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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
News
Israel Accuses Iran of Terror Links, Cites Activities in Nigeria
Israel Accuses Iran of Terror Links, Cites Activities in Nigeria
By: Michael Mike
The Embassy of Israel in Nigeria has accused Iran of sponsoring terrorism across the globe and backing militant networks, including alleged links to activities in Nigeria.
In a statement issued in Abuja, the Israeli mission challenged recent remarks by Iran’s envoy to Nigeria denying Tehran’s involvement in terrorism, insisting that evidence accumulated over the years contradicts such claims.
The embassy said Iran has long been identified by several governments and security agencies as a major state sponsor of terrorism, accusing the country of providing funding, weapons, training and strategic guidance to militant groups such as Hamas, Hezbollah and the Houthi movement.
According to the statement issued on Monday, these groups have carried out attacks against civilians and contributed to instability in several parts of the world, particularly in the Middle East.
The embassy further alleged that Iranian-backed operatives and networks have been linked to attacks and plots in different countries, including Argentina, Bulgaria, Australia and the United Kingdom.
Highlighting developments in the Middle East, the mission said Iranian leaders publicly praised the October 7 attacks carried out by Hamas against Israeli civilians and encouraged further violence against Israel.
The embassy also pointed to past incidents in Nigeria which it said suggested Iranian-linked activities within the country.
It recalled that in 2010, Nigerian authorities intercepted a shipment of weapons originating from Iran at Apapa Port in Lagos, concealed in containers allegedly destined for militant groups in West Africa.
The statement also referenced a 2013 operation by Nigerian security agencies in which a Hezbollah-linked cell and weapons cache were uncovered, leading to arrests in Abuja and Kano. Authorities at the time said the weapons were intended for attacks against Israeli and Western interests in Nigeria.
Israel’s Ambassador to Nigeria, Michael Freeman, said Iran’s repeated denials could not erase what he described as a documented history of support for militant organisations.
“The Iranian regime can make as many statements as they like and appear on as many television channels as they want. But facts speak louder than words. The reality is that Iran is the world’s largest sponsor of terrorism and has backed the Islamic Movement of Nigeria for years,” he said.
The embassy said it considered it necessary to challenge what it described as misinformation, stressing that terrorism remains a major threat to global peace and stability, including in Nigeria.
Israel Accuses Iran of Terror Links, Cites Activities in Nigeria
News
NSCDC Warns Contractors Over Damage to Fibre Optic Cables in Abuja
NSCDC Warns Contractors Over Damage to Fibre Optic Cables in Abuja
By: Michael Mike
The Nigeria Security and Civil Defence Corps (NSCDC) has issued a strong warning to construction companies and contractors operating in the Federal Capital Territory, cautioning them to stop damaging underground fibre-optic cables during excavation works or face prosecution.
The warning was issued by the FCT Commandant of the Corps, Olusola Odumosu, who expressed concern over the growing cases of fibre-optic cable destruction across Abuja due to negligence and poor planning by construction firms.

Odumosu said the increasing damage to the communication infrastructure has led to repeated disruption of internet services, banking operations, telecommunications networks and other critical government and commercial activities.
According to him, the destruction of fibre-optic cables constitutes a serious national security risk and undermines economic activities in the country.
He explained that under the Designation and Protection of Critical National Information Infrastructure Order 2024, telecommunications infrastructure, including fibre-optic cables, has been classified as Critical National Information Infrastructure, making any deliberate or negligent damage a punishable offence.
The Commandant noted that the Corps derives its powers from the Nigeria Security and Civil Defence Corps Act 2003 (as amended in 2007), which empowers it to protect national assets, maintain round-the-clock surveillance on critical infrastructure and prosecute offenders involved in vandalism and sabotage.
He added that the law authorises the Corps to arrest, detain and investigate individuals or organisations responsible for damaging public utilities such as communication cables, power transmission lines, pipelines and other strategic facilities.

Odumosu disclosed that in line with directives from the Office of the National Security Adviser, contractors must verify the presence of underground utilities before commencing excavation or drilling in the FCT.
He directed all construction firms to liaise with telecommunication service providers, the NSCDC and relevant authorities before carrying out digging or drilling activities, stressing that ignorance of the presence of fibre-optic cables will not be accepted as a defence.
The NSCDC boss further warned that the Corps would not tolerate vandalism or interference with critical national assets such as power installations, oil and gas pipelines, rail infrastructure, water facilities, communication masts and government buildings.
He said offenders—whether individuals, companies or government contractors—would face prosecution under existing laws, including the Cybercrimes (Prohibition, Prevention, etc.) Act 2015 and other relevant legislation protecting national infrastructure.
Odumosu assured residents that the NSCDC remains committed to safeguarding critical national assets across the capital territory and urged contractors to strictly comply with verification procedures before undertaking civil works.
He also called on members of the public, professional bodies and project managers to report suspicious excavation activities or vandalism of public infrastructure to the nearest NSCDC formation for prompt response.
The Commandant reiterated the Corps’ zero-tolerance for vandalism, urging organisations and stakeholders to collaborate with the agency to protect public utilities and ensure sustainable economic growth.
NSCDC Warns Contractors Over Damage to Fibre Optic Cables in Abuja
News
FG, World Bank Move to Restore Degraded Northern Landscapes with Nine Catchment Plans
FG, World Bank Move to Restore Degraded Northern Landscapes with Nine Catchment Plans
By: Michael Mike
The Federal Government, in partnership with the World Bank, has commenced the appraisal and validation of nine Strategic Catchment Management Plans (SCMPs) aimed at tackling desertification, land degradation and water scarcity across Northern Nigeria and the Federal Capital Territory.
The initiative is being implemented under the Agro-Climatic Resilience in Semi-Arid Landscapes Project (ACReSAL), a climate resilience programme led by the Federal Ministry of Environment with support from the World Bank.
The validation workshop, holding in Abuja, is bringing together federal and state agencies, technical experts, and community representatives to review the plans and ensure they are inclusive, practical and capable of improving livelihoods while restoring degraded landscapes.

Speaking at the event, Nigeria’s Minister of Environment, Balarabe Abbas Lawal, warned that environmental degradation in Northern Nigeria has reached alarming levels, threatening food security and the stability of rural communities.
According to him, millions of people in the 19 northern states and the FCT are already facing harsh environmental realities such as advancing deserts, irregular rainfall patterns, shrinking water bodies and declining farmland productivity.
“These are not abstract problems. They threaten the food on our tables, the income of our farmers and herders, and the stability of our communities,” the minister said.
Lawal explained that the ACReSAL project represents Nigeria’s strategic response to the growing environmental crisis, with the Federal Ministry of Environment working closely with the Federal Ministry of Water Resources and Sanitation and the Federal Ministry of Agriculture and Food Security to restore degraded landscapes and promote sustainable management of natural resources.
He noted that the Strategic Catchment Management Plans form the backbone of the intervention, providing a coordinated roadmap for identifying priority environmental hotspots, mobilising resources and aligning actions across multiple sectors.
Representing the Minister of Water Resources and Sanitation, Joseph Terlumun Utsev, the Director of Hydrology, Abohwo Ngozi, said the workshop would review the final nine catchment management plans developed under the ACReSAL framework.
She stressed that the plans are essential for improving integrated water and land management while addressing the growing environmental challenges facing communities across Northern Nigeria.
Ngozi warned that desert encroachment, degraded farmlands and unpredictable rainfall patterns are already threatening agricultural productivity and the livelihoods of millions of farmers and pastoralists.
National Coordinator of ACReSAL, Abdulhamid Umar, represented by Shettima Adams, said the nine plans are designed to guide targeted interventions in semi-arid landscapes to ensure sustainable water and land management.
He listed the catchments covered by the plans as Malenda, Oshin-Oyi, Gurara-Gbako, Aloma-Konshisha, Benue-Mada, Sarkin-Pawa-Kaduna, Zungur-Gongola, Gaji-Lamurde and Hawul-Kilange.
According to him, the catchment areas cut across several states including Adamawa, Bauchi, Benue, Borno, Gombe, Kaduna, Kano, Katsina, Kebbi, Kogi, Kwara, Nasarawa, Niger, Plateau, Taraba, Yobe and Zamfara, as well as the FCT.
Umar explained that the plans were developed through extensive consultations with local communities and stakeholders, ensuring that they capture real environmental challenges such as deforestation, soil erosion, shrinking water sources and overgrazing.
FG, World Bank Move to Restore Degraded Northern Landscapes with Nine Catchment Plans
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