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 Advised to Treat Wildlife Crime as National Security Threat

Published

on

Nigeria Advised to Treat Wildlife Crime as National Security Threat

By: Michael Mike

Nigeria has been urged to treat wildlife trafficking and illegal exploitation of biodiversity as a major organized crime threat capable of undermining national security, economic stability and sustainable development.

The Country Representative of the United Nations Office on Drugs and Crime, Cheikh Touré, gave the warning in Abuja during the commemoration of World Wildlife Day, stressing that wildlife crime now operates as a sophisticated international criminal network rather than merely an environmental issue.

Touré said the illegal trade in wildlife and plant species continues to weaken ecosystems, fuel illicit financial flows and erode the economic potential of countries rich in biodiversity such as Nigeria.

According to him, wildlife crime has evolved into a serious transnational organised crime that threatens the rule of law and deprives communities of valuable natural resources that support livelihoods and sustainable development.

He explained that Nigeria’s rich biodiversity, including valuable medicinal and aromatic plants used for traditional healthcare and economic activities, faces increasing pressure from illegal trade, habitat destruction, climate change and unsustainable harvesting.

Touré, however, acknowledged recent legislative progress made by Nigeria, particularly the passage of the Endangered Species Conservation and Protection Bill, describing it as a major step toward strengthening the country’s legal framework for biodiversity protection.

Despite this progress, he stressed that legislation alone would not stop wildlife crime unless it is backed by effective enforcement, improved institutional capacity and stronger public awareness.

He noted that combating wildlife trafficking requires coordinated partnerships among government institutions, civil society organisations, international agencies and local communities.

The UNODC official also highlighted the organisation’s efforts to mobilise young Nigerians in conservation advocacy through the #BeWildForNature campaign launched in 2024.

Through a competitive process, selected youths were incorporated into a mentorship programme where conservation experts provided training on digital advocacy, wildlife protection and community mobilisation.

According to Touré, the initiative has helped build a network of young environmental advocates now driving conservation campaigns and community outreach programmes across Nigeria.

Speaking at the event, the United Nations Resident and Humanitarian Coordinator in Nigeria, Mohamed Fall, said the protection of biodiversity is directly linked to human health, economic stability and environmental sustainability.

Represented by the UNICEF Representative in Nigeria, Wafaa Saeed, Fall noted that medicinal plants remain a primary healthcare resource for millions of people and are deeply embedded in traditional knowledge systems and local economies.

However, he warned that biodiversity loss, environmental degradation and climate change are threatening these critical natural assets, making conservation an urgent development priority.

He added that protecting biodiversity contributes directly to the achievement of the United Nations Sustainable Development Goals, including goals related to health, climate action and environmental protection.

Also speaking, Onah Bisong of the Federal Ministry of Youth Development (Nigeria) said the Federal Government recognises the important role of young people in advancing environmental sustainability.

Bisong stressed that Nigerian youths must be empowered to champion biodiversity protection through innovation, advocacy and community engagement, noting that such efforts can also create green jobs and support economic growth.

He added that young Nigerians are not merely beneficiaries of the country’s natural resources but critical partners in ensuring that those resources are protected for future generations.

Nigeria Advised to Treat Wildlife Crime as National Security Threat

Continue Reading

News

FG Evacuates 1,230 Stranded Nigerians from Niger

Published

on

FG Evacuates 1,230 Stranded Nigerians from Niger

By: Michael Mike

The Federal Government has successfully evacuated 1,230 stranded Nigerians from neighbouring Niger, reinforcing its commitment to protecting citizens abroad amid emerging regional challenges.

The evacuation, coordinated by the Nigeria’s Ministry of Foreign Affairs, involved the voluntary repatriation of Nigerians who had been stranded in Niamey, the capital of Niger Republic.

According to a statement on Wednesday by the spokesperson of the ministry, Kimiebi Ebienfa, the returnees arrived in Nigeria in two separate batches. The first group of 708 Nigerians was received on March 23, 2026, while the second batch of 522 arrived on March 29, bringing the total number of evacuees to 1,230.

He said the humanitarian operation was carried out in partnership with the International Organization for Migration, whose logistical and technical support ensured the smooth movement and reception of the returnees.

On arrival in Kano, the evacuees were received by a coordinated team of government agencies and humanitarian partners tasked with ensuring an orderly reception and immediate support for the returning citizens.

Agencies involved in the reception included the National Commission for Refugees, Migrants and Internally Displaced Persons, National Emergency Management Agency, National Agency for the Prohibition of Trafficking in Persons, Nigeria Immigration Service and the Nigeria Security and Civil Defence Corps.

Other participating bodies were the International Committee of the Red Cross, the Nigeria Police Force and the Department of State Services, as well as officials from the Kano and Katsina state governments.

The returnees were subjected to profiling at the airport to document their details and enable appropriate reintegration support. They were later moved to the Immigration Training School in Kano where temporary accommodation, meals, medical attention and other basic necessities were provided.

Authorities said the evacuees were subsequently discharged after completing the necessary procedures and reunited with their families.

The Ministry noted that the evacuation underscores the Federal Government’s broader responsibility to ensure the safety and dignity of Nigerians wherever they may be, particularly in situations that pose humanitarian risks.

It also expressed appreciation to the Government of Niger for its cooperation throughout the evacuation process, noting that such collaboration reflects the enduring diplomatic and humanitarian ties between both countries.

The ministry further commended international partners, particularly the International Organization for Migration and the International Committee of the Red Cross, for their continued support in addressing migration and humanitarian challenges.

Nigerian citizens residing abroad were urged to respect the laws of their host countries and maintain regular contact with Nigerian diplomatic missions to facilitate timely assistance in emergency situations.

FG Evacuates 1,230 Stranded Nigerians from Niger

Continue Reading

News

FG Declares April 3 and 6 Public Holidays for Easter

Published

on

FG Declares April 3 and 6 Public Holidays for Easter

By: Michael Mike

The Federal Government has declared Friday, April 3, and Monday, April 6, 2026, as public holidays to enable Christians across the country celebrate Easter.

The announcement was made by the Minister of Interior, Olubunmi Tunji-Ojo, on behalf of the Federal Government, according to a statement issued by the Permanent Secretary of the Federal Ministry of Interior (Nigeria), Magdalene Ajani.

The minister congratulated Christians in Nigeria and in the diaspora on the celebration, describing Easter as a period that reflects the enduring values of sacrifice, renewal and hope.

He urged Nigerians to emulate the virtues of selflessness, forgiveness, patience and love as demonstrated in the life and teachings of Jesus Christ.

Tunji-Ojo also called on citizens to strengthen the spirit of tolerance, unity and peaceful coexistence, stressing that these values remain critical to national cohesion.

According to him, the Federal Government remains committed to policies and decisions aimed at promoting national renewal, economic growth and shared prosperity for all Nigerians.

He further wished Christians across the country a peaceful and joyful Easter celebration.

Easter is one of the most significant events in the Christian calendar, commemorating the resurrection of Jesus Christ and symbolising victory over death and the promise of new life for believers.

FG Declares April 3 and 6 Public Holidays for Easter

Continue Reading

Trending

Verified by MonsterInsights