The asset base of the Bank of Industry has exceeded N1 trillion, this is the first time in the history of the existence of the bank.

The managing director of the development institution Olukayode Pitan made this known at the bank’s annual general meeting.

“For the first time in the history of the bank, we surpassed N1 trillion in asset base. The group’s profit was over N36 billion. For a bank that is owned basically by government, it is a very good result,” he said.

Aliyu Abdulrahman Dikko, the bank’s chairman, listed the achievements of the previous year to include:

• A 30% increase N36.7 billion profit before tax, compared to the N26.4 billion made in 2017, representing;

• Award of N2 billion dividend to shareholders

• Growth of the group’s total assets by 49 per cent to N1.07 trillion from N713.3 billion in 2017, as well as improvement in total equity which increased by 12.5 per cent year-on-year to N258.3 billion from N241 billion in the previous year,

• Achievement of 130 per cent growth on a year-on-year basis with respect to the disbursement of new loans of N259.6 billion in 2018 with N33.9 billion of the figure going to SMEs while the balance was deployed to support large enterprises.

Pitan attributes these and other achievements to the collective efforts of the board, management and staff of the company, as well as his predecessors and the parent ministry, the ministry of industry, trade and investment with which it has a harmonious relationship.

In recognition of the bank’s achievements under Pitan, the International Bankers Magazine recently conferred on it the Best Development Bank Award.

The award, presented at the London Stock Exchange, was in recognition of the bank’s efforts at widening the spectrum of financial support to the nation’s entrepreneurs, especially the micro, small and medium scale enterprises and the creative industry.

Much more recently at the African Bankers’ Awards ceremony held in Malabo, Equatorial Guinea on June 14, 2019, the Bank of Industry won the Financial Inclusion Award for its role in implementing Federal Government’s Enterprise and Empowerment Programme (GEEP), which includes the popular TraderMoni programme.

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The awards event featured financial institutions and projects from all 54 countries in Africa, as well as the international community. GEEP, which is executed through the Bank of Industry, was described as the most impactful financial inclusion programme in Africa.

Despite the political criticism of the programme, it remains popular across the country for its impact on living standards.

GEEP, the ₦112billion fund, which is part of the ₦500billion National Social Investment Programme, commenced in 2016 and has continued to expand in scope and effectiveness. It is aimed at providing microcredit facilities to market women, traders, artisans, farmers and agricultural workers at zero per cent interest rate. It is estimated to reach 1million beneficiaries annually.