News
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
Troops rescue five kidnap victims, repel attack on commuters near enugu
Troops rescue five kidnap victims, repel attack on commuters near enugu
By: Zagazola Makama
Troops deployed at 9th Mile in Enugu State have rescued five kidnapped victims after repelling an attack on commuters by suspected armed criminals.
Security sources said the incident occurred at about 6:55 p.m. on Feb. 20 when the troops responded to a distress call indicating that assailants had attacked travellers heading towards Anambra State.

On arrival at the scene, the troops engaged the attackers in a gun duel, forcing them to abandon the victims and flee into nearby surroundings.

The sources disclosed that five kidnapped persons were successfully rescued during the operation, while the vehicle used by the victims was also recovered.
It was gathered that the troops expended 11 rounds of 7.62mm special ammunition during the encounter.

Security authorities said patrols had been intensified in the area to deny the criminals freedom of action and to forestall further attacks on commuters.
They added that the situation was under control, while surveillance and domination patrols were ongoing.
Troops rescue five kidnap victims, repel attack on commuters near enugu
News
Zulum meets 56 state-sponsored doctors, approves training fund, others
Zulum meets 56 state-sponsored doctors, approves training fund, others
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has approved a special training fund for the 56 medical doctors currently undergoing residency training under the state’s sponsorship.
The governor granted the approval during an interactive meeting with the resident doctors at the Government House in Maiduguri on Thursday.

The meeting was convened at the governor’s instance to assess the progress of the doctors’ training and address any challenges hindering their seamless progression in their various places of primary assignments.
Beyond approving the training fund, Zulum also approved the immediate implementation of promotional benefits for all resident doctors due for career progression.
He directed that the promotions be implemented with immediate effect and that all arrears be paid to the beneficiaries, dating back to the effective date of their promotions.
The governor also directed the Borno State Hospital Management Board to organise a similar interaction with other medical doctors in the state who are not undergoing residency training.

He reiterated that the welfare of all health workers in the state remained a top priority for his administration, stressing that a motivated workforce is essential for delivering quality healthcare services to the people of Borno.
“My administration is committed to creating an enabling environment for our health professionals. We understand that without their dedication, we cannot achieve the needed health coverage we desire for our citizens,” the governor stated.
The meeting was attended by key stakeholders in the health sector, including the Commissioner for Health, Professor Baba Mallam Gana; the chairman of the State Hospital Management Board, Dr Joseph Jatau; and the Chief Medical Director, Professor Abubakar Kullima.

Also in attendance were the acting Chief of Staff, Dr Babagana Mustapha Mallumbe; the Chief Adviser to the Governor, Dr Mairo Mandara, the Executive Director, Borno State Primary Healthcare Development Board, Professor Arab Alhaji Mohammed and the Chief Medical Director of the Kashim Ibrahim University Teaching Hospital, Prof. Ibrahim Musa Kida.
Zulum meets 56 state-sponsored doctors, approves training fund, others
News
Ebizi Unreliable, Adulterous Conduct Modelling Around Lokpobiri Over Deputy Office – Kolga Group Alleges
Ebizi Unreliable, Adulterous Conduct Modelling Around Lokpobiri Over Deputy Office – Kolga Group Alleges
The Kolga Youth Progressive Alliance has raised perturbing concerns of Mrs Ebizi Brown Ndiomu, member representing Sagbama Constituency || desperateness for consideration as Deputy Governor of Bayelsa State.
The state lawmaker rumoured for possible nomination, consideration for the replacement of the departed deputy governor, has been modelling around the Honorable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri in Abuja.
A statement issued on Friday by the group spokesman, Comrade Tony Alazigha, the group described Mrs Ebizi Brown adulterous demeanor to be ascribed as desperate measures for consideration, and replacement of the departed deputy governor.
According to the group, Ebizi who shares a good working relationship with the Governor, Senator Douye Diri had ought to concentrate on the established relationship with the governor rather than adulterously running around Heineken Lokpobiri.
The adulterous, scandalous conduct of the honorable member modelling around politicians for consideration of the office of the deputy governor, will dent the image and reputation of the governor and the government.
The group spokesman demanding the general public to be watchful, stated that Kolga leaders who are relations to Mrs Ebizi Brown, are the people desperately pushing for the nomination of the lawmaker to deputize the Governor, Senator Diri.
He said the Kolga leaders pushing for Mrs Ebizi nomination as deputy, are leaders whom Governor Douye Diri has munificently made billions, but not satisfied because they want to control the government, and the leadership structure of the state.
The group cautioned Senator Douye Diri to dismiss the consideration of the Sagbama lawmaker for the replacement of the departed deputy governor, Mr Lawrence Ewhrudjakpo.
“The office of the deputy governor demands capacitated individual of reliability, trustworthy, hardworking, resourcefulness, competence, and not adulterous character displayed by the lawmaker from Sagbama.
“Is it the honorable minister working for governorship ambition that will nominate her or the governor whom she share good working relationship.
“Even in Sagbama local government area, there more competent, reliable individuals working closely with the governor that are worthy to deputize Governor Diri, and definitely not adulterous, unreliable Ebizi Brown.
The group urged Senator Diri to look inward in Sagbama for competent, dependable, trustworthy individual that will prioritize Bayelsans before personal interest to deputize him.
Ebizi Unreliable, Adulterous Conduct Modelling Around Lokpobiri Over Deputy Office – Kolga Group Alleges
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News10 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
