23rd November, 2010
The Nigerian Agricultural Cooperative and Rural Development Bank (NACRDB) willÂ 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 OfficerÂ of the bank, Mr Oluremi Olaoye,Â and made available to the News Agency of NigeriaÂ (NAN).
It said the action was aimed at repositioning the bank to become an effective andÂ sustainable national agricultural and rural development finance institution.
It further stated that it was the first step toward a “complete” rebranding of theÂ institution and thatÂ the new corporate identity for the institution would soonÂ beÂ unveiled.
The Managing Director of the bank, Dr. Mohammed Santauraki, had on assumption ofÂ duty in September, announcedÂ the bankâ€™sÂ repositioningÂ agenda.
It includedÂ a tripod of modernization, institutional capacity enhancement, andÂ refocusing on the bankâ€™s key mandates.
He also outlined corporate rebranding, enhancement of information technology andÂ upgrading of the working environment and tools as elements of the modernisationÂ programme.
The bank is the nationâ€™s apex agricultural and rural development financeÂ institution.
As a development finance institution, it is wholly owned by the Federal GovernmentÂ with the Central Bank of Nigeria (CBN) controlling 40 per cent sharesÂ while theÂ Federal Ministry of Finance has 60 per cent.
The bank was incorporated as Nigerian Agricultural Bank (NAB) in 1973 and in 1978,Â it was renamedÂ Nigerian Agricultural and Cooperative Bank (NACB).
In 2000, it was merged with the Peopleâ€™s Bank of Nigeria (PBN) and also took overÂ the risk assets of the Family Economic Advancement Program (FEAP) to become NigerianÂ Agricultural Cooperative and Rural Development Bank.