SEE ALL TEMPLATES

We have moved all templates to this collection page. It includes All Resume and Cover Letter Templates, Business Plan Templates, Invoice Templates and More...

SEE ALL TEMPLATES

We have moved all templates to this collection page. It includes All Resume and Cover Letter Templates, Business Plan Templates, Invoice Templates and More...

Tuesday, May 28, 2024

NCP gives green light to reposition BOI following recommendations

Must Read

Advertisement

The National Council on Privatisation (NCP) has approved the recommendations to reposition the Bank of Agriculture (BOA) in order to ensure food security for Nigerians.

Chaired by Vice President Kashim Shettima, the NCP gave its nod to the recommendations from the BOA committee during its second meeting of 2024 held on Wednesday, 24 April 2024, at the Presidential Villa Abuja.

Advertisement

In his address at the meeting, the Vice President stressed the importance of optimizing BOA as part of the administration’s agenda to provide food security for the nation. He urged the committee to engage professionals with integrity to effectively manage the process.

Presenting the committee’s report, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who is also the Vice-chairman of the NCP, highlighted the decision to reposition BOA for efficiency and effectiveness. He expressed confidence that the recommendations would guide the Council in revitalizing the Bank of Agriculture and positioning it globally.

One of the key recommendations includes upgrading the Bank’s ICT infrastructure to automate processes and ensure accountability.

Advertisement

Recall that in 2023, an 8-member inter-ministerial team was set up by the NCP to review the state of affairs at BOA, given its critical role in agriculture and the administration’s commitment to food security. Additionally, in 2016, the NCP approved collaboration between the Bureau of Public Enterprises and the Federal Ministry of Agriculture and Rural Development, along with the Federal Ministry of Finance, to restructure and recapitalize BOA.

Established in 1972, BOA, formerly known as Nigeria Agricultural Cooperative and Rural Development Bank, is owned by the Federal Government of Nigeria (FGN), with the Ministry of Finance Incorporated (MOFI) holding 60% and the Central Bank of Nigeria (CBN) holding 40%. The Bank is supervised by the Federal Ministry of Agriculture and Food Security (FMAFS).

Support PREMIUM TIMES’ journalism of integrity and credibility

At Premium Times, we firmly believe in the importance of high-quality journalism. Recognizing that not everyone can afford costly news subscriptions, we are dedicated to delivering meticulously researched, fact-checked news that remains freely accessible to all.

Whether you turn to Newslodgefor daily updates, in-depth investigations into pressing national issues, or entertaining trending stories, we value your readership.

Advertisement

It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.

Would you consider supporting us with a modest contribution on a monthly basis to help maintain our commitment to free, accessible news?

Support Now
x
Do this later

ALSO READ: NCP meets, may merge BOA with NIRSAL

BOA’s authorized share capital was increased in 2022 from N50 billion to N500 billion to facilitate its repositioning.

The committee, comprising the Minister of Finance & Coordinating Minister of the Economy as Chairman, Minister of Agriculture and Food Security, Governor of CBN, Ministry of Finance Incorporated (MOFI), Mr. Mohammed Mustapha Bintube, Chairman of the Technical Committee of the NCP, Chairman of the Legal Committee of NCP, and Director General of the Bureau of Public Enterprises (BPE) as the secretary, worked diligently to arrive at these recommendations.

In another development, the NCP also noted a proposal for the establishment of an independent system operator from the Transmission Company of Nigeria (TCN) to enhance efficiency in the nation’s power sector.

Amina Tukur Othman

Head, Public Communications

April 26, 2024.

Advertisement

Latest News

Live performances of the top 10 finalists

On the latest episode of Nigerian Idol aired on Sunday night, host IK revealed the contestant who secured the...

More Articles Like This