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NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital

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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.
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NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital

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Security Forces Close in on Notorious Bandit Kachalla Dan Mai Kinni as Key Aide is Captured

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Security Forces Close in on Notorious Bandit Kachalla Dan Mai Kinni as Key Aide is Captured

By: Zagazola Makama

Security forces have intensified efforts to track down notorious bandit leader, Kachalla Dan Mai Kinni, following the arrest of his close associate, Lawali Malangaro, in Tsibiri, Zamfara State.

Intelligence sources told Zagazola Makama that Malangaro, a native of Tsibiri, was apprehended by vigilante groups in Galadi.

He is believed to be a key figure in Mai Kinni’s network, managing stolen cattle and funds linked to bandit activities in the Kaura Namoda, Shinkafi, and Zurmi axis, extending to eastern Sokoto.

Kachalla Dan Mai Kinni commands a heavily armed gang and has been terrorizing communities in Galadi, Tsibiri, and Tubali. His group is accused of orchestrating violent attacks in the region.

Security Forces Close in on Notorious Bandit Kachalla Dan Mai Kinni as Key Aide is Captured

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Army Troops Neutralize 12 Terrorists including a Bandit kingpin Kachallah Dogo in Katsina, capture 7 motorcycles

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Army Troops Neutralize 12 Terrorists including a Bandit kingpin Kachallah Dogo in Katsina, capture 7 motorcycles

By: Zagazola Makama

Troops of Operation FANSAN YANMA conducting a fighting patrol in Maigora village, Faskari Local Government Area of Katsina State, have successfully neutralized 12 terrorists and capturing multiple motorcycles used by the assailants.

Intelligence sources told Zagazola Makama that that the terrorists were neutralized on Friday when the armed bandits stormed the village around 12:30 p.m.

However, troops in the vicinity swiftly responded, engaging the attackers in a firefight that forced them to withdraw into nearby bushes.

In the initial encounter, troops neutralized five bandits and seized two motorcycles. During a follow-up operation, the fleeing bandits regrouped and launched a counterattack on the troops, who decisively repelled them and pursued them into the hills.

The security forces then engaged the retreating bandits with mortar fire, killing seven more and scattering the remaining fighters.

Further exploitation of the area led to the capture of seven additional motorcycles belonging to the terrorists.

Battle damaged assessments indicated that a key bandit leader, identified as Malum, sustained gunshot wounds during the engagement.

Meanwhile, sources confirmed that at least 12 bandits were buried on Friday evening, including a senior commander known as Dogo, who was neutralized during the operation.

As of Friday morning, security operatives have maintained dominance in the area to prevent any further incursion by the bandits.

Army Troops Neutralize 12 Terrorists including a Bandit kingpin Kachallah Dogo in Katsina, capture 7 motorcycles

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IGP launches Zulum’s distribution of 110 vehicles, 280 houses to police, others

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IGP launches Zulum’s distribution of 110 vehicles, 280 houses to police, others

By: Our Reporter

Borno State Governor Babagana Umara Zulum has distributed 110 brand new operational vehicles, 500 motorcycles and 280 houses to the Nigeria Police Force and other security agencies. 

The distribution was flagged off by the Inspector-General of Police, Kayode Egbetokun, who commended the initiative and described the governor as a “performing governor” in the fight against insecurity in the North East.

The ceremony, held at the Government House in Maiduguri, was attended by top security officials, including the theatre commander of Operation Hadin Kai, Major General Waidi Shuibu; Deputy and Assistant Inspectors-General of Police and others.

According to the distribution formula, 60 vehicles will be allocated to the Nigerian Police and 50 vehicles and 500 motorcycles to the Nigerian military.

Similarly, the police will be allocated 220 houses at Mai Mala Buni Estate, 20 at Kashim Shertima Estate and another 40 at Wulari, all in Maiduguri.

In his address, Governor Zulum emphasised the importance of supporting security forces with the necessary tools which, he said, would enhance their efficiency and dedication to duty.

“Today marks a significant step in our unwavering commitment to strengthening the security architecture of Borno State; we are gathered here to present 100 operational vehicles, 500 motorcycles and housing quarters to members of the Nigerian Police Force and military, as the case may be, who tirelessly serve and sacrifice to safeguard our communities.

“This modest gesture continues our government’s commitment to the security agencies, which are the cornerstones for achieving peace, progress, and development in our state.
 
“These vehicles will enhance their mobility, improve their response times, and bolster their operational capabilities in the fight against insecurity and social vices,” Zulum states.

The governor commended President Bola Ahmed Tinubu for his leadership in supporting the security agencies. 

Governor Zulum also expressed his commitment to rendering his services to the security organisations.

He said: “We are grateful to the Federal Government of Nigeria, under the distinguished leadership of President Bola Ahmed Tinubu, GCFR, for providing strategic leadership and unalloyed support to our security agencies as they work assiduously to safeguard  the life and property of our citizens.
 
“Under my watch, the Borno State Government has maintained a cordial relationship with our security forces. We realised that without security, the recovery of our state from insecurity, Insurgency and decadence would not yield the desired result. 

“By supporting our security forces, we are investing in force multiplier, speed of action and timely response of the armed forces and security agencies to our daunting security challenges. We are committed to working together to address the insecurity issues and build a safer and more prosperous future for our people.”

In his remarks, the IGP expressed gratitude to Governor Zulum for what he described as massive support.

 Egbetokun said: “These operational assets, including 110 vehicles and 500 motorcycles, will, no doubt, enhance our operational capacity. They will enable us to respond more effectively to emergencies in the state. They will also enable us to patrol our communities more efficiently, ultimately improving the delivery of services to the people of Borno State.

“I thank you, your Excellency, once again, for this gesture; I also want to assure you, Your Excellency, that these operational assets are going to be put to immediate operational use to enhance the security of the people of Borno State tate.”

IGP launches Zulum’s distribution of 110 vehicles, 280 houses to police, others

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