Headlinenews.news reports that the National Council on Privatisation (NCP) has announced plans to merge NIRSAL Microfinance Ltd, a division of the Central Bank of Nigeria, with the Bank of Agriculture. This decision, revealed in a statement on Wednesday, aims to infuse new capital into both institutions to rejuvenate them post-merger.
The announcement was made following recommendations put forward by NCP’s Committee on BOA during a council meeting held at the Presidential Villa in Abuja.
Vice President Kashim Shettima, leading the session, reiterated President Bola Tinubu’s dedication to restructuring and strengthening the Bank of Agriculture to align with the government’s food security goals. Shettima stressed the importance of appointing highly competent professionals with integrity to manage the bank, emphasizing its potential as a catalyst for economic transformation through agricultural development.
Minister of Finance, Wale Edun, highlighted the decision’s necessity in addressing identified challenges facing the bank. Edun, also the Vice-Chairman of NCP, emphasized key recommendations, including the immediate reconstitution of the Bank’s Board of Directors to improve corporate governance. Furthermore, he proposed transferring land titles from the National Agricultural Land Development Authority (NALDA) to BOA to bolster its Balance Sheet and enhance capital adequacy, facilitating fundraising from institutional investors.
