News
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
Security forces foil kidnapping attempt at Government Girls’ College in Bauchi
By: Zagazola Makama
Security forces have foiled an attempted kidnapping at Government Girls’ College in Bauchi, Bauchi State, in the early hours of Saturday, sources said.
The incident reportedly occurred at about 4:42 a.m. on March 15 when unidentified persons attempted to gain entry into the school premises through the fence near the staff quarters.
Security personnel on guard duty, supported by a patrol team, responded swiftly to the situation. On sighting the approaching officers, the suspected kidnappers abandoned their mission and fled the area.
The development caused brief panic within the school as students raised alarm and ran within the premises. However, no student was harmed or molested during the incident.
Police said the situation has been brought under control, while the school premises remain under close surveillance. Investigations are ongoing to identify and apprehend the suspects.
Security forces foil kidnapping attempt at Government Girls’ College in Bauchi
Man rescued by security forced after abduction in Fika, suspects flee
By: Zagazola Makama
A 35-year-old man, Haruna Abdul, was rescued unhurt after being abducted from his residence in Fali Village, Gashinge, Fika Local Government Area of Yobe State, security sources confirmed on Monday.
The incident, which occurred on March 14, involved unknown assailants armed with bows, arrows, and matches, who reportedly invaded Abdul’s home and forcibly abducted him.
During the attempted transport of the victim to an undisclosed location, police and vigilante groups promptly pursued the kidnappers to Gubana in Fune LGA, Yobe State.
The kidnappers reportedly abandoned Abdul along with a seized motorcycle, described as kasere red in color without registration number, before fleeing into the bush.
The victim has since been reunited with his family, while authorities continue efforts to apprehend the fleeing suspects for prosecution.
Man rescued by security forced after abduction in Fika, suspects flee
Stray bullet injures man in Tsafe following dispute involving military personnel
By: Zagazola Makama
A 38-year-old man sustained gunshot injuries in Tsafe Township, Tsafe Local Government Area of Zamfara State, after a misunderstanding involving a military personnel attached to Operation FANSAN YANMA.
Sources said the incident occurred at about 8:45 p.m. on March 14 in the Sahara area when the military personnel, who was in possession of a serviceable rifle, attempted to apprehend one of several youths from Sabon Fegi area.
According to sources , the youths resisted and overpowered the soldier, who reportedly fired his rifle to escape. A stray bullet hit a passerby, identified as Abdulrazak Abdullahi Kayode, in the stomach.
The injured man was initially taken to General Hospital Tsafe before being referred to Federal Medical Centre, Gusau, for further treatment.
Sources said the situation has been brought under control, and investigations into the incident are ongoing.
Residents have been urged to remain calm while authorities look into the circumstances surrounding the incident.
Stray bullet injures man in Tsafe following dispute involving military personnel
Security forces foil kidnapping attempt at Government Girls’ College in Bauchi
Man rescued by security forced after abduction in Fika, suspects flee
One killed as customs officers allegedly shoot driver in Osogbo
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
THE PLIGHT OF FARIDA
FAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years ago
THE PLIGHT OF FARIDA
-
News11 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
