The Punch

BOI raises $3bn from internatio­nal market in three years


tHe Bank of industry has said it raised a total of $3bn from the internatio­nal market in the past three years.

the Managing director, Boi, Mr Kayode Pitan, disclosed this during his acceptance speech for the award of Honorary Fellowship conferred on him by the Chartered institute of Stockbroke­rs, according to a statement from the institute.

He said the financing included a $750m syndicated mediumterm loan in 2018 from, working with the African export-import Bank, a €1bn syndicated loan with 24 financial institutio­ns and investors in March 2020 as the Covid-19 lockdown started, and a $1bn syndicated loan from working with 64 financial institutio­ns and investors in the internatio­nal market.

He was quoted as saying, “the Boi is enjoining tremendous support from the Ministry of Finance and Central Bank of Nigeria. We have a lot more to achieve for over 40 million micro industries in Nigeria.

“We have recognised the urgent need for specialise­d investment banking and we shall encourage the beneficiar­ies of our bank loan to seek quotation on the securities exchanges.

“We shall offer concession­ary rates to support and also seek patience capital from the government to enhance the growth of our Micro, Small and Medium-scale enterprise­s.”

According to the CIS’ President and Governing Council Chairman, Mr olatunde Amolegbe, the award is only conferred on persons who have recorded outstandin­g achievemen­ts with significan­t contributi­ons to the growth and developmen­t of the Nigerian economy.

He said Pitan won due to the Boi’s pivotal role in the growth and developmen­t of MSMES in Nigeria.

Amolegbe said, “We in the Nigerian capital market community are particular­ly excited by the work that Mr Pitan and Boi are doing to incubate Micro, Small and Medium-scale enterprise­s that not only serve as major sources of employment generation in the country but provide a clear path toward industrial­isation of the Nigerian economy.

“Suffice to say that BOI also provides a pipeline to the potential listing of these entities on the various securities markets. We expect that through the efforts of Mr Pitan and his team, more of the likes of Friesland Campina WAMCO Nigeria Plc that was incubated by the bank will get listed on the various bourses on which we stockbroke­rs trade.”

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