FG moves to merge CBN's NIRSAL Microfinance Bank with Bank of Agriculture

The National Council on Privatisation (NCP) disclosed on Wednesday, April 24, 2024, that it is considering merging the country's Bank of Agriculture with the Central Bank of Nigeria (CBN) NIRSAL Microfinance Limited.

The council also said it plans to inject new funds into the banks to rejuvenate them after the merger.

The decisions were the recommendations made by the NCP's Committee on BOA, which were disclosed during a council meeting at the Presidential Villa in Abuja.

According to reports, Vice President Kashim Shettima emphasised President Bola Tinubu's dedication to restructuring and improving the Bank of Industry to boost food security in the country.

Shettima said: "Let's get very sound professionals with integrity to manage the bank." "If we use it well, it will be a tool for transforming our economy because agriculture is the key."

At the presentation, the Minister of Finance, Wale Edun, explained that the council's decision was based on the challenges identified and the need to address the banks' issues.

The minister highlighted the NCP's essential recommendations, such as reconstituting the Banks' Boards of Directors to improve corporate governance.

He stressed the importance of financing the institution with enough capital from its shareholders. He also said the council suggested creating an independent system operator for the Transmission Company of Nigeria (TCN) to boost transparency and efficiency in the sector.