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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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Chinese Embroidery Companies Make Inroads into Nigeria to Empower Youth

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Chinese Embroidery Companies Make Inroads into Nigeria to Empower Youth

By: Michael Mike

The drive to unearth the potential of Nigeria’s creative sector and further empowers the youth has received a boost as a youth-focused initiative aimed at building sustainable fashion-based businesses across the country.was unveiled on Wednesday

The unveiling was done in Abuja by Embroidery Chief in collaboration with leading Chinese embroidery machine manufacturers Dahao and Futong,

Speaking during the unveiling at a stakeholders’ engagement themed “Stitching the Future: Building Sustainable Embroidery Businesses in Africa,” the Founder of Embroidery Chief, Mr. Lukman Abdulsalam, said that the initiative is designed to empower young Nigerians with practical embroidery and fashion design skills that can be turned into profitable ventures.

According to him, the project launched in partnership with leading Chinese embroidery machine manufacturers Dahao and Futong, will begin with the establishment of innovation hubs in 10 states, including Lagos and Kano. Each hub will be equipped with 50 embroidery machines, offered at subsidized rates to make them accessible to young entrepreneurs.

Abdulsalam noted that training programmes will run in three phases: one month for design, two weeks for machine operation, and one month for technical repairs.

He said that many young Nigerians already possess natural creativity but lack the technical skills to fully express and monetize their talent.

Abdulsalam said: “The purpose of this gathering is to raise awareness about key issues in the fashion industry, how individuals can upscale, identify existing gaps, and connect with the right people and opportunities.

“We aim to collaborate with the government, which is why we have key stakeholders here today. Our plan is to establish hubs in about 10 states. Each hub will receive approximately 50 embroidery machines, and we will train end users on machine operation, technical support, and digital design creation.

“This initiative will begin with 10 states as a pilot. We are committed to empowering individuals by providing these machines at subsidized rates, making them affordable for emerging entrepreneurs.

“In Nigeria, many people still lack the technical knowledge to properly size and digitize designs using software. That’s why training is essential. Once people learn how to use both the machines and the software effectively, it will foster healthy competition and unlock creativity across the board.

“Youth will be able to create designs on sneakers, shoes, bags, clothing, even decorative frames. The possibilities are vast, and with the right skills, we can unlock an entirely new wave of innovation in the fashion industry.”

In his remarks, Michael Zuo, Senior Sales Executive at Dahao, said the company is seriously considering setting up a branch office in Nigeria to support the growth of the embroidery ecosystem.

Also speaking at the event, the Senior Special Assistant to the President on Industrial Training and Development, Hon. Adamson Ayinde who was represented by Dr Taiwo Bashir, described the initiative as a golden opportunity for Nigerian youth.

He noted that there are numerous areas where the government can collaborate, which is likely why the Senior Special Assistant (SSA) to the President asked him to attend the event on his behalf.

He said: “This is a great opportunity for Nigerian youth, as the embroidery industry is worth millions of dollars and still largely untapped. There is so much to be done, and anyone with the vision and willingness to act now stands to benefit immensely.”

Chinese Embroidery Companies Make Inroads into Nigeria to Empower Youth

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Troops neutralise bandit, rescue victim in Wase ambush operation

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Troops neutralise bandit, rescue victim in Wase ambush operation

By: Zagazola Makama

Troops of Operation LAFIYAN JAMA’A have neutralised a suspected bandit and rescued a kidnapped victim during a successful ambush operation in Sabon Gari village, Wase Local Government Area of Plateau State.

Zagazola Makama was reliably informed that the operation, which occurred at about 2:00 p.m. on Wednesday, followed credible intelligence on the movement of bandits along the Kampani–Zurak–Sabon Gari axis.

According to the sources, troops of Sector 2, deployed under Operation Safe Haven, laid a tactical ambush at key crossing points used by the criminals.

During the engagement, one bandit was neutralised while others fled the scene. The troops later combed the general area and rescued one Mr. Amadu Alhaji Nuhu, a 45-year-old man from Taraba State, who had been held captive.

Items recovered from the scene included one fabricated pistol, a pistol magazine, four rounds of 9mm ammunition, one boxer motorcycle, a pair of shoes, a cap, and a head warmer.

The rescued victim and recovered items are currently in safe custody, while efforts are ongoing to apprehend the fleeing criminals.

Troops neutralise bandit, rescue victim in Wase ambush operation

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Two killed, several injured as bandits attack vigilantes in Kwara

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Two killed, several injured as bandits attack vigilantes in Kwara

By: Zagazola Makama

Two persons have been confirmed dead and several others injured following a bandit attack on vigilante operatives in Edogi, Lafiagi axis of Kwara State.

The incident, which occurred during a clash between the vigilantes and suspected bandits, also left four persons with gunshot wounds. Among the injured are Mohammed Ndagi,Saidu Jiya,and Philips John,all members of the Vigilante Group of Nigeria (VGN). A civilian passerby, Babangida Daniel was also caught in the crossfire.

They were rushed to the General Hospital in Lafiagi for emergency treatment. However, the VGN Commander, Mohammed Yatsu (50), and Babangida Daniel were confirmed dead by medical personnel.

The remaining injured victims have been referred to the University of Ilorin Teaching Hospital (UITH) for further medical care.

Meanwhile, ASP Sado Sunday, who was reportedly involved in the operation, remains missing as search efforts continue.

Security sources say efforts are underway to track down the perpetrators and restore calm in the area.

Two killed, several injured as bandits attack vigilantes in Kwara

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