The National Council on Privatisation (NCP) has revealed plans to merge NIRSAL Microfinance Ltd of the Central Bank of Nigeria with the Bank of Agriculture.
The Council made this announcement in a statement on Wednesday, stating its intention to inject new capital into the institutions to revitalize them after the merger.
The decisions were part of the recommendations made by NCP’s Committee on BOA, which were unveiled during a Council meeting held at the Presidential Villa in Abuja.
During the meeting, Vice President Kashim Shettima, who presided over the session, underscored President Bola Tinubu’s commitment to restructuring and enhancing the Bank of Agriculture to support the government’s food security objectives.
Shettima 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.”
The Minister of Finance, Wale Edun, emphasized that the Council’s decision was prompted by the identified challenges and the pressing need to tackle the bank’s issues.
Edun, who also serves as the Vice-Chairman of the NCP, emphasized key recommendations, including the immediate reconstitution of the Bank’s Board of Directors to enhance corporate governance.
Additionally, the minister proposed transferring National Agricultural Land Development Authority (NALDA) land titles to BOA to bolster its Balance Sheet and improve capital adequacy for fundraising from institutional investors.
