The Farmers’ 40% of Bank of Agriculture, Nigeria

The Farmers’ 40% of Bank of Agriculture, Nigeria

As Nigeria privatizes Bank of Agriculture, there is a call for farmers to come and acquire 40% of the shares. Bank of Agriculture, post-privatization, will be controlled as follows: 20% Central Bank of Nigeria, 20% Federal Ministry of Finance, 20% private sector and then the rest (40%) to farmers. Our minister of agriculture is asking farmers to take ownership of that 40%.  At N250 billion capital base, that is N100 billion for Nigerian farmers to come up with. It may be a challenging expectation but we will see. Please tell farmers in your village to get ready!

The federal government has appealed to farmers to prepare for the purchase of 40 per cent shares of the newly privatised Bank of Agriculture (BoA), to join in the ownership of the bank.

Audu Ogbeh, the Minister of Agriculture and Rural Development, made the appeal in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.

Mr Ogbeh said that move would help to create a viable and virile farmers’ bank like their counterpart in the Netherlands and China.

The minister explained that the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance would own 20 per cent capital each while the private sector and investors would have 20 per cent shares.

According to him, farmers will have 40 per cent shares.

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The Director-General of BPE, Alex Okoh, had said that the privitisation process would be finalised in 90 days.

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