The National Council on Privatization, or NCP, has declared its intention to combine the Bank of Agriculture with NIRSAL Microfinance Ltd., a division of the Central Bank of Nigeria.
This was made public by the Council on Wednesday in a statement, which also mentioned its intention to provide fresh funding to the organizations in order to revitalize them after the merger.
During a council meeting at the Presidential Villa in Abuja, the recommendations of the NCP’s Committee On BOA, which included these decisions, were disclosed.
In order to further the administration’s goal of ensuring food security, Vice President Kashim Shettima, who presided over the meeting, underlined President Bola Tinubu’s commitment to reorganizing and strengthening the Bank of Agriculture.
“Let’s get very sound professionals with integrity to manage the bank,” declared the vice president.
“As agriculture holds the key, if we use it well, it will be a tool for the transformation of our economy.”
The Minister of Finance, Wale Edun, stated that the Council’s decision was made in light of the pressing necessity to resolve the bank’s problems as well as the obstacles that had been recognized.
In order to strengthen corporate governance, Mr. Edun, who is also the Vice-Chairman of the NCP, emphasized many important proposals, including the immediate reorganization of the Bank’s Board of Directors.
The minister declared, “Cede land rights to BOA from the National Agricultural Land Development Authority (NALDA) so that it would appear on its balance sheet.
As a result, there will be more capital available to raise money from institutional investors.
