CBN to restructure BOA for preparatory to recapitalization

Chief Audu Ogbeh

*Apex bank to inject N500 billion

A team of officials from the Central Bank of Nigeria (CBN) may be soon be deployed to Bank of Agriculture (BOA) for thorough over hauling and repositioning of the organization before the handing over of about N500 billion as recapitalization fund.

The Federal Government had sometimes inaugurated a national council on privatization and steering committee on the restructuring and recapitalization of BOA, and the resolution from this team must have informed the seconding of officials from CBN to embark on the practical repositioning that is expected to put the bank in more competitive ways of attending to farmers’ credit needs promptly. 

A source close to the minister hinted that in less than two weeks, a team of CBN official will move into action at the BOA to effect the repositioning before the release of the fund as it was not certain whether workers will be sacked or not. But the source said the purpose is for the benefit of the bank and generally for agricultural development in terms of credit availability to farmers.