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
Gunmen abduct village head in Kajuru LGA, Kaduna
By: Zagazola Makama
Suspected kidnappers have abducted the Village Head of Bauda, Mr Obadiah Iguda, from his residence in Kajuru Local Government Area of Kaduna State.
Zagazola Makama learnt from reliable sources that the incident occurred on June 29 at about 9:45 p.m., when an unspecified number of armed men stormed the community and forcibly took the 48-year-old traditional leader to an unknown destination.
Security forces were moblised to the scene and
commenced a manhunt for the suspects.
Security sources said concerted efforts in collaboration with other sister security agencies were ongoing to rescue the victim and apprehend the perpetrators.
Gunmen abduct village head in Kajuru LGA, Kaduna
Man dies by suicide after acid attack on girlfriend in Lagos
By: Zagazola Makama
A 43-year-old man, Pere Faruk, has reportedly died by suicide shortly after allegedly pouring acid on his girlfriend during a domestic altercation on Lagos Island.
Zagazola Makama report that the incident occurred at about 5:40 p.m. on June 30, at No. 8 Messy Street, Lagos Island.
According to family sources, Faruk’s younger brother, Pere Jeli, who resides nearby at No. 9 Igbosere Street, was informed of the incident and immediately raised alarm.
The victim, identified as Kemi Bashiru, was rushed to the Lagos Island General Hospital, where she is receiving treatment for severe burns.
Shortly after the attack, Faruk was discovered unresponsive in his room, with a bottle of Sniper insecticide found beside him, suggesting he took his own life.
His body was taken to the hospital and later deposited in a public mortuary for autopsy, while the scene of the incident was documented by responders.
Sources said police investigations are ongoing to determine the full circumstances surrounding the altercation and its tragic outcome.
Man dies by suicide after acid attack on girlfriend in Lagos
One killed, six injured in grenade explosion at Kano scrapyard
By: Zagazola Makama
Atleast one person killed and six others injured following the explosion of an unexploded ordnance (UXO) at a scrapyard in Kofar Dawanau area of Dala Local Government Area.
Zagazola Makama report that the incident occurred at about 5:30 p.m. on June 30, while metal scrap dealers were offloading items from a truck with registration number PKM 709 ZY.
Sources said that a hand grenade was identified as the source of the explosion during a preliminary post-blast investigation by the Bomb Disposal Unit (BOMPOL).
The explosion killed Hamisu Uzairu, a 55-year-old labourer from PRP Kwanar Jaba quarters in Nasarawa LGA. He was confirmed dead at the Murtala Muhammed Specialist Hospital, Kano.
Six other victims sustained varying degrees of injuries and were admitted at the same hospital for treatment.
They include: Sani Ahmed, Najib Sani, Jabir Tijani, Wada Abdullahi, Huzaifa Yusha’u and Bilyaminu Snu.
The scrap dealer, Jamilu Zakari Salisu, who owns the Kofar Dawanau Mini Scrapyard, reported the incident to the Dala Divisional Police Headquarters.
Police sources said the scene was immediately cordoned off and access restricted to ensure public safety, while further investigations are ongoing to trace the origin of the explosive.
The police advised scrap dealers and the general public to exercise caution and report any suspicious metallic objects to security agencies to prevent similar incidents.
One killed, six injured in grenade explosion at Kano scrapyard
Gunmen abduct village head in Kajuru LGA, Kaduna
Man dies by suicide after acid attack on girlfriend in Lagos
One killed, six injured in grenade explosion at Kano scrapyard
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
THE PLIGHT OF FARIDA
POLICE CHARGE ROOMS, A MINTING PRESS
-
News1 year agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions3 years ago
THE PLIGHT OF FARIDA
-
Opinions4 years ago
POLICE CHARGE ROOMS, A MINTING PRESS
-
News1 year agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Columns1 year agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
ACADEMICS1 year agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Opinions1 year agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
-
Politics3 weeks ago2027: Why Hon. Midala Balami Must Go, as Youths in Hawul and Asikira/Uba Federal Constituency Reject ₦500,000 as Sallah Gift
