Business
Bank Of Agriculture Disburses N46bn
The Bank of Agriculture (BOA), formerly the Nigerian Agriculture Cooperative and Rural Development Bank (NACRDB), has provided six million jobs and disbursed N46 billion since its inception in 2000.
The Managing Director, Dr Mohammed Santuraki, made this disclosure to newsmen in Abuja yesterday.
He said that although the bank encountered many constraints, “we still disburse an average of N5 hundred million quarterly and the disbursement will be a continuous exercise.”
He said that the bank was going to increase its lending by N10billion before the end of the year, with special focus on small-scale farmers.
He said, however, that “with all the new things coming up in agriculture development, we need to scale that up and we are planning to spend N10 billion this year on mainly small holder farmers.
“This is because we think they are the most productive sub-sector of the agricultural value chain.
He added that the bank had introduced a new scheme tagged “Credit, which includes credit and extension services to all the loan beneficiaries” to assist small scale farmers.
“Commercial agriculture farmers are also important and they havevarious schemes supporting them.
“We are giving loans at subsidised rate of eight per cent for the small holder farmers but the challenge is that there is subsidy in the loan we give and the government does not compensate us systematically”.
He said “the breakeven point for the agricultural lending in Nigeria was 14 per cent “and if you lend below that, you are losing money.
“For us as a development finance institution, we see it as part of our contribution to the society, but government needs to find a way of compensating us for the service”.
Santuraki said that the bank was formed in 2000 by the merger of Peoples Bank of Nigeria and the risk assets of Family Economic Advancement Programme and the NACB.
According to him, the proposal then was to recapitalise the bank to the tune of N50 billion.
Unfortunately, 10 years later, the bank only received N20 billion over a period of eight years in about six installments which had adverse effect on the lending system of the bank.
He said the development made it not sufficiently capitalised to do its normal mandate.
The Managing Director said the management of the bank had commenced restructuring of the bank, starting with changing of its name from the NACRDB to the Bank of Agriculture.
This is, “aimed at reshaping the feelings of the people toward the bank.
“We will soon commence rebranding and embark on comprehensive market re-entry strategy for the bank to compete favourably with its counterparts in the commercial sector,” he said.
He disclosed that the bank’s operational model would have rural mobilisation component so that it could drive both the rural savings and agricultural development.
He announced that the bank now has experts on seeds and inputs that would advise farmers on how to maximise yields, which was a big challenge in the farming sub-sector.
The bank is, therefore, doing all things possible to maintain its reach and improve access to the farmers through Micro Finance Banks (MFBs).
“We are also interested in mobile banking and improved information technology to cut down the cost of credit delivery and the only way to do this is being able to scale up the technology platform,” he said.
The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.
Corlins Walter
The Chairman of Emohua Local Government Council, Chief David Omereji, has said the council has so far spent over N1 billion for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure peace and development of the LGA.
According to him, the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained that all that have been achieved were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that his works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while advising critics of his government to do so constructively with facts and figures.
King Onunwor
The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and MOSOP leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.