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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
Two Forest Security Guard Members arrested in Ogun for extortion, illegal possession of firearms
Two Forest Security Guard Members arrested in Ogun for extortion, illegal possession of firearms
By: Zagazola Makama
Two men claiming to be members of the Nigeria Forest Security Services (NFSS) have been arrested in Sagamu, Ogun State, for illegal possession of firearms and extortion of motorists.
Zagazola Makama report that the arrest was made on Dec. 28, 2025, at about 8:32 p.m. following a report that three men dressed in security uniforms were sighted along Ikenne Road, near the NYSC Orientation Camp, collecting money from motorists while visibly armed with hunter-style guns.
Upon receiving the information, operatives from the Sagamu Division raced to the scene and apprehended two suspects: Emmanuel Idu, 55, and Sunday Moses, 35. A third suspect, identified as Oyilo David, 35, fled the scene and is currently at large.
During preliminary interrogation, the arrested men claimed to be attached to the Sagamu NFSS unit operating along Agbele Road by Otunba Gbenga Daniel Market. They also stated that the locally fabricated guns recovered from them were issued by a Commander Kehinde Joseph, allegedly supervising their operations.
In addition to the firearms, security operatives recovered one unexpended cartridge and the sum of ₦1,000 in ₦200 denominations from the suspects.
Authorities disclosed that one of the suspects had previously been implicated in a motorcycle theft case in Abeokuta, where the stolen motorcycle was recovered, and charges were filed in court.
The suspects have been transferred to the State Criminal Investigation and Intelligence Department (SCIID), Abeokuta, for further investigation.
Two Forest Security Guard Members arrested in Ogun for extortion, illegal possession of firearms
Troops neutralise key Boko Haram commanders in Bama airstrikes
By: Zagazola Makama
Troops of Operation Hadin Kai, supported by Nigerian Army and Nigerian Air Force platforms, have neutralised several key Boko Haram terrorist commanders during coordinated airstrikes in Bama Local Government Area of Borno State.
Sources told Zagazola Makama that the airstrikes were conducted on Dec. 25, 2025, following actionable human intelligence on terrorist movements in the area.
According to the sources, no fewer than 10 Boko Haram terrorists were killed in the initial airstrike. Those neutralised included Abul Kaka, Ibn Mu’azu, Abu Muhammad, Ba Alhaji, Bakura, Modu, Abu Hassan, Kaka Alai, Abba Yakariye and Bamusa.
The sources further disclosed that another terrorist, identified as Ubaida, sustained serious injuries during the strike.
The sources added that a subsequent follow-up strike by Nigerian Air Force assets led to the instant killing of three additional terrorists.
Security sources confirmed that the majority of the neutralised fighters were loyal to Bafu, a notorious Boko Haram commander operating in the Bama axis.
An assessment of the operation indicated a significant degradation of Boko Haram’s fighting capability in Bama, particularly among elements under Bafu’s command, as a direct outcome of the sustained air campaign.
The sources noted that while the general security situation in the area remains calm, it is still considered unpredictable due to the fluid nature of insurgent activities.
Troops neutralise key Boko Haram commanders in Bama airstrikes
IPOB attack Enugu police patrol team, kill two officers and seize firearms
By: Zagazola Makama
Two police inspectors have been killed and three rifles stolen following an attack on a Distress Response Squad (DRS) patrol along Zik Avenue by Good Shepherd Specialist Hospital in Enugu State.
Zagazola gathered that the incident occurred at about 8:30 p.m. on Dec. 27, 2025, when six armed men, suspected to be members of IPOB/ESN, operating in an ash-coloured Lexus RX 350 SUV, attacked and set ablaze the patrol Hilux vehicle.
The sources identified the slain officers as Inspectors Valentine Iheme and Ani Anayo, both members of the DRS team. The assailants carted away three AK-47 rifles with 30 rounds of live ammunition each.
According to the sources, all tactical teams and assets of the command have been activated and deployed in pursuit of the suspects, with a view to neutralising them and recovering the stolen firearms.
The sources said that the Enugu State Police Command has vowed to bring the perpetrators to justice.
IPOB attack Enugu police patrol team, kill two officers and seize firearms
Notorious drug peddler killed during police raid in Katsina
Two Forest Security Guard Members arrested in Ogun for extortion, illegal possession of firearms
Troops neutralise key Boko Haram commanders in Bama airstrikes
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