Economy

FG Begins Restructuring, Recapitalisation of BOA

Published

7 years ago

16/04/2019

By Dipo Olowookere

A meeting to formalise the commencement of the restructuring and recapitalisation of the Bank of Agriculture kicked off on Tuesday in Abuja.

The meeting, convened at the instance of the Bureau of Public Enterprises (BPE) was attended by both managements of the appointed financial advisers – Lead Capital Consortium and the Bank of Agriculture.

Speaking during the event, Minister of Agriculture and Rural Development, Mr Audu Ogbeh, said, “This new arrangement is a crucial step we are taking to bring the Bank of Agriculture to life and to make it a very potent instrument that will make the agriculture sector of our economy stronger.

“We have a new vision for agriculture in Nigeria, part of that vision is to create a farmer’s bank that allows farmers buy shares and become co-owners of the Bank of Agriculture. The BOA has the potential of becoming a very large and strong bank in the future.

“One of the few challenges of agriculture in the past has been the issue of credit but there has also been the issue of the management of the credit and sometimes good agronomic practices which were not in place. Many high profile borrowers took loans from the bank, many did not pay back. I do not believe they did not want to pay, I will say they failed to pay and looking back we know why.”

The Minister said further that, “Most of them were big time farmers but absentee farmers. Many of them invested in agriculture but failed to put in place the requirements for a good agronomic practice. To help our farmers succeed, the ministry of agriculture is going to make sure that we give support to the bank including our seed supply to farmers to make sure they don’t fail and provide support in soil testing and security of investment.”

Director General of BPE, Mr Alex Okoh, in his remarks said, “This event signals the commencement of the recapitalisation and restructuring of the BOA, which has performed sub-optimally due to inadequate funding, poor lending philosophy, lack of robust monitoring and evaluation to recover non-performing loans, lack of proper governance structure and poor risk management strategy among others.

“It has become apparent that the bank cannot in its current status deliver on its mandate. We have developed a new strategy to transform the bank into a truly Agricultural finance bank, a farmer’s bank, substantially owned by farmers.”

Managing Director, Lead Capital Consortium noted that, “We are motivated by the zeal of the present government to revive the Bank of Agriculture so that it can live up to it’s full potential, to empower the entire Agriculture value chain ik the country and elevate Agriculture to the becoming the mainstay of the economy. We are fully set to move forward with the process.”

Also speaking on the occasion, Minister of State, Mr Heineken Lokpobiri, said, “If capitalised, the Bank of Agriculture will be able to compete favourably with its counterparts in agric financing and lending. This is an opportunity to truly access funding not just for agricultural production but also for processing and value addition.”

In his vote of thanks, Permanent Secretary, Mr Mohammed Bello Umar, disclosed that, “No country in the world can develop without a clear direction for its agriculture to grow. The restructuring of the BOA is a welcome development and we look forward to working with the financial advisers and the BPE to transform the bank into the farmer’s bank”.

The restructuring and recapitalisation of the Bank of Agriculture is expected to be completed in 90 calendar days.

Economy

Tinubu Okays Extension of Ban on Raw Shea Nut Export by One Year

Published

1 hour ago

26/02/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The ban on the export of raw shea nuts from Nigeria has been extended by one year by President Bola Tinubu.

A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday disclosed that the ban is now till February 25, 2027.

It was emphasised that this decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.

The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products, the statement noted.

To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.

He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.

The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.

Additionally, he directed the Federal Ministry of Finance to provide access to a dedicated NESS Support Window to enable the Federal Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism to strengthen production and processing capacity.

Shea nuts, the oil-rich fruits from the shea tree common in the Savanna belt of Nigeria, are the raw material for shea butter, renowned for its moisturising, anti-inflammatory, and antioxidant properties. The extracted butter is a principal ingredient in cosmetics for skin and hair, as well as in edible cooking oil. The Federal Government encourages processing shea nuts into butter locally, as butter fetches between 10 and 20 times the price of the raw nuts.

The federal government said it remains committed to policies that promote inclusive growth, local manufacturing and position Nigeria as a competitive participant in global agricultural value chains.

Economy

NASD Bourse Rebounds as Unlisted Security Index Rises 1.27%

Published

1 hour ago

26/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange expanded for the first session this week by 1.27 per cent on Wednesday, February 25.

This lifted the NASD Unlisted Security Index (NSI) above 4,000 points, with a 50.45-point addition to close at 4,025.25 points compared with the previous day’s 3,974.80 points, as the market capitalisation added N30.19 billion to close at N2.408 trillion versus Tuesday’s N2.378 trillion.

At the trading session, FrieslandCampina Wamco Nigeria Plc grew by N5.00 to trade at N100.00 per share compared with the previous day’s N95.00 per share, Central Securities Clearing System (CSCS) Plc improved by N4.18 to sell at N70.00 per unit versus N65.82 per unit, and First Trust Mortgage Bank Plc increased by 14 Kobo to trade at N1.59 per share compared with the previous day’s N1.45 per share.

However, the share price of Geo-Fluids Plc depreciated by 27 Kobo at midweek to close at N3.27 per unit, in contrast to the N3.30 per unit it was transacted a day earlier.

At the midweek session, the volume of securities went down by 25.3 per cent to 8.7 million units from 11.6 million units, the value of securities decreased by 92.5 per cent to N80.7 million from N1.2 billion, and the number of deals slipped by 33.3 per cent to 32 deals from the preceding session’s 48 deals.

At the close of business, CSCS Plc remained the most traded stock by value on a year-to-date basis with 34.1 million units exchanged for N2.0 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.0 million units valued at N478.0 million.

Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units valued at N408.7 million, followed by Geo-Fluids Plc with 122.0 million units sold for N478.0 million, and CSCS Plc with 34.1 million units worth N2.0 billion.

Economy

Investors Lose N73bn as Bears Tighten Grip on Stock Exchange

Published

2 hours ago

26/02/2026

Dipo Olowookere

By Dipo Olowookere

The bears consolidated their dominance on the Nigerian Exchange (NGX) Limited on Wednesday, inflicting an additional 0.09 per cent cut on the market.

At midweek, the market capitalisation of the domestic stock exchange went down by N73 billion to N124.754 trillion from the preceding day’s N124.827 trillion, and the All-Share Index (ASI) slipped by 114.32 points to 194,370.20 points from 194,484.52 points.

A look at the sectoral performance showed that only the consumer goods index closed in green, gaining 1.19 per cent due to buying pressure.

However, sustained profit-taking weakened the insurance space by 3.79 per cent, the banking index slumped by 2.07 per cent, the energy counter went down by 0.24 per cent, and the industrial goods sector shrank by 0.22 per cent.

Business Post reports that 25 equities ended on the gainers’ chart, and 54 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.

RT Briscoe lost 10.00 per cent to sell for N10.35, ABC Transport crashed by 10.00 per cent to N6.75, SAHCO depreciated by 9.98 per cent to N139.35, Haldane McCall gave up 9.93 per cent to trade at N3.99, and Vitafoam Nigeria decreased by 9.93 per cent to N112.50.

Conversely, Jaiz Bank gained 9.95 per cent to settle at N14.03, Okomu Oil appreciated by 9.93 per cent to N1,765.00, Trans-nationwide Express chalked up 9.77 per cent to close at N2.36, Fortis Global Insurance moved up by 9.72 per cent to 79 Kobo, and Champion Breweries rose by 5.39 per cent to N17.60.

Yesterday, 1.4 billion shares worth N46.2 billion were transacted in 70,222 deals compared with the 1.1 billion shares valued at N53.4 billion traded in 72,218 deals a day earlier, implying a rise in the trading volume by 27.27 per cent, and a decline in the trading value and number of deals by 13.48 per cent and 2.76 per cent, respectively.

Fortis Global Insurance ended the session as the busiest stock after trading 193.7 million units for N152.7 million, Zenith Bank transacted 120.7 million units worth N11.1 billion, Japaul exchanged 114.8 million units valued at N407.0 million, Ellah Lakes sold 98.4 million units worth N999.2 million, and Access Holdings traded 63.1 million units valued at N1.7 billion.