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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
Boko Haram beheads women found with charms, accuses them of shirk in Gwoza
Boko Haram beheads women found with charms, accuses them of shirk in Gwoza
By: Zagazola Makama
Fighters of the Boko Haram faction loyal to Ali Ngulde have beheaded two women in the Mandara Mountain area of Gwoza Local Government Area of Borno State after accusing them of engaging in shirk (idolatry).
Sources told Zagazola Makama that the victims were apprehended by the terrorists who alleged they were found with charms (layu) during a search around its settlements.
In the video the insurgents claimed the charms found on the women were evidence of forbidden practices and immediately subjected them to the faction’s makeshift trial system.
They accused the two women of practising shirk after they found some charms on them. The terrorists took them to a secluded part of the mountains and executed them after the so-called trial,” the source said.
He added that the execution was carried out publicly in the presence of other fighters and people to instill fear and enforce obedience to the faction’s doctrines.
Zagazola reports that the Ali Ngulde faction has intensified punitive measures in recent months, targeting individuals accused of sorcery and spying while some were killed for attempting to defect..
Boko Haram beheads women found with charms, accuses them of shirk in Gwoza
News
NSCDC intercepts diverted Yobe government tractors, exposes alleged sabotage ring in ministry
NSCDC intercepts diverted Yobe government tractors, exposes alleged sabotage ring in ministry
By: Zagazola Makama
Operatives of the Nigeria Security and Civil Defence Corps (NSCDC) in Yobe have intercepted two government-owned tractors allegedly being smuggled out of the state for illegal sale, uncovering what sources describe as an “internal sabotage network” within the State Ministry of Agriculture and Natural Resources.
Zagazola Makama gathered that the tractors, part of Governor Mai Mala Buni’s agricultural support programme, were reportedly diverted by officials who have long been suspected of selling government-owned farm machinery to neighbouring states.
It was gathered that the latest incident occurred on Oct. 22 when NSCDC personnel intercepted two tractors being moved from an estate along the bypass in Damaturu and headed towards the Nayinawa axis, allegedly en route out of the state.

A security source said that the tractors bore clear government insignia, leaving no doubt about their ownership. However, more than one month after the interception, no official from the Ministry of Agriculture including the Commissioner, Permanent Secretary or any departmental director, has stepped forward to officially claim the machinery or explain the circumstances surrounding the attempted diversion.
“These tractors carry bold government identification. Despite that, no authorised official has come to claim them or provide documentation. Instead, we have seen strong behind-the-scenes pressure to release them quietly,” the source said.
According to the source, the NSCDC officer who made the arrest insisted that all parties involved must appear to provide explanations before the tractors could be released. His refusal to bow to pressure allegedly angered influential interests both within the Corps and in the state bureaucracy.
Zagazola gathered that the officer was subsequently transferred out of Yobe State in what insiders described as an attempt to “bury the case and silence resistance”.
Investigations further revealed that this was not the first diversion of agricultural machinery under the state’s empowerment scheme. Some tractors were reportedly smuggled and sold in a neighbouring state months earlier, with no internal accountability action taken.
The diversion of the tractors undermines Governor Buni’s vision of strengthening mechanised farming, boosting food production and mitigating food shortages in Yobe.

A senior agricultural stakeholder, who pleaded anonymity, said: This is pure economic sabotage. These tractors were procured to support farmers and strengthen food security. Diverting them for personal gain is not just theft it is an attack on the state’s development.”
Zagazola reports that the tractors remain in NSCDC custody pending official claim and clarifications. Both the NSCDC and the Ministry of Agriculture have not issued public statements on the development as at the time of filing this report.
NSCDC intercepts diverted Yobe government tractors, exposes alleged sabotage ring in ministry
News
DSS arrests notorious bandit in Bauchi village, recovers cash and ammunition
DSS arrests notorious bandit in Bauchi village, recovers cash and ammunition
By: Zagazola Makama
Operatives of the Department of State Services (DSS) have apprehended a notorious bandit in Bojinji Village on the outskirts of Bauchi during a surprise raid, recovering millions of naira in cash and a large cache of ammunition.
Sources told Zagazola Makama that the suspect had relocated to Bauchi from Zamfara State, claiming to be fleeing persecution, and had settled in the community with his family. Bauchi has been a preferred destination for people affected by conflicts in neighbouring states, but security operatives say some criminal elements exploit this pattern to mask their activities.
The raid, carried out without prior warning, caught residents by surprise. “The DSS traced the suspect’s illicit wealth and movements before executing the operation,” a security source said.
Investigations revealed that the suspect was known locally for his lavish lifestyle, spending entire days drinking at Unguwar Yelwan Angas and buying alcohol for others, but no one suspected him of criminal activity until the DSS intervention.
Security officials have urged community members to assist security agencies by reporting suspicious individuals, particularly those whose lifestyle appears inconsistent with their means, as such vigilance is critical to preventing crimes and exposing criminal networks.
Security sources have confirmed that further investigations are ongoing to determine the extent of the bandit’s operations and any accomplices within the state.
DSS arrests notorious bandit in Bauchi village, recovers cash and ammunition
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