Agric Bank Adopts New Name


The Nigerian Agricultural Cooperative and Rural Development Bank (NACRDB) will  henceforth be known as Bank of Agriculture Limited (BOA), a statement said.

The statement was issued on Monday in Kaduna State by the Public Relations Officer  of the bank, Mr Oluremi Olaoye,  and made available to the News Agency of Nigeria  (NAN).

It said the action was aimed at repositioning the bank to become an effective and  sustainable national agricultural and rural development finance institution.

It further stated that it was the first step toward a “complete” rebranding of the  institution and that  the new corporate identity for the institution would soon  be  unveiled.

The Managing Director of the bank, Dr. Mohammed Santauraki, had on assumption of  duty in September, announced  the bank’s  repositioning  agenda.

It included  a tripod of modernization, institutional capacity enhancement, and  refocusing on the bank’s key mandates.

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He also outlined corporate rebranding, enhancement of information technology and  upgrading of the working environment and tools as elements of the modernisation  programme.

The bank is the nation’s apex agricultural and rural development finance  institution.

As a development finance institution, it is wholly owned by the Federal Government  with the Central Bank of Nigeria (CBN) controlling 40 per cent shares  while the  Federal Ministry of Finance has 60 per cent.

The bank was incorporated as Nigerian Agricultural Bank (NAB) in 1973 and in 1978,  it was renamed  Nigerian Agricultural and Cooperative Bank (NACB).

In 2000, it was merged with the People’s Bank of Nigeria (PBN) and also took over  the risk assets of the Family Economic Advancement Program (FEAP) to become Nigerian  Agricultural Cooperative and Rural Development Bank.

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