BoI funds hit N1.6tr, grows assets by 1,753% in seven years

BoI funds hit N1.6tr, grows assets by 1,753% in seven years

The Bank of Industry (BoI), at the weekend urged more state governments to join in the partnership to grow enterprenuership among the small and medium scale enterprises, creating direct and indirect jobs, empowering people and helping to alleviate poverty across the country.

In a presentation at a three-day seminar for seminar on “the Role of Media in            Transforming Nigeria’s Industrial Sector,” the bank’s chief executive, Ms. Evelyn Oputu, put funds under management at over N1.6 trillion.

She noted that over the years, the bank has built confidence as a development finance institution, attracting medium to long-term facilities for intervention in critical sectors of the economy from the public/private sector and the international community.

A breakdown of the funds, she said, include: “CBN N235 billion financing fund for commercial banks; the N100 billion cotton, textile and garment fund; N10 billion rice sector funds; and N16.91 billion national automotive council fund.”

There are also the $4 million UNIDO Energy programme, $500 million African Development Bank (AfDB) fund, N500 billion power/aviation fund; N5 billion Dangote Fund, N9.5 billion cement fund; and the N90 million funds for women enterpreneurs.

READ ALSO  Zenith Bank reports 25.5% increase in profit to N47.08bn in Q1

According to her, “no government or development agency would give money to an institution if it has been making losses. And they know the funds are secure with us,” she said.

The BOI boss said the bank continues to grow its basic indices and operate profitably, as shown by the significant growth in loans and investment from N9.87 billion in 2005, to last year’s N202.3 billion.

“Risk asset also grew by 691 per cent to N105.27 billion by September last year from N13.3 billion in 2008.

Waheed Olagunju, BOI’s executive director said all of this has been achieved with equity base of N45 billion, even as Joseph Babatunde, its general manager, operations, put total assets at N222.441 billion at the end of December 2012, (up from N191.315 billion), representing a significant 1,753.67 per cent from the mere N12 billion in the corresponding period of 2005.

He also put total BOI disbursement by December 2012 at N136.48 billion, up from the previous year’s N93.83 billion and N6.06 billion, seven years earlier; while profit before tax stood at N1.988 billion, up by N1.067 billion or 115.85 per cent, as against the N921 million posted in 2011.

READ ALSO  Nigeria trades 1.84mbpd, as Brent crude sells for $109pb

Leave a Reply