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Nirsal microfinance to be merged with Bank of Agriculture
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.
A statement Thursday by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communication, Office of the Vice President, quoted Shettima to have said- “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.”
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.
The legal team of suspended Kogi Central Senator, Natasha Akpoti-Uduaghan, say they are ready with factil evidence to defend her in court.
The team received a formal summons in the case filed against her by the Federal Government at the Federal Capital Territory High Court last week.
On Friday, May 16, 2025, the Federal Government filed the suit, marked CR/297/25, over alleged defamatory remarks made during a live appearance on Channels Television’s Politics Today on April 3, 2025.
The government accused the senator of “making imputation knowing or having reason to believe that such imputation will harm the reputation of a person”, citing Section 391 of the Penal Code, cap 89, Laws of the Federation, 1990.
Among the witnesses listed to testify during the trial were Senate President, Godswill Akpabio, and a former governor of Kogi State, Yahaya Bello.
Others include Asuquo Ekpenyong, a senator; Sandra Duru; Maya Iliya, investigating police officers; and Abdulhafiz Garba, investigating police officers.
However, in a statement issued Friday night by Dr. Ehiogie West-Idahosa (SAN) on behalf of the legal team, Akpoti-Uduaghan’s lawyers confirmed receipt of the formal summons and pledged to prepare all “factual and statutory defences” available to the lawmaker during trial.
“At about 2:30pm on Friday, May 23, 2025, within the premises of the Federal Capital Territory High Court, Abuja, we received the information filed by the Director of Public Prosecutions, containing three counts alleging that our client, Senator Natasha Akpoti-Uduaghan of Kogi Central, made imputations she had reason to believe would harm the reputation of Senator Godswill Akpabio, President of the 10th Senate,” the statement read.
“We received the said information on her behalf through a letter of authority duly issued and filed in the court’s registry.
“The legal team will fully prepare and present all factual and statutory defences available to our client during the trial.”
The Federal Capital Territory Administration (FCTA) will on Tuesday next week begin the take over of 4,794 properties in Abuja, including the Peoples Democratic Party (PDP) headquarters, due to unpaid ground rent.
The PDP headquarters, currently under construction in Abuja’s Central Business District, is among the affected properties, having been revoked in March for several years of unpaid ground rent. The FCTA disclosed that 4,794 titles had been revoked for failure to pay ground rent, with some defaults dating back 43 years.
The affected properties are located in various districts, including Central Area, Garki I and II, Wuse I and II, Asokoro, Maitama, and Guzape.
The defaulters owe over N6.96 billion in ground rent. The FCTA had given a 21-day grace period for owners with debts under 10 years, which has now expired.
The FCTA officials announced that the takeover would begin on Monday, May 26, 2025, with the sealing off and restriction of access to the affected properties.
The Director of Land Administration, Chijioke Nwankwoeze emphasized that the revocations were carried out under Section 28(5)(a)(b) of the Land Use Act, which empowers the government to reclaim land when the terms of occupancy are violated.
Two people sustained serious injuries when a training aircraft crash-landed at the Ilorin International Airport on Friday.
Director of Public Affairs and Family Assistance, NSIB, Mrs Bimbo Oladeji, who disclosed this in a statement, said the incident occurred at 17:28 local time on May 23, 2025, during a simulated instrument approach on Runway 05 at Ilorin International Airport.
Oladeji said the aircraft veered off the runway and came to a stop on the grass verge, leaving the two occupants on board injured.
She stated: “Both sustained serious injuries and were swiftly evacuated to a medical facility, coordinated by the Nigerian Airspace Management Agency, NAMA.
“In response, the NSIB Go-Team is currently preparing to depart from Abuja to Ilorin to conduct on-site investigations. The team will secure the site, collect physical evidence, interview witnesses, and retrieve operational data to establish the cause and contributing factors of the incident.”
Quoting the Director General of the NSIB, Captain Alex Badeh Jr., she said “Our thoughts are with the injured, and we commend the swift medical and emergency response. Now, our focus is on understanding exactly what went wrong. Every investigation is an opportunity to improve safety. We are deploying our team to Ilorin to ensure that no detail is overlooked.”
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