FG To Merge Microfinance Bank And Bank Of Agriculture

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During a meeting at the Presidential Villa in Abuja, the National Council on Privatisation (NCP) unveiled plans to merge NIRSAL Microfinance Ltd, a subsidiary of the Central Bank of Nigeria, with the Bank of Agriculture. 

The decision aims to revitalize both institutions through the infusion of new capital post-merger. Vice President Kashim Shettima, leading the session, emphasized President Bola Tinubu’s commitment to restructuring the Bank of Agriculture to support the government’s food security objectives. 

Shettima stressed the importance of appointing competent professionals with integrity to effectively manage the bank, recognizing agriculture's critical role in economic transformation.

 Minister of Finance, Wale Edun, supported the merger proposal, citing identified challenges facing the Bank of Agriculture and recommending immediate steps to enhance corporate governance.

 These steps include reconstituting the bank’s Board of Directors and transferring land titles from the National Agricultural Land Development Authority (NALDA) to BOA.

 The latter aims to strengthen BOA's balance sheet and improve capital adequacy for fundraising from institutional investors, thereby furthering agricultural financing initiatives.

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