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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
Gumi warns against provoking terrorists amid peace talks
Sheikh Ahmad Gumi has cautioned against provoking armed groups in Katsina State after a peace deal was struck between terrorists and residents of Faskari Local Government Area.
The comments come amid recent peace meeting held on Sunday in Faskari between residents, local traditional leaders, and a wanted bandit kingpin, Ado Alero, alongside dozens of armed herders.
Recall that a notorious bandit leader, Isiya Kwashen Garwa, earlier declared wanted by the Defence Headquarters, had reportedly accepted a peace deal in Katsina State.
Zagazola Makama, a counter-insurgency expert and security analyst, in a post on his X handle on Sunday disclosed that Garwa turned up in Hayin Gada community, Faskari Local Government Area, presenting himself as an advocate of dialogue.
In a Facebook post on Monday, Gumi warned that any attempt to attack the armed groups could reignite violence in the state.
“Some people who don’t want peace, will provoke them again by attacking them. It’s very important to educate them that they are used by capitalising on their ignorance and zeal to vengeance,” Gumi wrote.
Gumi warns against provoking terrorists amid peace talks
Police launch manhunt for man who stabbed woman to death in Yobe
By: Zagazola Makama
The Police Command in Yobe has launched a manhunt for one Bello Manu of Chirawa village in Bade Local Government Area, who allegedly stabbed a woman to death on suspicion of witchcraft.
Sources said that on Sept. 13 at about 1520hrs, the police received a report from one resident of Chirawa village that Manu accused one Aisha Umaru, aged 40, of bewitching his son.
“Based on the suspicion, the suspect used a knife to stab the woman on the chest, inflicting severe injuries.
“The victim was rushed to the Specialist Hospital, Gashua, where a medical doctor confirmed her dead. After an autopsy, the corpse was released to her parents for burial,”said the sources.
The sources further disclosed that the suspect fled immediately after committing the crime, adding that police operatives had intensified efforts to track him down and ensure he faced justice.
The security sources urged members of the public to desist from taking the law into their own hands, and to promptly report suspicions or grievances to law enforcement agencies for proper investigation.
Police launch manhunt for man who stabbed woman to death in Yobe
Bandits ambush NSCDC personnel in katsina, kill one
By: Zagazola Makama
Suspected armed bandits ambushed operatives of the Nigeria Security and Civil Defence Corps (NSCDC) along Yantumaki–Danmusa road on Friday.
The incident occurred at Dafa village at about 5 p.m., leaving one officer, CCA Adamu Abdullah, 37, dead.
Four other NSCDC personnel sustained injuries in the attack. They include DSC Abdullah Usman, 40, ASC Dikko Sabiu, 42, ASC Haruna Bello, 35, and CCA Kabir Dalhatu, 29.
Sources said the victims were attached to Operation Sharan Daji and were on transit when the bandits struck.
On receiving the report, security personnel from Danmusa mobilised patrol teams to the scene. The injured officers were evacuated to General Hospital, Dutsinma, for treatment, while their Hilux vehicle was recovered.
Bandits ambush NSCDC personnel in katsina, kill one
Gumi warns against provoking terrorists amid peace talks
International Day of Democracy/ ActionAid Nigeria Demands Good Governance
One year after, the killer flood in Maiduguri, a reporter’s diary of survival moves by residents, the medical sector, coordination errors, leading to more challenges beyond the damaged Alau Dam
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