Services and Uniqueness
BOI Investment and Trust Company Limited (BOI-ITC) is one of the foremost Trust Companies in the country. It was established in 1987 as a wholly owned subsidiary of the Nigerian Industrial Development Bank Limited (NIDB) now Bank of Industry Limited (BOI).
BOI-ITC is registered with the Securities and Exchange Commission (SEC) as Capital Market Operator to function as Trustee, Registrar and Fund/Portfolio Manager; and with the Central Bank of Nigeria (CBN) as a finance company. Both registrations are current and valid. We also provide Secretarial and other ancillary services to companies.
As Trustees, we carry on the specialized business of trust services including Private and Public Trust, Employment Retirement Benefits, Trust Fund Management for both private and corporate bodies, Estate Administration under trust, Executorships among others. We are a registered and strong member of the Association of Pension Fund Managers of Nigeria and Association of Corporate Trustees. In fact, we were the second trustees to be established in Nigeria.
Our ability to render efficient and professional services is centered on highly skilled and experienced manpower with high degree of integrity and dedication to duty.
ATTAINING YOUR GOALS WITH OUR SERVICES
BOI-ITC provides diversified services in the money and capital markets with a view to expanding and improving the quality of services in those sectors.
SYNDICATING THAT LOAN YOU NEED
We arrange the syndication of short and long term loans with the option of clothing them with trustee services. As a subsidiary of the premier industrial bank in the country, our unique experience in project appraisals, consortium financing and securitisation of loans is of immense benefit to our clients.
Our Consultancy Unit is manned by highly experienced, multi-disciplinary professionals who will add value to your organization. We possess a rare mix of skills in the identification and delivery of business opportunities and solutions. We specifically offer a broad range of advice, support and solutions on project-related assignments to the SME and large enterprises sectors.
Our Consultancy Unit can help you acquire a loan which is designed especially for your company, whether your desire is to start up a new business or to expand your existing business through an increase in production capacity.
The first requirement needed before approaching any institution for financial assistance is a detailed feasibility report. The client must present a report that shows they understand the business they are in or intend to go into. Not all clients have the capacity or the time to carry out their own feasibility studies, and therefore hire outside institutions to do so. BOI-ITC, being a one-stop finance house, can produce a feasibility study for the business or transaction you intend to enter into. This can be done for any business irrespective of whether they are using our consultancy service or not.
Our financial advisory role in packaging your loan facility will include but not be limited to:
- Reviewing the major elements of your company’s financial plans to determine the appropriate level of financing required;
- Packaging the loan request for a group of commercial banks (both onshore and offshore), as well as conducting feasibility studies where applicable;
- Monitoring the application process to ensure prompt response; and
- Assisting in creating value through a post-loan approval advisory service until the final liquidation of the loan facility.
GIVING YOU A HELPING HAND IN COMPANY SECRETARIAL SERVICES
Most company owners often overlook or ignore the importance of proper corporate documentation as required by law. The danger inherent in this becomes glaring whenever the company needs to borrow money either to expand its business or to set up a production line when it becomes necessary to examine the corporate documents and legal status of the company.
We provide complete company secretarial services which include:
- Arranging meetings and recording of proceedings at board of directors annual and extra-ordinary general meetings, or other statutory corporate meetings of companies.
- Filing of statutory returns (at the Corporate Affairs Commission), annual reports and accounts, allotment of shares, alterations in the memorandum and articles of association, increase in share capital, share transfer, etc.
As your Company Secretary, we also provide at a modest extra fee, ancillary services such as:
- Preparation and negotiation of internal contracts for the supply of industrial machinery, equipment and raw materials; industrial and commercial licensing (patents, know-how, trademarks etc.); technical management and assistance, etc.
- Processing of permits and approvals required to facilitate the establishment of industries, including joint venture projects involving foreign investors.
KEEPING YOUR MIND AT PEACE WITH OTHER TRUSTEE SERVICES
As a fully registered trust company, BOI-ITC is able to protect your assets long after you are not around to. In setting up a trust, you will not only protect yourself from tax liabilities, but have the peace of mind that your family will be protected in the unfortunate event of your death. In addition to the setting up of a trust, we provide all categories of trust services, including:
- Trustee services relating to issuance of Bonds and Debentures.
- Trustee services relating to loan syndication and securitisation for consortium lending.
- Development and administration of different types of trusts services, e.g. Private Trusts, Public Trusts, Quasi-Public Trusts, etc.
- Administration and management of estates under trust arrangement.
- Custodian of valuable assets, e.g. jewellery, family air looms, precious stones, ornaments, money in any currency, etc.
- Trustee to Unit Trust and Mutual Fund Schemes and any joint venture project under trust.
Succession planning is an important part to planning your retirement. As a business owner with intentions of passing on the business to the next generation of your family, a succession plan is vital. If your retirement planning strategy includes using the proceeds of the sale to increase your investments, create an income stream, fund a new business venture or fulfill other goals, then you should develop a complementary business succession plan. Having a plan can actually improve the market value of a business and ease the transition of ownership for employers and customers.
Whether you plan to pass your business on to your family members or sell to increase your investment value, BOI-ITC can assist you to ensure maximum value.
ATTAINING LIFE’S GOALS WITH OUR FINANCE COMPANY SERVICES
BOI-ITC provides a comprehensive, solutions-based platform that organizes and integrates all of the company’s products and services to better help you achieve the life you desire. We can address your financial services needs completely and holistically. With financial services that include retirement and estate planning services, as well as business solutions, you receive access to a broad range of products and services that can help meet your financial goals.
Our dedicated team of Financial Consultants (FC) will design a long-term financial strategy that is not only flexible but customized to your needs and the goals you wish to attain in life. To ensure that this wealth-management strategy evolves with you, your FC will track the progress of your investment, ensuring achievement of your goals.
As Fund Managers and a Finance Company, we manage tenured funds of large magnitude for high net-worth individuals, companies, cooperative and thrifts societies and other public organizations.
We can provide:
- LPO and Trade financing
- Import and Export financing
- Financing for Commercial Papers
- Warehouse financing
- Finance for short-term credit facilities
- Debt financing and asset trading
- Insolvency Management including turnarounds
We offer attractive and high interest rates based on the amount and tenor of the expected placement.
IDENTIFYING YOUR NEEDS
Our strategy to protect and grow your investment begins by identifying your needs. Higher risks brings greater rewards and vice versa, we therefore need to determine exactly what you want. Our goal is to ensure that your wealth is protected and grows consistently over the long term. BOI-ITC offers you diversified services, which we offer in the money, capital and commodity markets with a view to expanding and improving the quality of services in these sectors to your organization.
INVESTING WITH TAXES IN MIND
An average BOI-ITC investor needs to invest with taxes in mind in order to reduce the tax burden. Our Financial Consultants will always ensure that any tax planning on your portfolio will be done within the confines of the current tax laws. Due to the decline in oil revenues, the State and Federal Governments have turned to internally generated revenue, however BOI-ITC will ensure that this does not weigh down too heavily on a clients portfolio.
Because Government taxing are graduated based on income, you can minimise their impact by working with your Financial Consultant and your lawyer to incorporate tax-advantaged trusts, tax-efficient investments and other strategies into your portfolio. Boosting the tax efficiency of your investments will put you in the best position to keep your long-term financial strategy in a healthy position.
Tax-advantaged refers to investments that are tax-free, tax-deductible or have additional tax benefits, such as trusts. Tax-efficient applies to investments that generate relatively low levels of tax, such as mutual funds (with low portfolio turnover) and Government bonds. Once you place your assets in the most effective accounts, you can begin to think about your strategy holistically. For example, you may be able to minimize taxes by rearranging your investment portfolio and offsetting investment gains with losses in your taxable accounts.
CASH MANAGEMENT ACCOUNT (CMA)
The key factor in achieving your long-term financial goals is your ability to successfully manage your money on an everyday basis. As a leader in financial advice and management, BOI-ITC will find all the day-to-day cash-management solutions that work best with your long-term investment strategies.
At the request of the client, any depositor is given the opportunity to turn part or all of his investment into a CMA. A CMA provides a strong foundation for you and your FC to craft a plan for generating and managing the cash you need to achieve your long-term goals and objectives.
With BOI-ITC’s CMA, you will receive assistance with your daily income planning and cash management, spend less time managing your finances all for a minimal service charge. Whether it’s your children’s school fees, travel expenses, home or office rent or any other expense, we can assist you in planning how to accommodate them while ensuring that your investment is growing. Just send us the bills and we will do the running around for you. This will enable you to enjoy peace of mind with the freedom you will receive, enabling you to focus on the important things in life.
One simplified application process sets you up with an entire suite of money management products. You’ll immediately take advantage of many account features including, but not limited to, check writing, direct deposit, online web bill pay (where applicable) and a host of other time-saving features. A CMA allows you to either keep everyday transactions separate from your long-term investments, or have an all-inclusive account for both.
As a wealthy individual, family or business, you may be inclined towards helping society by giving towards the less privileged. There is the traditional method of allocating a portion of your income towards philanthropy, and giving such to registered charities. However there are other ways to give, such as setting up a Private Foundation or Blended Value Investing. BOI-ITC can assist you with any form of philanthropy you choose.
A private foundation can provide a great degree of involvement and control, as family members actively manage the investments and grants made. While private foundations require added time, administration, regulatory oversight and costs to operate, they can be an excellent way to give money to a number of charities according to the priorities the family sets. A Financial Advisor can be a key facilitator, explaining to families the resources and people (such as other professional advisors) they need to start a foundation.
Blended Value Investing (BVI)
We respect the fact that some of our clients may look at their donations as investments in solutions as a way of maximizing their impact on society. Many wealthy philanthropists desire to use the same entrepreneurial values that helped create their fortunes in making sure what they give has the maximum impact. An example of this is Blended Value investing. BVI is a form of giving in which a philanthropists invest in a project of which they expect both a financial and a societal return. An example would be a client who invests in a fund devoted to building low-income housing, of which he or she would receive a fixed rate of return, much like he or she would from a money market investment. However the rate would be lower because part of the return would contribute to the underlying cause.
Whatever philanthropic strategy a donor chooses, it’s important to set up regular meetings with your FA to fully understand your philanthropic goals. With open communication, donors are more likely to come away more informed about where their money is going, and more satisfied that it is being spent as intended.
At BOI-ITC, we have put in place the highest international standards of Corporate Governance. This is to protect your interests and investments at all times.
As a professional body, we understand our obligation to our clients when it comes to your information. As such, BOI-ITC ensures the strictest possible levels of confidentiality and will never share a client’s information unless a request is received in writing by us.
Our ability to render efficient and professional services is centered on highly skilled and experienced manpower with high degree of integrity and dedication to duty. At the apex of BOI-ITC’s human resources are current six members of the Board of Directors.
The current Chairman is Dr. Evelyn Oputu OON. She is a renowned and distinguished economist, banker and industrialist. She worked with ICON Limited (Merchant Bankers), IMB and First Bank of Nigeria Plc as Executive Director. She is presently the Managing Director / CEO of Bank of Industry Limited.
The four other Directors are:-
- Chief (Dr.) Chilo C. Offiah
- Dr. Laoye Adegoke
- Mr. Austin Jo-Madugu
- Mr. Toni Phido (Managing Director)
The Directors are highly experienced in banking and industry. All have undertaken numerous overseas and local courses in addition to their practical experiences.
OUR MANAGEMENT TEAM
The Management team is headed by Mr. Toni Phido as Managing Director/CEO. He has vast experience in Commercial and Merchant Banking as well as trusteeship practices. He had worked with International Merchant Bank Limited (IMB), United Bank for Africa Plc (UBA). He was Managing Director of UBA Trustees Ltd and Citizens Bank Ltd. He has attended several overseas and local courses. His experience in trusteeship services is invaluable to the company.
Mr. S. Y. Odomokwu is the Company Secretary / Legal Advisor of BOI-ITC. He is a Barrister and Solicitor of the Supreme Court of Nigeria with over 22 years post call experience. He has a vast experience in advocacy, corporate practice including trusteeship services, fund management, estate administration under trust and executorship. He is the Head of Legal and Company Secretarial Department. He has attended overseas and local courses.
Mr. Daniel N. Omeka is a Chartered Accountant of over fifteen years experience both in the public and private sector. He is the Head of the Finance, Treasury and Consultancy Units. He has attended several overseas and local courses.
Mr. Afolabi Aiyela is a Financial Consultant with many years experience in the private sector. He has a Masters Degree in Business Administration and vast experience in Investment and Treasury activities as well as the Petroleum Sector. He has attended several overseas and local courses.
BOI Investment and Trust Company Limited