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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
Troops arrest suspected kidnapper in Damboa LGA of Borno
By: Zagazola Makama
Troops of Operation Hadin Kai have arrested a suspected kidnapper in Azir community, Damboa Local Government Area of Borno State.
Sources told Zagazola Malama that the suspect was apprehended at about 5:00 p.m. on March 28 by troops of 25 Brigade and 19 Battalion (Mechanised) deployed at a Forward Operating Base in Azir.
The source disclosed that the suspect was alleged to have been involved in kidnapping activities within the Damboa and Azir general areas.
“During preliminary investigation, the suspect claimed to be a cattle courier operating within Damboa and its environs,” the source said.
He added that one bicycle was recovered from the suspect at the point of arrest.
The suspect and the recovered item are currently in troops’ custody for further investigation and necessary action.
Troops arrest suspected kidnapper in Damboa LGA of Borno
Troops arrest 58 illegal miners in Edo state
By: Zagazola Makama
Troops of Operation MESA have arrested 58 suspected illegal miners at an illegal gold mining site in Ososo general area, Akoko-Edo Local Government Area of Edo State.
A security source disclosed that the suspects were apprehended at about 1:00 p.m. on March 28 during a fighting patrol conducted by troops of 195 Battalion (Rear).
According to the source, the troops stormed the mining site and arrested the suspects without resistance.
“The suspects are currently in troops’ custody for further action,” the source said.
He noted that the operation forms part of ongoing efforts to curb illegal mining activities and other criminal enterprises within Edo State and its environs.
Troops arrest 58 illegal miners in Edo state
Army troops arrest two suspected Boko Haram logistics suppliers in borno
By: Zagazola Makama
Troops of Operation Hadin Kai, in collaboration with operatives of the Joint Intelligence Fusion Centre (JIFC), have arrested two suspected logistics suppliers to Boko Haram terrorists in Gubio town, Borno State.
A military source disclosed that the suspects, identified as Mal Bunu Gojemi and Zanna Alhaji Mallam, were apprehended at about 11:30 a.m. on Saturday during a joint logistics strangulation operation conducted by troops in the area.
According to the source, the suspects confessed during preliminary interrogation to being long-time suppliers of logistics to the Boko Haram.
Items recovered from them include three mobile phones, a traditional cap, and the sum of N40,000.
“The suspects have since been handed over to operatives of the Joint Intelligence Fusion Centre for further investigation,” the source said.
He added that the operation was carried out without any incident.
The Nigerian Army and other security agencies have continued to intensify operations aimed at cutting off logistics supply chains to insurgents as part of ongoing counter-terrorism efforts in the North-East.
Army troops arrest two suspected Boko Haram logistics suppliers in borno
Troops arrest suspected kidnapper in Damboa LGA of Borno
Troops arrest 58 illegal miners in Edo state
Army troops arrest two suspected Boko Haram logistics suppliers in borno
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