BoI restates commitment to SMEs

THE acting Managing Director and Chief Executive Officer of Bank of Industry (BoI), Mr.Waheed Olagunju has expressed the commitment of the bank to promote the growth of Small Mediums Scale Enterprises (SMEs).

BoI, who is managing N44.6 billion as the end of 2015, said the fund have risen above the figure considering various Memoranda of Understanding sealed with its stakeholders since the beginning of 2016.

Some of the funds managed by the Bank as at December 31, 2015 include the N8.12 billion National Automotive Council Fund, N2.9 billion Dangote Fund, N12.3 billion Rice Processing Fund, N12.5 billion Cement Fund, N1.8 billion National Sugar Industrial Development Fund, N1.48 billion Federal Department of Agriculture (FDA) Cottage Fund as well as other funds managed in partnership with other state governments.

Already, said Olagunju, “BoI has disbursed N95 billion to 400 enterprises in the first half of 2016.Besides, a breakdown of the bank’s earnings for the year showed that the Bank recorded a profit after tax of N47 billion for the year ended December 31, 2015, representing an operating profit of N11.9 billion up by 100 per cent from N6 billion achieved in 2014 and an exceptional income from the gain on sale of some equity securities of WAMCO shares.

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“As at the middle of the current year the bank had approved loans totaling N95 billion to more than 400 enterprises and is working assiduously to approving more loans in the second half of 2016 and ultimately meeting the institution’s disbarment target of N212 billion that could potentially lead to the creation of almost one million jobs in addition to the 1.6 million projected under the Government Enterprise and Empowerment Programme.”

This, he said followed the goal of the bank in supporting the growing and development of small and medium enterprises (SMEs) from small to big business, “others are enjoying us, you too can start small with us and grow big.”

Re-emphasizing the vision of the bank, Olagunju stated that since our vision is to be Africa leading world class development and finance institution, operating under global best practices, to transform Nigeria’s industrial sector by providing financial and business support services to enterprises, we poised to achieve these mission and vision for which the bank was set up.