The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP).
The International Finance Corporation which produced its pioneer Chief Executive held 75% of its equity along with a number of domestic and foreign private investors. Although the bank’s authorized share capital was initially set at N50 billion in the wake of NIDB’s reconstruction into BOI in 2001, it has been increased to 250 billion in order to put the bank in a better position to address the nation’s rising economic profile in line with its mandate.
Following a successful institutional, operational and financial restructuring programme embarked upon in 2002, the bank has transformed into an efficient, focused and profitable institution that is well placed to effectively carry out its primary mandate of providing long term financing to the industrial sector of the Nigerian economy.
To be Africa’s leading Development Finance Institution operating under global best practices.
To transform Nigeria’s industrial sector by providing financial and business support services to enterprises.
Providing financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones.
CORE VALUES (SPPIRIT!)
• Team Spirit
- Clear delineation of the role and responsibility of the Shareholders, the Board and the Management
- Full compliance with the requirements of the Companies and Allied Matters Act (CAMA) through;
- maintenance of proper accounting records,
- applicable accounting standards are followed,
- suitable accounting policies are adopted and consistently applied
- Institution of internal control procedures to safeguard assets and to prevent and detect fraud or other irregularities.
- Emphasis is on prudent project selection and management.
- Supports of quality projects with high developmental impact such as job creation and poverty alleviation to enhance the socia-economic standard of Nigerians.
- Strategic positioning to manage foreign grants and aids that are given to facilitate attainment of the nation’s developmental aspirations.
- Because the bank is committed to having its impact felt in all parts of the country, it operates an office in each of Nigeria’s geo-political zones and FCT Abuja.
Business Model – Products and Development Activities