Fed Govt to divest 60% stake in BoA
he Federal Government yesterday said it will divest 60 per cent of its stakes in the Bank of Agriculture as part of plans to restructure the lender.
He said: “The process will lead to the privatisation of equity of the bank.We envisage that the Central Bank equity will be reduced to 20 per cent, Federal Ministry of Finance will be reduced to 20 per cent.The government agencies equity in the new bank will be a minority of 40 per cent.
He, however, lamented that the bank had been unable to realise its responsibilities due to its current structure, stressing that the proposed restructuring and recapitalisation of the bank seek to transform it strictly into an agricultural finance bank with functional branches in all the local government areas and major towns in the country.
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