Nigeria’s oldest and largest development finance institution, the Bank Of Industry (BoI), has announced that it gave out the sum of about N33.9 billion to Small and Medium-scale Enterprises (SMEs) in 2018.
This disclosure was made by the Chairman of BoI, Aliyu Abdulrahman Dikko, during the 59th edition of the bank’s Annual General Meeting (AGM) recently held in Lagos.
Aliyu Dikko, in a statement at the event, said that out of the N259.6 billion funds available with the financial institution, about N33.9 billion (accounting for about 13.1% of the funds) was disbursed particularly to Micro, Small and Medium Enterprises. He, then again, added that the balance of N225.7 billion was utilized to support large businesses.
The Financial Institution’s Performance During The Period.
Speaking on the bank’s financial performance during the period, Dikko said the group’s total assets grew by 49% from N713.3 billion in 2017 to 1.07 trillion in 2018. He further explained that the bank’s total equity attained improvement as it rose by 12.5% from N241 billion in 2017 to N258.3 billion in 2018. Also, the bank’s profit before tax (PBT) was placed at N36.7 billion, signifying a 39% increase from the N26.4 billion recorded in the previous year 2017.
“The bank’s developmental impact profile and financial performance are fundamental indicators of our success. As we celebrate 60 years of our existence in 2019 and move ahead into the future, we will continue to streamline our efforts to ensure that these outcomes continuously align with our core values and the expectations of our stakeholders,” Dikko stated.
Dikko further added that the management of the bank made a N2 billion dividend proposal, which they said, is to be paid to the shareholders. The amount was collectively approved by shareholders of the bank.
Bank Of Industry Continued Intervention Programmes In Various Sectors Of The Economy.
The Managing Director of the bank, Olukayode Pitan, in his reactions, said the financial institution would go on with its intervention programmes in the various sectors of the economy.
Pitan said that the bank, in collaboration with the Federal Government, with respect to its Government Enterprise and Empowerment Programme, a component of the Social Investment Programme, made easy the disbursement of N29 billion to 1.55 million beneficiaries nationwide, through its flagship products such as TraderMoni and MarketMoni.
He noted that the products, were specifically aimed at providing soft loans with zero interest rate to small entrepreneurs.
Highlighting The BOI And Its Financing Functions.
The bank of industry focuses on businesses that are involved in manufacturing and processing activities. Its target sub-sectors include Information Technology, Oil and Gas, Agro-processing, Solid Minerals and the Creative Industry.
The Bank only finances enterprises or companies which are duly registered, not an individual or group of persons. You will be required to tender the registration number for a Limited Liability Company or business name for an enterprise before you can proceed with your application at the loan centre. Its loan support to the SME starts from N5 million.