BOI Loan Process Conforms to Global Best Practices

Waheed Olagunju, Acting MD, BoI


THE Bank of Industry, BoI, has refuted the claims in some quarters that its loan approval process was sentimental. It stated that its loan approval process is governed by best global practices and not sentiments.

A statement released by BOI stated: “For the benefit of posterity, the bank has a loan approval process that is governed by best global practices and would not jeopardise the interests of its stakeholders.”

The bank said its mandate supports only bankable ventures that aid industrial growth and promote economic development and not religious projects. While reacting to reports in sections of the social media on its partnership with religious institutions, the bank explained that BoI has never financed any empowerment programme by religious institutions neither did it participate in the programme being referenced.

“BoI as Nigeria’s foremost development finance Institution only supports potentially viable ventures that will drive the nation’s industrialisation agenda, improve the economy and crest jobs. The statement stated that the bank nevertheless partners with organisations with bankable proposals as long as they offer repayment plans and have developmental as well as social impact.

“The bank does not fund religious programmes and activities rather it only finances potentially bankable ventures promoted by domestic and foreign investors of all faiths. We would like to state that the notion being created in the social media is wrong,” it said.

—  Feb 13, 2017 @ 01:00 GMT


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