BREAKING NEWS, Business Briefs
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THE Bank of Industry, BOI, now has special funds under its portfolio totaling N44.6 billion as at the end of 2015 financial year. The bank is collaborating with its foreign and domestic partners including community-based organisations to deepen the bank’s credit delivery process and financial inclusion initiatives.
Waheed Olagunju, acting managing director of the bank, said the BOI is on course in 2016 to surpass the N83.5 billion that was disbursed in 2015. The bank had approved loans totaling N95 billion to more than 400 enterprises as at the middle of 2016 and is working assiduously to approve more loans in the second half of 2016.
According to Olagunju, meeting the bank’s disbarment target of N212 billion 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.
He listed some of the funds managed by the Bank as at December 31, 2015, to 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 among others had risen above the figure following various Memoranda of Understanding ,MoU, sealed with its stakeholders since the beginning of 2016. The others are the 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, the bank 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. – Vanguard
— Jun 29, 2016 @ 18:10 GMT
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