FG Plans Merger Of NIRSAL Microfinance Ltd And Bank Of Agriculture

FG Plans Merger Of NIRSAL Microfinance Ltd And Bank Of Agriculture

The National Council on Privatisation (NCP) has announced its intention to merge NIRSAL Microfinance Ltd, a subsidiary of the Central Bank of Nigeria, with the Bank of Agriculture. This decision comes as part of efforts to revitalize both institutions through the injection of new capital post-merger…..READ ALSO FG Plans Merger Of NIRSAL Microfinance Ltd And Bank Of Agriculture

The announcement was made during a meeting at the Presidential Villa in Abuja, where the recommendations of the NCP’s Committee on BOA were unveiled. Vice President Kashim Shettima, presiding over the session, emphasized President Bola Tinubu’s dedication to restructuring and strengthening the Bank of Agriculture to support the government’s food security goals.

Shettima highlighted the importance of appointing highly competent professionals with integrity to manage the bank effectively, noting that agriculture plays a pivotal role in transforming the economy.

Minister of Finance, Wale Edun, echoed the need for the merger, citing identified challenges facing the Bank of Agriculture. He proposed immediate steps to enhance corporate governance, including the reconstitution of the bank’s Board of Directors. Additionally, Edun suggested transferring land titles from the National Agricultural Land Development Authority (NALDA) to BOA, aiming to bolster its balance sheet and improve capital adequacy for fundraising from institutional investors.

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