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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.
News
Benue NDC chairman killed in Makurdi
Chairman of the Nigeria Democratic in Congress (NDC), Fiidi Council Ward in Makurdi Local Government Area of Benue State, Igbu Terhemen, has reportedly been killed by unknown assailants.
Terhemen was said to have been attacked and left unconscious in a bush near his residence around the NNPC Depot, along the Makurdi-Otukpo Road, on the outskirts of Makurdi, the state capital.
A friend of the deceased, who spoke on condition of anonymity, said Terhemen left his residence on Tuesday evening to watch a local football match in the Kanshio axis of the town but did not return home.
According to him, family members and friends became worried after the deceased failed to return and subsequently began searching for him.
He said, “He left home to watch the match Tuesday evening and he was expected back home, but nobody saw him. It was while people were looking around for him that he was discovered around 2am Wednesday in a bush near his residence unconscious.
“Unfortunately, he died before he could get medical attention. Strangely, his attackers did not take his phone, which was discovered on him when he was taken to the morgue.
“There was also a needle-like injury on his body, indicating that he could have been injected with a substance by his attackers, dumped in the bush and left to die.
“All that is left for the police to uncover in the course of their investigation because this is a sad development in the state.”
The incident has sparked concern among members of the NDC, with the state chapter condemning the alleged killing and calling on security agencies to investigate the circumstances surrounding Terhemen’s death.
In a statement issued by the party’s State Publicity Secretary, Agile Bem, the NDC described the deceased as a committed member who contributed significantly to the growth of the party in the state.
The statement said, “The Nigeria Democratic Congress (NDC), Benue State Chapter, has condemned the gruesome murder of Hon. Igbu Terhemen, who, until his death, was the NDC Chairman of Fiidi Council Ward in Makurdi Local Government Area.
News
Tinubu Signs Appropriation Amendment Bill, Extends Implementation to December 31, 2026
President Bola Ahmed Tinubu has signed into law the Appropriation (Amendment) (No.4) Bill, 2025, extending the implementation period of the 2025 budget from September 30, 2026 to December 31, 2026.
Presidential spokesman, Bayo Onanuga stated this in a press release on Wednesday, saying the president’s assent followed the amendment’s swift passage by both the Senate and the House of Representatives on Tuesday, September 29, 2026.
According to Onanuga, the extension gives Ministries, Departments and Agencies more time to complete ongoing capital projects. It ensures that funds already appropriated are fully put to work for Nigerians, without disrupting critical programmes.
“The President commended the leadership and members of the National Assembly for their prompt consideration of the bill, a further sign of the cooperation between the Executive and the Legislature in the service of the nation,” Onanuga said.
News
Independence Anniversary: Fubara salutes Nigerians, calls for peace, unity in River State
Governor of Rivers State, His Excellency Sir Siminalayi Fubara, has congratulated the federal government to and people of Nigeria on the occasion of the country’s 66 independence anniversary.
Fubara also called on the people of the State to embrace peace and unity, describing them as indispensable pillars for the socioeconomic development of any society.
In a goodwill message issued on Fubara’s behalf by Onwuka Nzechi, Chief Press Secretary to the Governor, he said the anniversary celebration offers an opportunity for the people to reflect on Nigeria’s journey since 1960 and to renew their commitment to peaceful coexistence.
The Governor noted that Rivers State, as the “treasure base of the nation” and a melting pot of diverse ethnic nationalities, has always thrived when its people lived in harmony. He said no meaningful development can take place in an atmosphere of rancour, division and political hostility.
According to him, while political differences are normal in a democracy, they must never be allowed to undermine the collective interest of the State. “We may disagree as politicians, but we must never disagree on the peace and progress of Rivers State,” he stated.
Governor Fubara stressed that since assumption of office, his administration has anchored its governance philosophy on peace, describing it as the most invaluable infrastructure. He said the relative peace enjoyed in the State today has made it possible for his government to attract investments and execute projects across the three senatorial districts.
He therefore appealed to youths, traditional rulers, political leaders and all stakeholders to be ambassadors of peace in their communities, wards and local government areas, stressing that no one benefits when the State is in crisis.
The Governor further urged Rivers people to continue to support the Federal Government under President Bola Ahmed Tinubu, noting that national unity and sub-national cooperation are critical to achieving the goals of the Renewed Hope Agenda.
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