The Bank of Agriculture, formerly known as the Nigerian Agricultural Cooperative and Rural Development Bank (NACRDB) was incorporated as Nigerian Agricultural Bank (NAB) in 1973 and in 1978, was renamed Nigerian Agricultural and Cooperative Bank (NACB). Subsequently, in 2000 the government merged the activities of NACB, People’s Bank and Family Economic Advancement Programme to form the Nigerian Agriculture, Cooperative and Rural Development Bank. Prior to the merger, All three entities engaged in micro-financing and in 2013 it was renamed Bank of Agriculture (BOA).
Bank of Agriculture is the Nigeria apex agricultural and rural development finance institution and it’s government-owned (CBN 40% and Ministry of Finance 60%), and supervised by the Ministry of Agriculture but the government want to restructure and recapitalise the bank within the period of 90 days beginning from April 16 to give it a new face and make it attractive for investment.
According to the Minister of Agriculture, Audu Ogbeh, the government will retain only a minority share of the bank, while farmers and cooperatives will be the majority of stakeholders. It will be a farmers’ bank, to provide basic financial services to farmers in both rural and urban areas and create employment opportunities for the people.