We are pleased to announce a USD 50 million Loan Portfolio Guarantee Agreement between the Bank of Industry (BOI) and the African Guarantee Fund (AGF). Supported by the African Development Bank’s AFAWA initiative, this partnership will drive MSME growth across gender inclusion, youth empowerment, and green initiatives.
This collaboration underscores BOI’s commitment to empowering Nigerian businesses with sustainable, inclusive financial solutions for a stronger economy.
Yesterday, we celebrated this year’s International Men’s Day with an impactful conference themed “Men’s Health Champions: Positive Role Models”. The discussions centred around the importance of Healthy Living, Fitness, Wealth Management and Mental Health.
Special appreciation to all our wonderful speakers including: Mrs. Bola Adesola (Chairman, Ecobank); Mr. Mustafa Chike-Obi (Chairman of Fidelity Bank); Stephanie Busari, Dr. Abiodun Layonu (SAN), Prof. Olufemi Fasanmade, Mr. Maje Ayida, Mr. Olasupo Shasore (SAN), Mr. Farouk Oreagba & Mr. Omar Shakarau.
Thank you to all who joined us especially the BOI Men who made this day special.
The Bank of Industry(BOI) has appointed GOPA Intec as the technical consultant under the “Transforming Financial Systems for Climate” (TFSC) Program, funded by a €2.5m grant from the Agence Française de Développement (AFD) and Green Climate Fund (GCF).
The Technical Assistance Program is a critical step in supporting Nigeria’s transition to a sustainable and climate-resilient economy. The Program will develop the capacities of BOI and key financial sector players to manage climate finance, design climate-friendly financial products, and apply global best practices for impactful results in Nigeria.
The program also provides a critical support to enhancing gender financing for women owned or led businesses by creating new strategic partnerships.
Over the next four years, GOPA Intec will provide strategic technical assistance to BOI, helping to mobilize climate finance for key renewable energy, energy efficiency, and climate-friendly projects across Nigeria in both mitigation and adaptation type projects.
The engagement of GOPA Intec as the technical consultant demonstrates Nigeria’s ongoing commitment to advancing sustainable development and green economic growth.
The Transforming Financial Systems for Climate (TFSC) program is part of a global €653 million effort of the Agence Française de Développement Group and the Green Climate Fund to develop a market for climate finance in 17 countries across Africa and Latin America.
The TFSC Program has selected the Bank of Industry to anchor the Climate Finance Strategy, and Environmental and Social Risk Management System implementation for Nigeria.
The specific objectives of TFSC in Nigeria are to:
President Bola Ahmed Tinubu has appointed Mr. Rotimi Akinde and Mrs. Ifeoma Uz’Okpala as Executive Director, Corporate Finance & Risk Management and Executive Director, Large Enterprises Directorate respectively to the Bank of Industry (BOI) effective, Monday, August 26, 2024.
Rotimi Akinde is a finance professional with over 20 years Investment and Corporate Banking experience and an extensive track record covering capital raising (Debt, Equities and Hybrids) as well as Corporate Finance (Mergers & Acquisitions, Privatization Advisory and Project Finance).
Prior to joining the Bank of Industry, he was an Associate Partner, Project & Corporate Finance at the Infrastructure Delivery International (IDI), where he worked on the UKNIAF programme and promoted green finance as well as structured debt solutions for sub-nationals.
He also worked previously as the Corporate Finance Advisor at Nigeria Infrastructure Advisory Facility (‘NIAF’), providing financing initiatives, modelling and funding structures on infrastructure.
He served within Corporate Banking as the Group Head & Assistant General Manager, Multinationals at UBA Plc, prior to which he was Vice President, Corporate Finance & Advisory at UBA Global Markets (‘now United Capital’).
He was a Privatization Adviser & Head, Oil & Gas Team at the Bureau of Public Enterprises (BPE), where he closed on the divestiture and sale of the Federal Government’s equity interest in 11 Oil Services Companies and achieved the sale of all the Federal Government’s LPG assets.
He was an Assistant Manager in Leadbank Plc, within both the Investment and Corporate Banking Groups.
Prior to this he had worked in the financial sector in the United Kingdom as an Investment Analyst with Barclays Funds, London and a stint as an Analyst with Merrill Lynch Investment Managers, London.
Rotimi holds a Bachelors degree in Economics from the Obafemi Awolowo University, Ile-Ife; earned a Masters Degree in International Securities, Investment & Banking from the University of Reading, UK and holds an Executive MBA from INSEAD.
Mrs. Ifeoma Uz’Okpala joined BOI in September 2014 as Group Head, Large Enterprises Credit and later served as the Chief Risk Officer of the Bank before her appointment.
As Chief Risk Officer of the Bank, she played a crucial role in managing and mitigating risks associated with the bank’s operations, while also providing Environmental, Social, and Governance (ESG) risk support. She offered invaluable ESG support within transactions and provided the roadmap for attracting impact investments.
Uz’Okpala is a seasoned Credit and Risk Management Professional, with a career spanning over 30 years in the financial sector.
She commenced her career at International Merchant Bank and progressed through key roles at MBC International, First Bank, Stanbic Bank, and UBA. Her versatile expertise includes Internal Audit, Corporate Finance, Credit Evaluation and Origination, Foreign Operations, and Risk Management.
She is an alumna of the University of Nigeria, where she attained a BSc. In Accountancy and a graduate of the prestigious Lagos Business School.
Uz’Okpala is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), an Honourary Senior Member (HCIB) of the Chartered Institute of Bankers of Nigeria and Member of the Chartered Risk Management Institute.
The Honorable Minister of Finance and Coordinating Minister of the economy, Mr. Wale Edun (L) and the MD/CEO of the Bank of Industry (BOI), Dr. Olasupo Olusi (R) during the signing ceremony of the iDice programme Subsidiary Grant Agreement for the Islamic Development Bank held recently in Abuja.
The Federal Government of Nigeria initiated Investment in the Digital and Creative Enterprises (iDICE) program in a bid to build capacity and create more sustainable jobs in the technology and creative ecosystems. The primary aim of iDICE is to build capacity and upskill Nigerian youth (from ages 15-35), in technology and creativity to increase their employability, foster innovation, and support the emergence of more entrepreneurs in these ecosystems within the five-year lifespan of this programme.
The iDICE program is intended to intervene in three (3) key areas: Skills and Enterprise Development, in which youths will be trained in in-demand technology and creative skills, as well as to build a community of highly skilled talent and connect them to jobs or support them in starting innovative enterprises. The second program component provides patient funding in the form of equity and debt to startups, with a focus on funding gaps in the technology and creative sectors through equity/quasi-equity capital investment. iDICE’s third intervention will provide an Enabling Environment by developing, promoting, and implementing policies, laws, and programs that encourage ease of doing business in technology and creative ecosystems. These components/intervention areas of the iDICE program are designed to address ecosystem challenges and ensure the growth of the technology and creative sectors.
One of the requirements for disbursement of the iDICE program funds is the signing of a Subsidiary Grant Agreement with each of the program financiers. This agreement has been signed for the African Development Bank (AfDB) and the Agence Française de Développement (AFD). Yesterday, the Honorable Minister of Finance, Mr. Wale Edun, and the Managing Director of the Bank of Industry (BOI), Dr. Supo Olusi, signed the Subsidiary Grant Agreement for the Islamic Development Bank. The signing of this subsidiary agreement is a conditions precedent to first disbursement for the Islamic Development Bank’s funding.
During the signing ceremony, the Honourable Minister of Finance reiterated the objectives of the iDICE programme, emphasizing the jobs that will be created for youths, the diversity that iDICE will bring to the Nigerian economy, and his trust in the Bank of Industry’s as the executing agency in delivering on the programme.
The Federal Ministry of Industry, Trade and Investment has unveiled the Bank of Industry’s (BoI’s) palliative food programme in its bid to cushion the effect of challenges currently being faced by Nigerians.
The Honourable Minister, Dr Doris Nkiruka Uzoka-Anite, at the launch of the programme at BoI’s head office in Lagos, said the move is coming on the heels of the present administration’s effort to support the vulnerable.
The Minister stated that as a responsive government, it has announced a number of programmes aimed at ameliorating the effect of the fuel subsidy removal on Nigerians.
She pledged the government’s support for industries to enhance local production while also ensuring food security.
In her words, “The launch of the BOI Palliative programme is a strong commitment to food security. We are seeking ways to address the food insecurity issues currently being faced in the country. The federal government is aware of the skyrocketing food prices and is working with relevant stakeholders in the food value chain to address this challenge.”
Also speaking, the Managing Director, BOI, Dr. Olasupo Olusi, said the development finance institution is working closely with the federal government to ensure that the palliative gets to the targeted beneficiaries across the 36 States including the Federal Capital Territory (FCT) starting in Lagos and Abuja.
The Bank will engage its food processing customers for the purchase of food items at affordable prices while also working with all the State governors for the sharing/donation of the purchased food items.
According to him, the food palliative programme is a clear demonstration of the Bank’s commitment to the Renewed Hope Agenda of the current administration.
It will be recalled that the bank recently launched the Presidential Conditional Grant Scheme (PCGS) which provides N50,000 grants to qualifying small businesses across various sectors nationwide.
The Federal Government has rolled out the Presidential Conditional Grant Scheme (PCGS) to empower Nano businesses as part of the Presidential Palliative Program.
Beginning on March 9, 2024, the scheme offers financial grants, without repayment obligations, to eligible small business owners operating in various sectors such as trading, food services, ICT, transportation, creatives, and artisans. The PCGS targets 70% women and youth, 10% people with disabilities, and 5% senior citizens, with the remaining 15% distributed to other demographics.
By focusing on the often overlooked group of business owners, the program seeks to unlock the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots level.
The N50,000.00 (Fifty Thousand Naira) grant per beneficiary paid directly to beneficiaries’ accounts will reach one million small businesses in the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT). With a target of 1,000,000 beneficiaries in every LGA and the FCT, the program has the potential to impact communities nationwide significantly.
Beneficiaries of the initiative have been selected through a rigorous process that includes the verification of each business owner through their National Identification Number (NIN) and Bank Verification Number (BVN).
The successful applicants met specific criteria, including owning a small business with progressive economic potential, a willingness to grow, and engage at least one additional staff member when necessary. Applicants also provided proof of residential/business address and relevant personal and bank account information before the December 18, 2023 deadline.
The Presidential Conditional Grant Scheme underscores the government’s commitment to supporting small-scale entrepreneurs and driving inclusive economic growth. With a strong emphasis on inclusivity and empowerment, the PCGS is poised to make a tangible impact on the lives of small business owners and their communities across Nigeria.
The initiative is implemented by the Federal Ministry of Industry, Trade and Investment with the Bank of Industry as the Executing Agency.
For more information about the Presidential Conditional Grant Scheme (PCGS), please visit the official website [https://grant.fedgrantandloan.gov.ng/].
The Federal Government of Nigeria through the Federal Ministry of Industry, Trade, and Investment (FMITI), has established three funds totaling N200,000,000,000 (Two Hundred Billion Naira) to support businesses across Nigeria: The Presidential Conditional Grant Scheme (PCGS); The FGN MSME Intervention Fund; and the FGN Manufacturing Sector Fund. The Bank of Industry (BOI) has been appointed as the executing agency of the funds, vested with the responsibility for its day-to-day administration.
The Presidential Conditional Grant Scheme (PCGS), is a N50,000,000,000 (Fifty Billion Naira) grant scheme to support eligible Nano Business owners. The Grant will be disbursed to a minimum of 1,000 beneficiaries (especially Women and Youths) per Local Government Area (LGA) in the 774 LGAs across the Nation and the 6 (six) Council Areas in the FCT. The target nano businesses include: Traders, Food Vendors, ICT businesses, Transporters, Artisans, Creatives, among others. This is the grant component of the initiative, as beneficiaries are not required to pay back. To be eligible, beneficiaries must own a nano business and be willing to register a business name as their business grows, and be willing to engage at least one additional staff member if the business turnover increases; They must also be willing to provide proof of residential/business address in their Local Government Area, provide relevant personal and bank account information, including but not limited to Bank Verification Number (BVN) and National Identification Number (NIN) for verification of identity. The beneficiary must meet the application submission deadline for the scheme.
The FGN MSME Intervention Fund, is a N75,000,000,000 (Seventy-Five Billion Naira) fund, for Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The fund would be used to support eligible micro, small and medium enterprises and serve as a cushion against the high cost of production, marketing and distribution of products arising mainly from infrastructure deficiencies and other ancillary factors involving MSMEs in Nigeria. Each beneficiary would receive a maximum of N1,000,000 (One Million Naira). The fund would be disbursed at an interest rate of 9% all-inclusive per annum, with a tenor of 3 years for equipment and working capital.
The FGN Manufacturing Sector Fund is a N75,000,000,000 (Seventy-Five Billion Naira) fund, that would be used to support eligible manufacturing companies and help cushion against the high and rising costs of production, marketing and distribution of products arising from infrastructural deficiencies and other ancillary factors affecting the manufacturing sector in Nigeria. Beneficiaries would receive up to N1billion (One Billion Naira), disbursed at an interest rate of 9% all-inclusive per annum, with a tenor of 5 years for term loans, and 1 year for working capital.
The MD/CEO, Bank of Industry, Dr. Olasupo Olusi, reiterated BOI’s commitment to the development of MSMEs as the bedrock of the economy, which is in line with His Excellency, President Bola Ahmed Tinubu’s Renewed Hope Agenda.
In a dedicated effort to strengthen Micro, Small, and Medium Enterprises (MSMEs) across the nation, the Federal Government has officially unveiled the Expanded National MSME Clinics. The maiden edition of the program held in Makurdi, Benue State on January 9, 2024, with a special focus on the thriving MSME sector in the state.
Speaking at the event, Vice-President Kashim Shettima reaffirmed the government’s commitment to promoting a thriving MSME environment in the country. He also revealed plans to establish a world-class fashion hub in Makurdi, which would support the growing fashion cluster in Benue.
In a joint effort, the Bank of Industry (BoI) and the Benue State government launched a N2 billion MSME development fund in 2016 to enhance the entrepreneurial capacity of citizens. This fund represents a shared commitment to drive business growth and development.
To learn more about accessing the Bank of Industry’s support in Benue State, please visit our office at 17 Jonah Jang Road, Hudco Quarters, Makurdi.
At a special session at the 24th Annual World Economic Forum Meeting ongoing in Davos, Switzerland, Dr. Supo Olusi, Managing Director, Bank of Industry attended the unveiling of the audacious “timbuktoo” initiative by the UNDP, an initiative dedicated to propelling Africa’s innovation and startup ecosystem.
As Africa emerges as a tech superpower, highlighted by private venture capital investments surging six times faster than the global average, and Nigeria leading at an impressive $1.2 billion in 2022, the newly launched Timbuktoo Africa Innovation Fund aims to create jobs and transform livelihoods across the continent through collaborative efforts.
In this transformative era, the Bank of Industry remains unwavering in its commitment to fostering youth entrepreneurship and innovation in the digital and tech sectors. Recognizing these efforts as crucial for job creation and sustainable economic growth, the Bank of Industry continues to actively function as a catalyst for a brighter future for every Nigerian.
December 15th, 2023, Lagos Nigeria– The Bank of Industry (BOI) was honoured with two SERAS Awards at the recently concluded Sustainability, Enterprise and Responsibility Awards also known as the SERAS CSR Awards. BOI was awarded the ‘Best Company in Financial Inclusion’ and the ‘Most Effective MDA/Parastatal in Sustainable Development’.
BOI was recognized for its efforts and strides in championing sustainable development by supporting the growth of MSMEs through its Interventions platform via programmes such as the NG Cares, MSME Survival Fund and the State Enterprise Empowerment Programme (SEEP).
Speaking on this achievement, the Managing Director/ Chief Executive Officer of BOI Dr. Olasupo Olusi said “This recognition is a testament to the Bank’s commitment to supporting the growth of MSMEs and promoting sustainable development in Nigeria. We remain committed to employing sustainable business practices in our operations in line with our strategic objectives.”
The SERAS CSR Awards seek to promote the actualization of the Sustainable Development Goals in Africa by providing a platform that measures and harmonizes the contributions of the private sector, government/public sector, and non-governmental organizations to attain set targets.
The Bank also won the “Best Company in Financial Inclusion’ and the “Best New Entry” Awards in 2021, as well as the “Best Company in Diversity, Equity and Inclusion” award in 2022.
March 9th, 2022. Cape Town, South Africa – The Bank of Industry (BOI) has received the highly coveted award for the ‘International Syndicated Loan Deal of The Year’ at the Bonds & Loans Africa Awards ceremony which took place on Wednesday, March 9th, 2022 in Mount Nelson, Cape Town. BOI was presented this award in recognition of its $1bn Syndicated Term Loan Facility successfully raised in the international market in December 2020.
“This recognition highlights our impact as Nigeria’s leading Development Finance Institution committed to maximizing our developmental impact by raising and deploying the funds that enhance our capacity to support our customers,” said Mr. Olukayode Pitan, Managing Director/Chief Executive Officer, Bank of Industry, on receiving the award. “We look forward to intensifying our efforts to catalyze sustainable economic growth for Nigeria and the continent at large.
The exhaustive selection process for the awards involves close examination of deal size, tenor, structure, and distribution; analysis and background of the borrower and their accessibility to financing; with extra credit for deals that demonstrate high quality execution, accessing new pools of liquidity, innovative structuring, and opening-up new markets. The 2021 Bonds & Loans Africa Awards was postponed due to the disruptions caused by COVID-19, as such, the ceremony featured winners selected on performance in 2020 and 2021.
Mr. Pitan acknowledged the significant role that myriad strategic partners played in the consummation of this deal in spite of the challenges posed by the COVID-19 pandemic: “We are especially grateful for the support of our lead arrangers, underwriters and book runners; Afreximbank, Credit Suisse A.G, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation; and The Central Bank of Nigeria which provided a 100% currency swap that allowed us to mitigate foreign exchange rate risks.”
This award comes on the back of BOI’s successful issuance of a €750mn Senior Eurobond (the first by any African national DFI) in February 2022. In the last four years, Bank of Industry has raised about $3.8bn from the international financial market: This includes another syndicated loan of €1bn in March 2020; and a $750mn syndicated medium-term loan in 2018 which has been fully paid off.
The Bonds & Loans Africa Awards has been recognizing the most innovative and ground-breaking deals from sovereign, corporate and financial institution issuers and borrowers since 2014. The annual event brings together the industry’s most high-profile figures thereby raising the profile of the African financial markets with the international investment community.
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About Bank of Industry: The Bank of Industry (BOI) is Nigeria’s foremost and oldest Development Finance Institution and has been in operation for over 60 years: initially incorporated in 1959 as Investment Company of Nigeria (ICON), it became BOI in 2001. BOI’s mission is to transform Nigeria’s industrial sector by providing financial and advisory support services to enterprises. BOI promotes financial inclusion through long-term financing and counter-cyclical loans diversified across industries such as agro-processing, gender businesses and renewable energy, among others. As BOI is not a deposit money Bank, it has to frequently engage in capital raising activities to sustain its capacity to continue supporting its customers across key sectors and segments of the Nigerian economy. BOI has raised about $3.8bn from the international financial market in the last four years. This includes a $750mn syndicated medium-term loan in 2018; a €1bn syndicated loan in March 2020; a $1bn syndicated loan in December 2020; and a €750mn Senior Eurobond (the first by any African national DFI) in February 2022. The $750mn raised in 2018 has been fully paid off while the other loans are performing. In the last 6 years, the Bank has disbursed over $2.7bn to over 3mn enterprises which has facilitated the creation of over 7mn direct and indirect jobs, thereby advancing sustainable development. BOI holds a National Long-Term Rating of ‘AAA (nga)’ and Long-Term Issuer Default Rating of ‘B’ with a stable outlook from Fitch Ratings; and an ‘Aa3.ng/NG-1’ national scale issuer rating and a ‘B2’corporate family rating (CFR) from Moody’s.