Business
FG to finalise Bank of Agriculture recapitalisation by Q1 2025

The federal government says the recapitalisation of the Bank of Agriculture (BOA) will be finalised by the end of the first quarter (Q1) of 2025.
Abubakar Kyari, minister of agriculture and food security, spoke on Tuesday while briefing state house correspondents in Abuja.
He said the initiative would enhance funding for smallholder farmers, addressing longstanding challenges in accessing financial support for commercial agriculture.
Also, Kyari said the recapitalisation is crucial for combating food inflation, which currently stands at approximately 34 percent.
The national council of privertisation (NCP), chaired by Vice-President Kashim Shettima, had in 2024, inaugurated a committee, headed by Wale Edun, minister of finance and coordinating minister of the economy, to work out modalities for the resuscitation of the bank.
Kyari said the move is part of the government’s response to the escalating food insecurity as part of strategic interventions aimed at mitigating the crisis.
He said the recapitalisation is expected to provide farmers with the necessary financing to expand their operations, noting that loans from conventional commercial banks have been inadequate in recent times.
“Something that I also missed out is the reorganisation and recapitalisation of the Bank of Agriculture. It’s in the process, and very soon, within the first quarter of this year, you will see a report outlining the reorganisation and the recapitalisation of the Bank of Agriculture,” Kyari said.
“Bank of Agriculture has branches in all 109 senatorial districts and can reach out quickly to those farmers. What we are saying is that you need to support smallholder farmers who lack capital.
“So we have written to some banks. We are also reorganising the Bank of Agriculture to support what the government is doing in the sense of public financing in the budgets and what have you.”
The minister explained that these initiatives are backed by commercial banks, development partners, and public financing channels, all working collectively to enhance agricultural projects across the country.
He highlighted successful partnerships with the Rome-based International Fund for Agricultural Development (IFAD), a United Nations agency.
“In 2024, the positive outcomes of IFAD-funded projects—such as the Livelihood Improvement of Family Enterprise for the Niger Delta—led to an additional grant of $32 million, along with an extension of the project’s timeline,“ he added.
Also, Kyari commended the success of the 2024 farming season, during which farmers recorded high yields across the country.
He attributed the success to favourable weather conditions, efficient government policies, and enhanced security in previously inaccessible farming regions.
The minister said the government is working to bring down the nation’s food commodity prices, which is why new policies have been adopted to make farming easier.
“The 2024 farming season was very successful, with farmers across the country recording high yields,” he said.
“The government is working to sustain this progress by supporting wheat farming in highland areas like Taraba State and providing modern farming tools to farmers.”
FG TO LEVERAGE TECHNOLOGIES TO INCREASE FOOD PRODUCTION
Kyari revealed plans to leverage advanced technologies, including drones, to increase food production in 2025.
He said the government has begun receiving 2,000 tractors ordered from Belarus, with 255 already delivered.
“We have started taking delivery of the 2000 tractors we ordered from Belarus which will be distributed to farmers, the government will also be focusing on increasing tomato farming in the South-East and South-West, with harvests expected by May,” the minister said.
“For the dry season, we are planning to cultivate at least 400,000 more hectares of farmland and fertilizer supplies are being improved to help farmers boost their output.
“The government is committed to supporting farmers with the resources they need to produce more food and reduce the cost of living.”
To address post-harvest losses, the minister said the government is investing in cold storage facilities and improving logistics.
He stressed that the measures, coupled with enhanced security, will strengthen Nigeria’s agricultural sector and reduce the cost of living for citizens.
Kyari noted that much of the agricultural progress seen in 2024 was due to the reopening of farmlands in areas previously affected by instability.
Business
Five tips on how to shop for affordable clothes online

Shopping online is easy, enjoyable, but most times, more expensive than traditional shopping in person. This is probably why you shun tons of online clothing vendors because you cannot be bothered with the expensive prices placed on items online. And that’s a valid point.
In addition to being averagely more expensive, shopping for clothes online can go wrong for a few other reasons, one of which is the disparity between what is displayed by the vendor online, and the item received by clients.
Popularly described as; “What I Ordered vs What I Received”, this situation is not only a time-waster but also, a money-waster.
Without further ado, here are ways to shop for clothes online at a bargain.
- Use A Site Selling Cheap Clothes
By searching online with the right keywords; like cheap clothes stores, alone, you’ll be sure to get tons of results on stores or social media pages selling cheap clothing items around your location.
Upon getting the results you can then go ahead to choose the vendors which catch your eye and have the items you’re looking out for.
- Buy In Bulk
Just like physical shopping, shopping in bulk online will reduce the overall cost you’ll be spending. This applies most especially to the logistics around delivery since you’ll most likely be paying the same amount it would have cost for the delivery of one item for all items purchased.
However, take note that you do not buy items that are heavier or occupy too much space as this could cost more. You may also be lucky to get a discounted delivery price or free delivery in some cases. Look out for these from the vendor’s description or ask them in person.
- Take Advantage Of Holiday Deals
Yes, take advantage of deals making rounds during the holiday season. Usually, vendors offer a certain percentage off the original prices of items during the holidays or special days (their birthday, Val’s Day etc).
Another type of discount to take advantage of are offers such as coupon codes, promo codes etc. These can easily be found on hashtags associated with the store or page.
- Compare Prices
There’s really no harm in comparing the price range of various vendors on items especially when shopping high. Usually, individual vendors place varying prices on the same item. And by comparing prices and going for the cheapest you can find, you’ll be saving yourself some cool bucks.
- Sign Up For Updates
To stay up-to-date on the latest sales, discounts, or special offers by cloth vendors, sign up to their preferred notification medium be it, email, or notification bars on social media platforms like Instagram.
By doing this, you get access to early on notifications about whatever deals they might be running and make the most of it.
Don’t worry, you don’t have to bother with clicking on that notification box just yet and be bombarded with every notification they have going on, you can target seasons like the holidays and Black Friday Sales when most vendors usually give discounts. Better still follow them on social media and stay updated on whatever discount sale they have going on.
Although these steps have worked for us in landing the cheapest deals on clothing items online, there is no guarantee that you’ll get cheaper deals yourself.
However, you can try any of these out to your own discretion and tell us what results you get in the comment box. Are there other methods you applied? Do let us know as well.
Business
Tunji-Ojo directs NIS to provide new passport printers to Nigerian consulates in US

Olubunmi Tunji-Ojo, minister of interior, has directed the Nigeria Immigration Service (NIS) to provide new passport printers to two consulates in the United States.
A statement on Thursday by Babatunde Alao, the minister’s special adviser on media and publicity, said the order was an acknowledgement of previous petitions requesting passport printers in the Atlanta and New York consulates, respectively.
“This short-term solution aims to resolve the current challenge promptly,” the statement quoted the minister as saying.
Tunji-Ojo noted plans are in progress to implement a streamlined process that would enable Nigerians to apply for their passports with more ease.
“Part of this plan includes the activation of the Passport Personalisation Centre in Abuja, which is scheduled to start in the next few weeks,” the statement added.
“Also opening up more countries for the already-deployed contactless solution.”
The minister said there was already an end-to-end automation of the passport application process and the introduction of the contactless application process which was launched in Canada.
He assured Nigerians that President Bola Tinubu’s administration remains committed to ensuring that citizens experience renewed hope, laced with innovation and convenience, while still enhancing national security.
Business
Arik Air shareholders tackle AMCON over N455bn debt claim

The shareholders of Arik Air, an indigenous airline currently under the control of the Asset Management Corporation of Nigeria, have debunked claims that the debt accruable to the airline’s owner, Johnson Arumem-Ikhide, has risen to N455bn.
The shareholders, through a statement signed by their representative, Godwin Aideloje, described as fallacy the debt record of AMCON against Arik founder.
Earlier, AMCON, through its Head of Corporate Communication, Jude Nwauzor, said the total debt of Arumem-Ikhide was N455.17bn as of December 31, 2024, in all his three investments.
AMCON also said that its intervention in the troubled airline in February 2017 saved the carrier from liquidation, insisting that it would ensure the recovery of the total debts owed to the corporation by various business organisations in Arik Air.
Giving the breakdown of the total debt, Nwauzor alleged that Arik as of December 2024 owed AMCON N227.6bn; Rockson Engineering, N163.5bn, while Ojemai Farms owed the corporation another N14bn, totaling N455bn.
Reacting to this, Arik shareholders refused to comment on the matter saying it was currently before the court.
“This is a matter before the court. Unlike AMCON who have no respect for the courts, we will not resort to subjudical remarks. We will not join the desperate attempt by AMCON to overreach the courts and desecrate our justice system.
“The fictitious claim of N455bn as alleged Arik Air indebtedness to AMCON by Mr Jude Nwauzor is a fallacy. It seems clear that AMCON is invested in dubious storytelling and falsehoods.
This allegation is defeated by AMCON’s claim in its Suit No. FHC/L/CS/175/17 with which it took Arik Air into receivership and gained full control and management of operations, assets, and liabilities of the airline,” they stated in the statement.
The shareholders recalled a Federal High Court judgement of March 31, 2023, ordering AMCON and its Receiver Manager to file a statement of affairs and audited financial reports with the Corporate Affairs Commission to balance and compare the books, Aideloje said AMCON refused to appear before a Financial Reporting Council to defend it positions.
The shareholders said rather than appear before the reporting council, AMCON uploaded the audited account of the business(es) on the Arik Air website, a document the shareholders have also dismissed.
During the press briefing, the Head of Corporate Communication at AMCON said considering the state of Arik Air’s insolvency at the takeover time, the airline would have been sold in its entity if not for the intervention of the Federal Government which directed that the airline should be managed.
But in the shareholders’ reaction, Aideloje stressed that “It is instructive to note the new version of the reason why AMCON took over Arik is a government mandate. What a preposterous statement from a Federal Government employee! This is a gross misrepresentation of the Federal Government as being in the business of arbitrary takeover of private businesses with a stroke of pen. This is indeed a disservice to the government and people of Nigeria by AMCON.
“We wish to state again that before the forceful takeover, Arik Air was recognized for its operational excellence and significant contributions to Nigeria’s aviation sector. Contrary to AMCON’s claims, the airline was meeting its financial obligations, as evidenced by remarks and recognition by global institutions; recently Afreximbank acknowledged legacy Arik as a model in Africa at a just-concluded International Aircraft Leasing and Finance Conference in Ireland Dublin a few days ago.”