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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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Retired Delta High Court Judge found murdered in Asaba Delta

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Retired Delta High Court Judge found murdered in Asaba Delta

By: Zagazola Makama

A retired Delta State High Court judge, Justice Ifeoma Okogwu, was found murdered at her residence in Asaba on Monday morning.

Security sources told Zagazola Makama that the victim, was discovered lifeless in her sitting room at No. 8 Tom Halen Street, behind IBTC Bank, with her hands and legs tied and her mouth covered with a wrapper.

Her brother, Emeka Okogwu, reported the incident to the Police at about 8:00 a.m. while visiting her home. Following the report, patrol teams were deployed to the scene.

The on-duty security guard, Lucky Matthew, was arrested for questioning, while another guard, Godwin Vanen, was reported missing and is being sought.

The police said the body of Justice Okogwu was evacuated and deposited at Maduemeie Hospital Mortuary, Asaba. Investigation into the motive and identification of the assailants is ongoing.

The case has been transferred to SCID Asaba for discreet investigation.

Retired Delta High Court Judge found murdered in Asaba Delta

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NTAC DG Commends CIFCFIN for Giant Strides on 2nd Founders’ Day

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NTAC DG Commends CIFCFIN for Giant Strides on 2nd Founders’ Day

By: Michael Mike

The Director General of the Nigerian Technical Aid Corps, Rt. Hon. Yusuf Buba Yakub, has commended the Chartered Institute of Forensics and Fraud Investigators of Nigeria (CIFCFIN) for its remarkable achievements since its establishment, describing the Institute’s progress as “giant strides”.

The commendation was made during CIFCFIN’s 2nd Founders’ Day celebration, which took place,Thursday,in Abuja,and also featured the induction of new members, professional practitioners, and Fellows of the Institute; in addition to a few Awards to some deserving individuals.

The event,which was chaired by Hon. Justice Moore Abraham Aseimo of the Supreme Court of Nigeria,had in attendance several dignitaries,including the CIFCIN Founder and Pioneer President,
Dr. Iliyasu Buba Gashinbaki;Alh. Mairiga Aliyu Katuga,Chairman of the Securities and Exchange Commission (SEC) as well as Dr. Isa Egah Salifu, Registrar/CEO and Secretary to the Council of CIFCFIN.

Others included the
former EFCC Chairman, Mr. Ibrahim  Magu; representative of the Development Bank of Nigeria;representative of the Inspector General of Police as well as the representative of the Corps Marshall of the Federal Roads Safety Corps (FRSC),among many other senior officials of Government and stakeholders of the Institute.

In his remarks,Rt.Hon. Buba expressed pride in the milestones attained by CIFCFIN, noting that the Institute’s growth reflects a strong commitment to professionalism in forensics and fraud investigation,both of which are critical to Nigeria’s fight against corruption and economic crime.

Among those honoured at the event were the NTAC DG,whose role as the sponsor of the Bill for the establishment of the Institute was applauded by all.

The ceremony concluded with an official photo session with the Institute’s leadership and invited guests.
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Christian Genocide: Information Minister Asks CSOs to Correct Misinformation About Nigeria

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Christian Genocide: Information Minister Asks CSOs to Correct Misinformation About Nigeria

By: Michael Mike

The Minister of Information and National Orientation, Mohammed Idris, has appealed to Civil Society Organisations to help correct the misrepresentations of Nigeria as a violator of religious freedom.

The Minister made the appeal at the 25th Anniversary of ActionAid in Abuja.

He said there is an urgent need for CSOs in the country to counter the narratives by applying evidence-based insights into the Nigerian situation.

Idris while addressing the misconceptions about Nigeria abroad, insisted that the country is not a violator of religious freedom and reaffirmed that such freedoms are clearly guaranteed in the constitution.

The minister who acknowledged security challenges even as he emphasized that government efforts are yielding progress, cautioned against narratives that mischaracterise Nigeria and strain its relations with its partners, particularly the United States.

He admitted lthe government’s responsibility to protect citizens, especially children, stating that “our children must be safe in their schools, safe in their communities, and safe in their homes” and highlighted President Tinubu’s recent declaration of a national emergency on security.

He revealed that the emergency measures include new recruitment into security agencies, support for state-level security outfits, and a push for legislative action towards establishing state police.

He described the declaration as a turning point in the fight against terrorism and banditry.

He called on CSOs to deepen their support for open governance, media freedom, digital literacy, and community development, and affirmed that ActionAid’s contributions in these areas remain “complementary and invaluable” to national progress.

The Minister who was the Chairman of ActionAid Nigeria 25 years anniversary celebration commended AAN for its action, service, and transformative work across the country.

He said, “For a quarter of a century, ActionAid has taken development to the frontlines, empowering women and girls, strengthening education, improving healthcare, advocating for governance reforms, supporting communities during crises, and amplifying the voices of the most vulnerable.”

He noted that ActionAid must be praised for its innumerable responses to challenging humanitarian situations and grassroots empowerment work that have shaped policy and community development in profound and measurable ways in Nigeria. “Today, we gather to honour this legacy and to look toward the next chapter.”

The Minister said: “I am equally pleased to unveil the ActionAid building prototype, a strong signal of organisational growth and long-term presence in Nigeria. This forward-looking investment reflects ActionAid’s commitment to deepening its contribution to our nation over the next 25 years and beyond. These milestones deserve our collective applause.”

In his remarks, Country Director, ActionAid Nigeria, Andrew Mamedu, said the struggle of AAN in the last 25 years is to help contain poverty, a struggle he said has not been of convenience but of conviction.

He said: “25 years ago, ActionAid Nigeria began with a simple but radical proposition that poverty is not natural.

And that exclusion is not a condition to be managed by the system. But we have to dismantle it. The true development does not happen when charity is displaced.

“Charity may be rights, give things, that’s charity. But when power is shifted from privilege to the marginalised, from silence to participation, from oppression to agency, our journey has never been one of convenience, it has been one of conviction.

“We have chosen to take sides with women denied their rights, with youth denied their voices, and with communities denied access to opportunities they deserve.

“Because we know that to end poverty, we must confront the structural injustice that creates it. “So for the past 25 years, we have stood shoulder to shoulder with people living in poverty and exclusion. Not as saviours, we don’t see ourselves as saviours, but as allies who are working together.”

Christian Genocide: Information Minister Asks CSOs to Correct Misinformation About Nigeria

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