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.
For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.
Nkpemenyie Mcdominic, Lagos
Petroleum products being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.
Nkpemenyie Mcdominic, Lagos
The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.
Nkpemenyie Mcdominic, Lagos
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