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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
Idris Says Nigeria Has Chosen to Resolve Misinformation of Genocide Through Diplomatic Channels
Idris Says Nigeria Has Chosen to Resolve Misinformation of Genocide Through Diplomatic Channels
By: Michael Mike
The Federal Government has said that the genocide debacle with the United States will be resolved through diplomatic channels.
The Minister of Information and National Orientation, Mohammed Idris said this on Thursday at the 50th Anniversary of Angola, stating that the government will continue to explain the true situation of things in the country.
Idris while acknowledging that there are challenges in the country, insisted that the terrorist attacks are not targeted at one religious group.
He noted that both Christians and Muslims are victims of terrorists, arguing that the narrative about killings of Christians held by the U.S government is not one that would be resolved through press briefings.
The Minister revealed that: “We are trying as much as possible to make sure that this is resolved through diplomatic channels.”
He said that: “You all know how some people are helping to shape the narrative of who we are as a country.
“We know who we are. We know what Nigeria is.
“I could relate to that. So to think about what is happening now, I think some people are trying to shape the narrative for us.
The truth is that yes, we have security challenges in our country. Yes, we have Christian skills. No doubt about that.
“Yes, we also have Muslim skills. We have security challenges. All of us are aware of that.
“But to characterise Nigeria as a country that does not erase religious freedom, I think it’s wrong. We will continue to say that. We will continue to dig in.”
He expressed joy with the statements made by some partners and regional groups.
“I’m glad the statements we are hearing from the Economic Community of West African Commission, from the African Union, and the solidarity of the European Union, and the solidarity that everyone is showing together at this challenging time and when some narratives that we know are not really very correct about who we are as Nigerians.”
As I was sitting here I am receiving torrents of information still, fresh information coming out of the U.S. on this matter. And I’ve been bombarded by foreign journalists to respond to some of them. “We are trying as much as possible to make sure that this is resolved through diplomatic channels.
“But we have a duty to explain who we are as a country. We have a duty to also call on all Nigerians to come together, to think together.
“This is not a time for politics. This is not a time to say what you believe and what you don’t. This is a time to think and behave as a Nigerian.
“And I think that is what all of us should do. We must challenge the Nigerian media for reciprocation. And I want to challenge once again that all of us need only to put forth those things that promote our political existence as Nigerians, not the things that divide us.”
He assured Nigerians and the diplomatic community that “the government of Nigeria is functioning. It is listening to some of these very strong messages coming from all around the world and all the concerns of people from this country and outside. We are listening.
“But also keeping our cool and inviting all those that can help us to really navigate through this. When you shoot a bullet, it doesn’t mean you fall. You have a good identity.”
The commended the honoured former general for shaping the African continent and keeping the continents together.
The four Generals are : Gen. Ike Nwachukwu, Major. Gen. Chris Garuba, Lt. Gen. Tukur Buratai, Brig. Gen. Buba Marwa and Big.Gen. Saleh Bala.
“And we are happy that you are recognising that. Nigeria is not just Angola. Nigeria is indeed a big brother to Africa,” Idris said.
“And we know all about this. And we want to take this energy, but also ask all Africans, and indeed the whole world, to also recognise what Nigeria is and what it truly represents. Let us not be characterised by what we are not,” he added.
Idris Says Nigeria Has Chosen to Resolve Misinformation of Genocide Through Diplomatic Channels
News
NEDC reconstructs Mubi-Maiha road bridges
NEDC reconstructs Mubi-Maiha road bridges
The North East Development Commission (NEDC) has officially commenced the reconstruction of two bridges on the Mubi–Maiha road to restore connectivity and boost economic activity across Adamawa State.
Speaking at the flag off of the projects on Thursday, NEDC’s State Coordinator, Mr Khalifa lawan reaffirmed the Commission’s commitment to delivering durable infrastructure that supports the region’s recovery and development.
Khalifa who was represented by Head of the Technical Team in the state, Engr. Francis Joseph said, the contract was awarded to Triacta Nigeria Limited, with a duration of 12-months.
He said the bridge was severely damaged for long and considered unsafe for commuters and vehicles.
“Under the project scope, Triacta will construct a 5-span, 75-meter bridge at Buladega village and a 7-span, 105-meter bridge at Maiha.
“Both are situated on the strategic Mubi–Maiha corridor, a key route linking communities and markets in the northern part of the state”, he said.
Receiving the project site on behalf of the contribution company, Engr. Wijh Tamke, the Project Manager, assured stakeholders of the company’s readiness to deliver the project within the stipulated timeframe.
He added that the project would be delivered in accordance with best engineering practices.
Some of the residents described the projects as a long-awaited intervention that will enhance road safety, reduce travel time, and revitalize local commerce.
NEDC reconstructs Mubi-Maiha road bridges
News
Yobe holds an executive council meeting
Yobe holds an executive council meeting
By: Yahaya Wakili
The Yobe State Executive Council meeting was held at the Government House, Damaturu, and was presided over by His Excellency, the Executive Governor, Hon. Dr. Mai Mala Buni, CON, COMN.
The meeting approved some numerous projects that will make an impact on the lives of the people of the state.
Briefing the journalists on the outcome of the council meeting, State Commissioner of Works Engr. Umar Wakil Duddaye said to improve urban roads, the council approved the construction of two township roads in Potiskum valued at #2.69.
Engr. Duddaye further said this road to be constructed includes a 4.7-kilometer township road and a new link road from Bazuwa junction to Anguwan Fulani connecting to the Na Huta, Fika-Gombe road.
According to him, the new link road will solve the longest transportation challenges for the residents, especially during the rainy season. Adding that His Excellency, Governor Mai Mala Buni, always has these urban roads in his mind, and Potiskum is one of the towns he always wanted us to be there.
The council has approved upgrading three major hospitals that include Specialist Hospital Buni Yadi, Specialist Hospital Damaturu, and General Hospital Nangere, respectively.
The commissioner for health, Dr. Mohammed Lawan Gana, stated this to newsmen after the meeting. He revealed that the council ratified the provision of medical equipment in hospitals and other facilities across the state.
The council also ratified approvals for the construction of pavements, a clinic, and a fire service station in nearly completed modern markets in Ngalda and Yunusari.
Alhaji Kaigama Umar Yunusari disclosed this to newsmen after the meeting. He maintained that the council approved the resuscitation of the state’s polythene and woven sacks company here in Damaturu.
Also briefing the journalists, Commissioner of Finance Alhaji Mohammed Abacha revealed that it will now be mandatory for all public officers to be given and to study the law before assuming their duties.
He said he presented a memo on the public finance law and urged the council to make it mandatory for all appointees to familiarize themselves with the law following their swearing-in to ensure accountability in governance.
Yobe holds an executive council meeting
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