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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
Police repel bandits, rescue six kidnapped victims on Yankara-Funtua highway in Katsina
By: Zagazola Makama
Police in Katsina State have successfully rescued six kidnapped victims after intercepting an armed bandit attack on Yankara-Funtua highway in Faskari Local Government Area.
Sources said on Jan. 24 at about 1:25 a.m., unidentified armed bandits blocked the highway and abducted six occupants of a green Honda Civic, registration number AAA 518 BC, en route from Funtua to Faskari.
The DPO Faskari, on routine patrol, promptly engaged the hoodlums in a tactical gunfight.
The bandits were overpowered and fled into the bush, abandoning their mission. All six victims, Rabi Hamisu, Safare Musa, Abubakar Samaila, Shehu Umar, Sara’u Yahaya, and Ibrahim Babangida, were rescued unharmed and safely returned to their homes.
Intensive patrols continue in the area, while efforts to apprehend the fleeing suspects are ongoing.
Police repel bandits, rescue six kidnapped victims on Yankara-Funtua highway in Katsina
Suspect arrested for trespassing, attempting robbery at Bauchi Emir’s palace
By: Zagazola Makama
A 20-year-old man, Umar Hamza, was apprehended Wednesday night for trespassing and attempting to steal from the Emir of Bauchi’s residence.
Sources said Hamza entered one of the Emir’s son’s rooms carrying a bunch of keys and tried to commit theft around 8:20 p.m. on January 23.
He was intercepted shortly after the act and taken into the Police custody for questioning.
Police said Preliminary inquiries indicate the suspect intended to steal from the palace.
Suspect arrested for trespassing, attempting robbery at Bauchi Emir’s palace
VP Shettima Returns To Abuja, Says Nigeria Firmly Back On Global Economic Frontline
By: Our Reporter
Vice President Kashim Shettima has returned to Abuja after a week-long diplomatic and economic mission to Guinea-Conakry and Switzerland.
This is just as he said Nigeria has reclaimed a frontline seat in global and regional policy conversations.
VP Shettima arrived at the Nnamdi Azikiwe International Airport on Saturday after representing President Bola Ahmed Tinubu at the inauguration of Guinea’s President, Mamadi Doumbouya, and leading Nigeria’s delegation to the 56th World Economic Forum (WEF) Annual Meeting in Davos.
According to the Vice President, the trip is part of Nigeria’s renewed commitment to regional solidarity in West Africa and its determination to reposition the economy under President Tinubu’s Renewed Hope agenda.
The Vice President had departed Abuja for Conakry, where he attended President Doumbouya’s inauguration, reaffirming Nigeria’s leadership role within ECOWAS, while opening new pathways for bilateral cooperation in agriculture and manufacturing.
From Guinea-Conakry, Senator Shettima proceeded to Davos, Switzerland, where he led the Nigerian delegation at the WEF 2026.
One of the highpoints of his engagements in that country was the commissioning of Nigeria House Davos, the Nigeria’s first-ever sovereign pavilion on the Davos Promenade, designed as a permanent investment hub showcasing opportunities in solid minerals, agriculture and the digital economy.
At a high-level WEF session titled, “When Food Becomes Security,” the Vice President outlined Nigeria’s new national food security framework, describing agriculture as a strategic pillar of national security and macroeconomic stability.
Vice President Shettima also joined former President Olusegun Obasanjo, former Vice President Yemi Osinbajo and Minister of Finance, Mr. Wale Edun, to advance the Accra Reset Initiative, a forum advocating African industrialisation driven by domestic capital and value chains rather than foreign aid.
On the economic front, the Vice President told investors that Nigeria’s macroeconomic indicators were stabilising, citing a projected 4.4 per cent GDP growth in 2026 and a decline in inflation to 12.94 per cent.
He also pointed to Nigeria’s imminent transition into a net exporter of refined petroleum products, anchored by the Dangote Refinery, and the growing export of digital talent.
VP Shettima Returns To Abuja, Says Nigeria Firmly Back On Global Economic Frontline
Police repel bandits, rescue six kidnapped victims on Yankara-Funtua highway in Katsina
Bandits abduct another four occupants of charcoal-laden vehicle in Kajuru LGA in Kaduna
Nobody is replacing Vice President Kashim Shettima. Tinubu affirms he remains the best and envisions a strategic partnership for Nigeria’s future.
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