BOI raised $1bn for lending -MD

The Managing Director/Chief Executive Officer of the Bank of Industry (BOI), Mr. Olukayode Pitan, has revealed that the bank has been able to raise about $1 billion to support its capital base to lend more money to industries.

Speaking at the bank’s 58th Annual General Meeting held yesterday in Abuja, Pitan said the bank set out to raise $500 million facility last year but it was subscribed as the bank eventually raised $750 million.

The bank also got $200 million from the Nigeria Content Development Board, which further strengthened its capital base.

“In 2017, we lent out more than we did in 2016. We were able to attract small funding in 2017 and of course, if you have more funding, you lend more,” he said.

The chairman of the board of the BOI, Aliyu Abdulrahman Dikko, told the shareholders that lending to Micro, Small and Medium Enterprises (MSMEs) also increased to N29.5 billion in 2017, as compared to N8.2 billion in 2016.

Dikko revealed that the bank’s total equity also rose to N241 billion in 2017 from N219 billion in 2016, while Profit Before Tax also increased to N26.3 billion from N16.9 billion in the same period representing a growth of 55.6 per cent.

The bank’s disbursement profile in the year also improved significantly to N112.5 billion from N65.9 billion that was achieved last year.

The chairman said the bank proposed a dividend of N1.5 billion for the year ended 2017, which the shareholders approved.