The National Council on Privatisation, NCP, has revealed its objective of merging the Central Bank of Nigeria’s NIRSAL Microfinance Ltd with the Bank of Agriculture.
The Council made this announcement in a statement on Wednesday, highlighting its intention to infuse fresh capital into the entities to revitalize them post-merger. These resolutions stem from the suggestions put forth by the NCP’s Committee on BOA, unveiled during a Council session at the Presidential Villa in Abuja.
Vice President Kashim Shettima, presiding over the meeting, underscored President Bola Tinubu’s commitment to restructuring and enhancing the Bank of Agriculture to bolster the administration’s food security agenda. He urged, “We need highly competent professionals with unwavering integrity to oversee the operations of the bank.” Shettima added, “If we harness its potential effectively, it will serve as a catalyst for the transformation of our economy since agriculture is paramount.”
In his remarks, Wale Edun, the Minister of Finance, clarified that the Council’s resolution stemmed from the recognized challenges and the pressing necessity to tackle the bank’s issues. As the Vice-Chairman of the NCP, Mr. Edun emphasized pivotal recommendations, including the prompt reconstitution of the Bank’s Board of Directors to enhance corporate governance. He proposed, “Transfer National Agricultural Land Development Authority (NALDA) land titles to BOA to be reflected in its Balance Sheet.”
This measure will enhance capital adequacy, facilitating the procurement of funds from institutional investors.
