when armed bandits attacked Macitta village in Mariga Local Government Area (LGA) of Niger State late Wednesday night, sources confirmed.
Sources said that around 11:30 p.m., a large group of armed bandits entered the community via Kotonkoro District, shooting sporadically. One of the residents, Aliyu Dan Tsohon Soja, 35, was shot dead during the attack. The identities of the nine abducted victims are yet to be confirmed.
Security forces , local vigilantes, and hunters were mobilized to the area, and the body of the deceased was evacuated to the General Hospital, Bangi, for autopsy. Efforts are ongoing to track down the attackers and ensure the safe rescue of the kidnapped individuals.
Authorities have urged residents to remain alert and report any information that may assist in the rescue operations and apprehension of the bandits.
Armed bandits kill man, abduct nine in macitta village, niger state
Three children die in bush fire while grazing cattle in Mokwa, Niger state
By: Zagazola Makama
Three children lost their lives after being engulfed by fire while grazing cattle in Tungan-Noma village, Mokwa Local Government Area (LGA) of Niger State on Wednesday, sources confirmed.
According to sources, the children Huzairu (12), Aliru (11), and Kabiru Surajo (12) went out for cattle grazing around 12:30 p.m. and entered a deep gully in the bush.
They reportedly set dried grasses on fire in an attempt to trap small bush animals. Unfortunately, the flames spread rapidly, trapping the children and preventing their escape.
The lifeless bodies were recovered and evacuated to the General Hospital, Mokwa, for autopsy. Authorities visited the scene to assess the circumstances surrounding the tragedy.
The incident draw attention to the dangers children face in rural areas, particularly when engaging in outdoor activities without supervision.
Parents have been urged to exercise caution and ensure children’s safety during such activities.
Three children die in bush fire while grazing cattle in Mokwa, Niger state
Police foil kidnap attempt on Benin-Lagos expressway, rescue 14 victims
By: Zagazola Makama
Fourteen passengers, including four juveniles, were rescued after an attempted kidnap by armed gunmen along the Benin–Lagos Expressway at Isiuwa, Edo State, police sources confirmed on Wednesday.
The incident occurred around 5:00 p.m., when about 20 gunmen, divided into three groups, emerged from the bush and opened sporadic fire on moving vehicles.
The assailants attempted to attack policemen stationed at a checkpoint but were repelled by responding officers, who coordinated with the Operation Rescue Team, CP Intelligence Squad (Buffalo Team), and Nigerian soldiers.
Two Toyota Sienna vehicles were targeted. One, with registration number RSH 210 CH, was carrying seven passengers from Imo State to Ondo State, while the second, AME 211 YL, carried six passengers.
Police stormed the bush where the gunmen had taken the victims, successfully rescuing ten adults and four juveniles. The rescued included Frederick God Bless, Prosper Admijom, Oluyemi Bolu, Amoo Muyiwa, Ifoma Uchije, Daniel Chibuzo, Solomon Audu, Samuel Chibuke, Kemi Olayiwola, Ugochukwu Irozuruike, and juveniles Chidera Ochije, Augustine Ochije, Chukwuka Ochije, and Obiakor Chisom.
During the chaos, one Abba Adam, a conductor of a Howo truck with registration DED 638 XB, jumped out of his vehicle and was struck by an oncoming truck, dying on the spot. His body was recovered and deposited at Emiloju Medical Center, Okada Junction.
Three passengers are still missing, and search efforts are ongoing. Some of the rescued victims have since continued their journey safely.
Police foil kidnap attempt on Benin-Lagos expressway, rescue 14 victims
Four killed, three injured in lakurwa bandit attack on baidi village, sokoto state
Armed bandits kill man, abduct nine in macitta village, niger state
Three children die in bush fire while grazing cattle in Mokwa, Niger state
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