Connect with us

News

NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Nigeria Reaffirms Commitment to Regional Security at MNJTF Meeting in Chad

Published

on

Nigeria Reaffirms Commitment to Regional Security at MNJTF Meeting in Chad

By: Zagazola Makama

Nigeria has reaffirmed its commitment to regional cooperation and collective security efforts aimed at combating terrorism, insurgency and transnational crimes across the Lake Chad Basin.

Gen. Christopher Musa, Minister of Defense stated this during the Multinational Joint Task Force (MNJTF) meeting held on Tuesday in N’Djamena, Republic of Chad.

Musa, who attended the meeting alongside the joined defence ministers and senior military chiefs from Chad, Cameroon and Benin to review ongoing military operations and strengthen collaborative strategies for regional peace and stability.

According to the CDS, terrorism and insurgency within the Lake Chad region can only be effectively addressed through sustained regional cooperation, intelligence sharing and operational synergy among member states.

“Terrorism, insurgency and transnational threats can only be confronted through regional cooperation, intelligence fusion, synergy and sustained commitment among states,” he said.

He noted that the meeting provided an opportunity for participating countries to assess the progress of ongoing joint military operations under the MNJTF framework and identify areas requiring stronger collaboration.

Musa reaffirmed Nigeria’s resolve to continue supporting collective security initiatives aimed at restoring lasting peace and stability across the region.

“Nigeria remains steadfast in its commitment to collective security and the restoration of lasting peace across the Lake Chad Basin,” he said.

The CDS further stressed the importance of coordinated border security operations, intelligence-driven missions and enhanced military cooperation among member countries in addressing evolving security threats within the region.

The MNJTF, established by countries of the Lake Chad Basin Commission, coordinates multinational military operations against Boko Haram, ISWAP and other transnational criminal networks operating around the Lake Chad region.

Nigeria Reaffirms Commitment to Regional Security at MNJTF Meeting in Chad

Continue Reading

News

India Moves to Reset Africa Relations After 10-Year Gap, Targets Deeper Nigeria Partnership

Published

on

India Moves to Reset Africa Relations After 10-Year Gap, Targets Deeper Nigeria Partnership

By: Michael Mike

The Government of India is seeking to recalibrate its strategic engagement with Africa through the forthcoming 2026 India-Africa Forum Summit, with Nigeria positioned at the centre of New Delhi’s renewed diplomatic, economic and cultural outreach to the continent.

India’s High Commissioner to Nigeria, Abhishek Singh, disclosed this in Abuja while briefing journalists ahead of the fourth edition of the India-Africa Forum Summit scheduled to hold on May 31 in New Delhi.

The summit, which is returning after a decade-long break, is expected to bring together African heads of state, ministers, business leaders, investors, diplomats and cultural stakeholders as India seeks to strengthen its influence across Africa amid growing global competition for economic and strategic partnerships on the continent.

“This summit is not merely a diplomatic gathering. It is a platform to deepen political dialogue, security cooperation, trade relations, developmental partnerships, people-to-people exchanges and cultural collaboration between India and Africa,” Singh said.

The envoy noted that the last summit was held in 2015 and argued that both Africa and India had undergone major political and economic changes since then, making the upcoming meeting particularly significant.

According to him, the summit will begin with senior officials’ engagements on May 28, followed by a meeting of foreign ministers on May 29 before the main leaders’ summit on May 31.

He disclosed that President Bola Tinubu has been invited by Indian Prime Minister Narendra Modi to lead Nigeria’s delegation to the summit.

“We would be truly honoured to have the participation of His Excellency, the President,” Singh stated.

The High Commissioner described Nigeria as a strategic pillar in India’s Africa policy, citing the country’s democratic credentials, economic weight and regional influence.

“Nigeria is Africa’s largest democracy and one of the continent’s biggest economies. We see Nigeria as emblematic of India’s relationship with Africa,” he added.

Beyond diplomatic engagements, India is also using the summit to deepen commercial and cultural ties with African countries.

Singh revealed that business forums, cultural festivals, music and dance events, as well as Track Two diplomatic engagements involving academics and private sector players, would form part of the summit activities.

“One of the major components is economic dialogue. We have invited Nigerian businessmen, industrialists and chambers of commerce to participate and redefine how we engage economically,” he said.

India said bilateral trade between Nigeria and India currently stands at between eight and nine billion dollars annually, although both countries believe there is substantial room for expansion.

According to the envoy, discussions are ongoing on improving market access, reducing trade bottlenecks and unlocking new investment opportunities in sectors such as technology, manufacturing, digital infrastructure and education.

Singh also highlighted India’s growing interest in Nigeria’s creative and entertainment industries, particularly the rising global influence of Afrobeats music.

“The Afrobeats are becoming increasingly popular in India and names like Wizkid and Davido are not just famous in Nigeria but globally recognised and increasingly popular in India,” he said.

He further stressed India’s readiness to expand collaboration with Nigeria in information and communications technology, noting that India’s global strength in ICT and digital innovation presents major opportunities for partnership with African economies.

Analysts say the renewed India-Africa engagement reflects New Delhi’s broader geopolitical strategy to strengthen economic alliances, secure new markets and deepen influence in Africa amid intensifying competition from China, the United States, Europe and Gulf countries for strategic partnerships across the continent.

For Nigeria, the summit is expected to open fresh opportunities for trade expansion, investment inflows, educational cooperation, technology transfer and cultural exchange at a time the country is seeking stronger international economic partnerships to support growth and diversification.

India Moves to Reset Africa Relations After 10-Year Gap, Targets Deeper Nigeria Partnership

Continue Reading

News

Navy supports Adamawa community with classrooms, toilets

Published

on

Navy supports Adamawa community with classrooms, toilets

Vice Adm. Idi Abbas, the Chief of Naval Staff on Thursday inaugurated six blocks of renovated classrooms and newly constructed toilets at Central Primary School, Mayo-Belwa Local Government, Adamawa State.

Abbas, who was represented by the Rear Admiral Raheem Taofeek, said the project was a special intervention scheme and cooperate social responsibility of the Nigeria Navy to give back to the community.

According to him, the project is being executed by the Rear Adm. Abdulhamid Baba-Inna, the Navy Secretary in his hometown in line with the vision of President Bola Tinubu.

He encouraged the beneficiaries to use the facilities responsibly for maximum benefit.

In his remarks, Baba-Inna, said the project was to improve the learning environment to be conducive for the pupils and teachers.

“Ladies and Gentlemen, this project aligns squarely with the Nigeria Navy’s Civil-Military Cooperation and Relations framework.

“We recognise that our effectiveness is not measured solely by operational successes at sea or on the battlefield but also by the strength of our relationship with the people we serve.

“Projects such as this are deliberate efforts to build trust, foster goodwill and strengthen the bond between the military and civil society”, he said.

According to him, the classes and offices were provided with tables and chairs as well as the solar power light to enhance safety and security in the school.

Baba-Inna urged the pupils and teachers to take ownership of the project for maximum benefit.

In his remarks, Mr Adiyal Kurdah, Member I, Adamawa State Universal Basic Education Board (ADSUBEB), expressed gratitude to the Nigeria Navy for such a project.

He said the project would significantly improve enrollment, retention and quality education in the area.

Alhaji Ardo Bamanga, District Head of Mayo-Belwa, described the project as a good legacy that would help to shape the character of children to be responsible citizens in future.

The event featured presentation of learning materials to pupils, tree planting, cultural displays and awards presentations.

Navy supports Adamawa community with classrooms, toilets

Continue Reading

Trending

Verified by MonsterInsights