BACKGROUND
- The Bank of Agriculture Limited (BoA) is a Nigerian national agricultural and rural developmentfinance institution, wholly owned by the FGN.
- The Bank was incorporated as Nigerian Agricultural Bank in 1973 and in 1978, was renamed Nigerian Agricultural and Cooperative Bank.
- In 2000, it was merged with the People’s Bank of Nigeria (PBN) and took over the risk assets of Family Economic. Advancement Programme to become the Nigerian Agricultural Cooperative and Rural Development Bank Limited.
- Subsequently in 2010, the Bank’s name was changed to BOA in a bid to reposition the Bank into an effective and sustainable development financial institution in the country.
- STATUS
- The Bank has the potential to make positive impacts in a Nation with natural endowments for arable farming, vast irrigation resources, good weather and over 30% of the populace falling within the youthful age group.
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- CBN – 20%
- Private Sector (Institutional Investors,SHAREHOLDING STRUCTUREExisting Shareholding Structure:
Supervised by Federal Ministry of Agriculture & Rural Development, BOA has the following shareholding structure:
MOFI – 60%
CBN – 40%
PROPOSED REFORM farmers’ cooperatives & the public – 80%
Reform plan : Restructuring and Recapitalisation of the Bank
PROSPECT
BoA to transform it into viable and sustainable provider of financial services to all segments of the rural population, including the poor