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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
21 villagers abducted in kano communities as Security forces intensify search operation
By: Zagazola Makama
Twenty-one persons have been abducted by suspected bandits in three villages of Tsanyawa Local Government Area of Kano State.
Zagazola Makama learnt that the coordinated attacks occurred in Sundu, Biresawa and Masaurari villages.
According to community members, two women were taken from Sundu, while five women and two children were abducted at Biresawa.
In Masaurari, nine men and one woman were reportedly seized, bringing the total number of abducted persons to 21 comprising nine men, eight women and two children.
The Police Command in Kano confirmed the attack noting that efforts had been intensified to rescue all victims unhurt.
The sources added that additional operatives had been deployed to the affected axis, while the area was being combed in collaboration with local vigilance groups and other security agencies.
The command assured residents of its commitment to restoring peace and urged the public to provide credible information that could aid ongoing operations.
21 villagers abducted in kano communities as Security forces intensify search operation
Ammunition falls from moving vehicle near ABU Zaria, eyewitnesses suspect supplies for bandits
By: Zagazola Makama
Passersby and students of Ahmadu Bello University (ABU) Zaria were startled on Tuesday when several rounds of ammunition reportedly fell from a moving passenger bus along the Zaria–Katsina highway.
Zagazola Makama understand that the incident occurred directly in front of ABU Zaria’s main gate, causing brief panic among pedestrians and motorists.
One of the witnesses, who simply identified himself as Musa, said the ammunition fell from a commercial vehicle heading towards Katsina.
“We suddenly saw the bullets drop from the bus as it sped past the gate. Before people could understand what happened, the vehicle had already disappeared,” he said.
He added that some bystanders quickly gathered the ammunition and alerted security operatives stationed around the area.
Another eyewitness, a student who preferred not to be named, described the incident as “strange and frightening,” noting that many feared the ammunition could be linked to supplies to armed groups operating in parts of Kaduna and Katsina States.
Security personnel later arrived at the scene and recovered the ammunition.
Ammunition falls from moving vehicle near ABU Zaria, eyewitnesses suspect supplies for bandits
Security forces arrest “Gwandara” notorious kidnap kingpin, logistics supplier in Bwari Abuja
By: Zagazola Makama
Security forces have arrested a notorious kidnapper and major logistics supplier to bandits identified as Y’au Ibrahim Dauda, popularly known as “Gwandara 01”.
Zagazola Makama gathered that the suspect was apprehended by the Scorpion Squad at about 5:40 p.m. on Thursday in Bwari following actionable intelligence.
According to sources , Dauda has been on the wanted list of security agencies for his alleged role in several coordinated kidnapping operations within the FCT, particularly across the Bwari axis, from 2024 to date.
Investigations further linked him to multiple abductions around the Garam area of Tafa LGA in Niger State and Bwari, including the kidnapping of a pastor in 2024 at the El-Rufai Estate, near the Nigerian Law School, Bwari.
The sources said that efforts are ongoing to apprehend other fleeing members of the gang and recover their weapons.
Security forces arrest “Gwandara” notorious kidnap kingpin, logistics supplier in Bwari Abuja
21 villagers abducted in kano communities as Security forces intensify search operation
Ammunition falls from moving vehicle near ABU Zaria, eyewitnesses suspect supplies for bandits
Security forces arrest “Gwandara” notorious kidnap kingpin, logistics supplier in Bwari Abuja
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