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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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Zulum Joins the Rest of Borno People to Fast and Pray for Defeat of Boko Haram, Unity

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Zulum Joins the Rest of Borno People to Fast and Pray for Defeat of Boko Haram, Unity

By: Michael Mike

Borno State Governor, Prof. Babagana Zulum dedicated Monday to prayer and fasting aimed at fostering unity, spiritual resilience and hope among the people amidst the ongoing security challenges.

The governor who arrived in Rann, headquarters of Kala Balge Local Government Council, before sunset on Sunday, spent the night coordinating support for security agencies and volunteer forces.

Kala-Balge is one of the communities in Borno State that has faced persistent security challenges from Boko Haram/ISWAP insurgents that have disrupted daily life and threatened peace.

According to Zulum, the visit was part of his commitment to fostering unity, spiritual resilience and hope among the people amidst the ongoing security challenges.

Zulum, who had urged citizens to observe fasting and prayers on Monday in a statewide broadcast on Saturday, stated that: “In light of our current security challenges, I am calling on all residents of Borno State to unite in a collective act of faith and solidarity. This Monday, I am inviting you to join me in a voluntary day of fasting and prayer for peace to reign in Borno State, Northeast Nigeria, and indeed the entire country.”

The governor on Monday expressed appreciation to the people of Borno and those outside the state for heeding his call to observe fasting and prayers for the restoration of peace in the state.

He said “let me express my appreciation to thousands of people in Borno that have observed today’s fasting and praying for peace to reign in our state. People from other states and even beyond Nigeria joined in seeking divine intervention for the security challenges we are facing. We thank everyone for the solidarity.”

Meanwhile, Zulum has approved 10 patrol vehicles to support the military and youth volunteers in combating the criminal activities of Boko Haram/ISWAP insurgents.

Zulum, while announcing the approval on Monday during an address to both groups separately, noted that while the volunteers comprising CJTF, hunters and vigilantes would receive six Takoma/Toyota Hilux, an additional four gun-trucks would be donated to the military.

The Governor rounded up the visit in Kala-Balge by distributing food items to over 10,000 families, mostly women and their vulnerable family members.

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Red cross confirms one dead, 21 injured in Bama stampede during cash disbursement

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Red cross confirms one dead, 21 injured in Bama stampede during cash disbursement

By: Zagazola Makama

The Nigerian Red Cross Society (NRCS) has confirmed that one person died and 21 others sustained injuries following a stampede during a cash disbursement exercise in Bama Local Government Area of Borno State.

The tragic incident occurred on Thursday, May 15, 2025, at KASUGULA Primary School, one of the designated pay points for the second phase of a joint humanitarian cash transfer initiative by the NRCS and the United Nations Children’s Fund (UNICEF).

A statement issued by the NRCS on Saturday in Maiduguri described the incident as regrettable, noting that the cash support programme was designed to aid the educational needs of vulnerable families in three local government areas of the state.

The second phase of the disbursement, which targets 8,121 beneficiaries, commenced on May 14 across four locations in Bama, namely: KASUGULA Primary School, Old Bama Primary School, Kaigamari Primary School, and Mbusube Primary School.

“Over 1,000 beneficiaries successfully received assistance on the first day of distribution without incident,” the statement read.

However, on the second day of the exercise, overcrowding at the KASUGULA venue led to a stampede, resulting in the death of one person and injuries to 21 others.

The NRCS said that four of the injured who experienced breathing difficulties were promptly resuscitated and remain under medical care. Their condition is reported to be stable, and they are expected to be discharged soon.

“All the injured were evacuated to the General Hospital in Bama for treatment,” the statement added.

The organisation expressed condolences to the family of the deceased and pledged to review its operational procedures to prevent a recurrence.

The cash disbursement initiative forms part of efforts to enhance access to education and reduce vulnerability among conflict-affected populations in Borno.

Red cross confirms one dead, 21 injured in Bama stampede during cash disbursement

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Zulum begs FG not to allow Marte Fall

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Zulum begs FG not to allow Marte Fall

… Spends night coordinating security logistics

By: Our Reporter

Borno State Governor, Babagana Umara Zulum, has appealed to the Federal Government to deploy decisive strategies that would ensure that Marte town does not fall to Boko Haram/ISWAP insurgents.

Zulum, who was actively involved in coordinating security logistics till late in the night on Saturday, undertook a tour to assess the challenges faced in Marte, while also exploring sustainable solutions to foster stability.

Before Zulum’s arrival, Marte was completely deserted following a Boko Haram attack last Friday with thousands taking refuge in Dikwa town.

Speaking to journalists on Sunday, the governor emphasised that his visit to Marte was to foster community cooperation, resilience and continuous support to the security agencies, stating “Marte was resettled about 4 years ago, but unfortunately, over the last three days, it was ransacked and was displaced again.”

“About 20,000 people left Marte for Dikwa; this huge number is a threat as allowing them to stay in the camp may make most of the younger ones become vulnerable to recruitment by the insurgents.”

“Alhamdulillah, we returned to Marte yesterday and spent the night with the support of the Nigerian Army and our volunteers. The community is now resettled for the second time. Still, my prayers to the federal government of Nigeria and the Nigerian Army are that we do everything possible to keep this town on the ground.

“Hitherto, Marte Local Government comprises over 300 towns and villages, now we have only one standing, if we cannot maintain this one, then we will lose the whole Local Government to the insurgents, which will be very obnoxious, and I think we will not allow this to happen. Therefore, I am calling on the federal government and the Nigerian Army so that we can put heads together and hold our ground for this single town in this LGA to remain.”

The governor reiterated his commitment to supporting security agencies in attaining lasting peace in Borno State, stating “on my part as the Governor of Borno State, I would do everything within my power to support our gallant military in their efforts towards lasting peace in our beloved state.”

Zulum begs FG not to allow Marte Fall

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