CBN’s NIRSAL Microfinance Ltd to merge with Bank of Agriculture — NCP

In a significant move aimed at revitalizing Nigeria’s agricultural sector, the National Council on Privatisation (NCP) has announced plans to merge the Central Bank of Nigeria’s NIRSAL Microfinance Ltd with the Bank of Agriculture.

This strategic decision, was revealed by the agency during a recent Council meeting at the Presidential Villa in Abuja.

Chaired by Vice President Kashim Shettima, the meeting highlighted President Bola Tinubu’s dedication to restructuring and enhancing the Bank of Agriculture to bolster the administration’s food security agenda.

Shettima emphasized the critical need to appoint competent professionals with integrity to manage the bank effectively, stating, “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.”

Wale Edun, the Minister of Finance and Vice-Chairman of the NCP, outlined key recommendations, including the immediate reconstitution of the Bank’s Board of Directors to enhance corporate governance and the transfer of National Agricultural Land Development Authority (NALDA) land titles to BOA to bolster its capital base.