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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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Governor Zulum Receives House Committee on NEDC

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Governor Zulum Receives House Committee on NEDC

By: Our Reporter

Governor Babagana Umara Zulum received the House Committee on the North East Development Commission (NEDC) led by Chairman, Hon. Usman Zanna, on a visit to Maiduguri. The committee assessed the projects executed by NEDC under the leadership of MD/CEO Alhaji Mohammed Goni.

Hon. Usman Zanna commended NEDC for its remarkable work, particularly the road construction projects in Jere and Mafa Local Government areas. He also praised Governor Zulum’s administration for its achievements in infrastructural development, security, and other areas. He wished the Governor a long life to continue serving humanity.

Governor Zulum expressed gratitude to the Federal Government for establishing NEDC and commended the commission for its developmental projects in the Northeast Region. He requested support for the resettlement of Internally Displaced Persons (IDPs) to their ancestral homes, as funding and feeding by the state government and NGOs are no longer sustainable.

Additionally, as Chairman of the Northeast Governor’s Forum, Governor Zulum requested NEDC’s support for a hybrid solar power plant with a capacity of 10MegaWatt, to complement the one being constructed by the states. This will provide sufficient power to the region.

The Governor thanked the committee for their visit and wished them a safe journey back to their destinations.

In attendance were the Head of Service, Commissioners, Special Advisers, and other officials.

Governor Zulum Receives House Committee on NEDC

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Chairman Global Links paid a condolence visit to the families of the late Emir of Tikau.

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Chairman Global Links paid a condolence visit to the families of the late Emir of Tikau.

By: Yahaya Wakili

The Chairman and CEO of Global Links Limited, Alhaji Yakubu Yunusa (Alias Alhaji Bakoji), has paid a condolence visit to the family of the late Emir of Tikau, Alhaji Muhammadu Abubakar Ibn Grema, in Sabon Garin Nangere, over his recent demise.

Alhaji Bakoji, who is also a renowned transporter in Nigeria, describes the death of the emir of Tikau, Muhammadu Abubakar Ibn Grema, as a great loss to the Tikau emirate, Yobe state, and Nigeria at Large.

“The late Emir of Tikau, HRH, Alhaji Muhammadu Abubakar Ibn Grema, was a first-class cheif and Paramount pillar of the Karai-karai people.” Alhaji Bakoji said.

According to him, the late monarch was a pillar of strength and wisdom and dedicated his reign to serving the Tikau emirate and upholding our traditional values as a people of Yobe state origin.

He expressed his deepest sympathies to the Emir’s family, the Chiroman Tikau, Alhaji Ibrahim Talba, and loved ones, and prayed to Almighty Allah (SWT) to grant the soul of His Royal Highness, Alhaji Muhammadu Abubakar Ibn Grema, rest in Aljannatul Firdaus. 

Alhaji Bakoji also prayed to Almighty Allah to grant his soul eternal rest in Aljannatul Firdaus, as well as grant his family and the entire people of the Tikau emirate council the fortitude to bear the loss.

Alhaji Muhammadu Abubakar Ibn Grema died at Specialist Potiskum on May 10th, 2024, after a protected illness. May his soul eternal rest in Aljannatul Firdaus. Ameen.

Chairman Global Links paid a condolence visit to the families of the late Emir of Tikau.

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Lawan joins Akpabio to present the 10th Assembly Magazine

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Lawan joins Akpabio to present the 10th Assembly Magazine

By: Yahaya Wakili

The President of the 9th Senate, Senator Ahmed Ibrahim Lawan, Ph.D., GCON, Sardaunan Bade, Yobe North Senatorial District, said it was a pleasure for him to join his successor, the President of the Senate, His Excellency, Senator (Dr.) Godswill Akpabio, CON, for the public presentation of the 10th Senate Magazine during plenary on Wednesday.

Senator Ahmed Lawan revealed this in a statement issued and signed by him, which was made available to Newsng in Damaturu, the Yobe state capital.

The magazine is a compilation of the achievements of the senate during the 10th legislative session under the leadership of the president of the 10th Senate, Senator (Dr.) Godswill Akpabio, in the last year.

“During my time as Senate President between 2019 and 2023, we worked tirelessly to serve Nigerians and create impactful legislation to improve the lives of our citizens. I am confident that the 10th Senate Magazine will continue to showcase the hard work and contributions of all Senators who work tirelessly to achieve our legislative agenda,” Senator Ahmed Lawan said.

“I want to congratulate the Senate President, Senator Godswill Akpabio, for ensuring that the magazine accurately reflects the accomplishments of the 10th Senate.

It is my hope that under his leadership, the Senate will continue to make significant strides in moving our nation forward.

The president of the Ninth Senate further said, I look forward to celebrating the many successes of the Senate with my distinguished colleagues and fellow Nigerians. Together, we will continue to work towards a brighter future for our great nation.

Lawan joins Akpabio to present the 10th Assembly Magazine

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