The National Council on Privatisation, NCP, has received recommendations from its committee on the Bank of Agriculture, BOA, to merge the bank with the Central Bank of Nigeria’s NIRSAL Microfinance Ltd.
Addressing the second NCP meeting this year at the Presidential Villa yesterday, Vice President Kashim Shettima restated that President Bola Tinubu is committed to repositioning and reforming BOA to drive the administration’s food security agenda.
While presenting the committee’s report, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who is also the NCP Vice-Chairman, said the Council’s decision was informed by the challenges identified and the need for urgent resolution of the issues confronting the bank.
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Some of the committee’s recommendations include the immediate reconstitution of the Board of Directors of the bank to enhance corporate governance, a merger of BOA with the CBN’s NIRSAL Microfinance Ltd.
The report also proposed ceding National Agricultural Land Development Authority,NALDA, land titles to BOA so that it reflects in its balance sheet, thereby increasing its capital adequacy for the purpose of raising funds from institutional investors.
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