Business News

ISO 9001: Quality Management System Award Certification

Following the successful implementation of the ISO 9001:2015 Quality Management System (QMS) Certification Programme, we are delighted to announce that the Bank of Industry has been awarded the ISO 9001:2015 Quality Management System (QMS) Certification by DQS GmbH; one of the foremost and globally recognized ISO Certification Institutions. This Certification sends a strong signal to all our stakeholders with respect to the Bank’s sheer commitment to quality and customer service.

We should, however, all be mindful of the fact that this Certification marks the beginning of a 3-Year QMS Cycle, during which the Bank is required to continually maintain high standards and improve its Management Systems. Therefore all hands must be on deck to ensure that we pass both the internal and external ISO audits as they take place within the cycle and beyond.

In this light, we shall continuously engage process owners towards ensuring a successful Internal Audit that is planned to take place before the end of Quarter 1 of next year.

Congratulations to all of us for the hard work and dedication towards the attainment of this laudable achievement!

Thank you.

Business News

FG Inaugurates BoI Board of Governance

A 10-member board of the Bank of Industry (BoI) has been inaugurated by the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, which a charge to lift the bank to greater heights.

The members include Aliyu AbdulRahman Dikko as Chairman; Olukayode Pitan, Managing Director/Chief Executive Officer; Waheed  Olagunju, Executive Director (SME); Mrs Toyin Adeniji, Executive Director (Micro –Enterprises); and Jonathan Tabin, Executive Director (Corporate Services& Communication).

Others are Chukwuemeka Nzewi, member, National Council, Manufacturers Association of Nigeria; Dr, Bakari Wadingo, Director (Revenue & Investment/MOFI); Femi Edun, Special Assistant to Enelama; and Dr Mudashiru Olaitan, Director (Development Finance Department), Central Bank of Nigeria (CBN).

Inaugurating the Board on Tuesday in Abuja, Enelama said the appointments are a call to National Service.

He tasked the board to partner with stakeholders to be able to further raise the standard of the Micro, Small and Medium Enterprises (MSMEs) across Nigeria, while building the necessary capacities for future entrepreneurs in Nigeria, in line with the ideals of the present administration.

Responding, the Board Chairman, Dikko, who expressed gratitude to the minister, said it is a new beginning for the bank. ‘’We will take this as a national assignment, we will touch all aspects of the economy, we shall partner with relevant stakeholders to add value to the growth of small scale businesses.”

Also, in a vote of thanks, Pitan said the bank has concluded arrangements to raise N3 trillion in the next 12 months to further support the MSMEs while working with the CBN as the major partner.

‘Our concern, for now, is to explore four major economic zones in Calabar, Kano, Nnewi, and Akwa-Ibom.

Business News

BoI, Ebonyi Set Up N2bn Fund for MSMEs

The Bank of Industry and the government of Ebonyi State on Friday, 23rd of June, 2017 agreed to set up a N2bn fund for the development of the Micro, Small and Medium Enterprises in the state.

The agreement for the N2bn fund was finalised by the Managing Director of the BoI, Mr. Kayode Pitan, and the Governor of Ebonyi State, Mr. David Umahi.

Under the financing pact, the state government would be required to provide N1bn, which would be matched in like sum by the bank for lending to entrepreneurs in the state, it was learnt.

 Speaking during the meeting, Umahi said the funds would be deployed at a single digit interest rate to the MSMEs in the state operating in the solid mineral sector.

He said the need to enter into the pact was born out of the conviction that the MSMEs would play a major role in economic development of any country.

The governor said since the MSMEs were the engine of growth in an economy, any fund attracted to the sector would promote industrialisation and job creation.

He said, “We are looking for empowerment and some will go into poultry, rice production, cassava production, maize production and small manufacturing.

The BoI boss said the bank would work with the state government in providing the needed capacity building for the MSMEs so that they could effectively utilise the fund.

Business News

BOI Pledges Funding Support to the Agro-processing Sector in Edo State

The Bank of Industry (BoI) has pledged more funding support to industrialists in Edo State to enable them to create value for their agricultural produce.

Managing Director of the bank, Mr Olukayode Pitan gave the assurance during a meeting with the Edo Governor, Mr Godwin Obaseki at the Government House, Benin City.

The visit was part of the familiarisation tours of the newly appointed MD of states where the bank is having a subsisting partnership on small medium enterprises development.

He expressed the readiness of the bank to provide funding support to industrialists in the state who are operating in the key areas of production activities already mapped out by the state government.

Pitan noted that plans were underway to raise about N1trillion from both local and foreign development partners, stressing that the strong balance sheet would help boost its loan reach in the state.

He said,”Edo State is one of the states where we have an existing relationship on SMEs development. The banks have supported a number of projects in the state and still committed to granting loans to genuine entrepreneurs.

“To enable the bank to extend its loan reach to the  teeming customers across the nation, plans are underway to raise between N500billion to N1trillion from both local and foreign development partners.”

Speaking earlier, the governor, Godwin Obaseki acknowledged the various impacts of the bank on business activities in the state but challenged it to extend loans to large business operators.

He said if the large business had access to finance, it would rob on the production activities of small business owners.

The governor said his government had identified key investment opportunity areas that would require strong financial back up from the bank.

According to him, the key areas include, agro-processing, mining, real estate, industrial clusters, water and electricity.

He noted that BoI has a unique role to play in the realisation of the state’s vision of becoming the industrial hub of the South-South through the development of industrial clusters and free trade zones.

Meanwhile, as part of the activities for the one-day working visit to the state, the BoI boss visited some of the bank’s supported projects in the state.

Some of the companies visited include, Happiness Foam Industry Nigeria Limited, Benco Aluminium Steel Products Limited, makers of aluminium roofing sheets and stone coated metro tiles and Lit Foods Nigeria Limited, producer of wheat coated peanuts and chin-chin.

Briefing the BoI management team led by the MD, the Executive Director Operations of Lit Foods, Mr Ijomoni Oghenekeuwe said the loan support the company received from the bank helped in the expansion of its production lines.

As a result of the purchase of more machinery which in turn helped in boosting production, Oghenekeuwe said the company was able to increase its employees from 320 to 500.

Also speaking, the Managing Director, Happiness Foam, Mr Kelvin Izuchukwu also praised the management of the bank for the loan facility, stressing that with the loan, the company had been able to increase its operations and employ more staff.


Business News

BoI, Benue Govt Seal N2bn MSMEs Financing Agreement

The Bank of Industry (Bol) and the Benue State government have launched a N2billion Micro Small and Medium Enterprises (MSMEs) development fund to boost the entrepreneurial potentials of citizens in the state.

Under the financing model, both parties will contribute N1billion each for on lending to mainly businesses that have high employment generating potentials and value addition to local raw materials.

Benue State Governor, Dr. Samuel Ortom expressed satisfaction over the initiative and commended the leadership of the bank under the acting Managing Director/Chief Executive, Mr. Waheed Olagunju for his foresight and remarkable strides since assuming office.

He urged President Muhammadu Buhari to appoint the acting BoI boss as substantive MD, noting that having worked in the bank for over two decades, he is more than qualified to lead the develop finance institution.

Nevertheless, Ortom appealed to entrepreneurs in the state to take advantage of the loan facilities, insisting that it would not be disbursed along party lines.

He said only those who have viable business proposals in the areas where the state currently has a comparative advantage would be given the financing support.

Meanwhile, Olagunju said the intention in the state brought the volume of MSME Funds being managed on behalf of 21 state governments to N18.3 billion.

Four out of the 21 states that had enrolled in the scheme, joined in the last eight months when the MD took over the office.

He added that the fund would help entrepreneurs in the state add values to their agricultural produce and boost employment generation potentials.

He urged the governor to create industrial parks where beneficiaries of the loans would be able to leverage on infrastructure facilities to reduce operation cost.

According to him, “I suggest the governor establish industrial parks, at least, one in each senatorial district where amenities will be provided and where other infrastructure will be provided. They will share the facilities.”

Business News

BoI/Kaduna Govt Develop Entrepreneurship Programme For 4,500 Youths

The Bank of Industry (BoI), in collaboration with the Kaduna State government and Kaduna Business School, have developed a business development programme aimed at training 4,500 business operators in the state.

Tagged: “Kaduna Startup Entrepreneurship Program,”(KADSTEP), the programme is tailored towards improving the capacity of some select small and medium business operators in the state who-who have been penciled to benefit from the various loan programmes of the BoI.

Under the KADSTED programme, successful small business operators would be leveraging on the existing N1billion matching fund.

Acting Managing director of BoI, Mr. Waheed Olagunju, speaking during the signing of the deal, said the entrepreneurship programme would help to rev up economic activities in the state through the creation of job opportunities.

“The Kaduna Startup Entrepreneurship Programme (KADSTEP),” is a sustainable job creation initiative designed with entrepreneurship as the common denominator. The programme is designed to run for 4 years in the first instance and the overreaching goal is the creation of a minimum 20,000 jobs in the intervention period through the registration and expansion of the capacities of about 3,500-4,500 businesses operating across the 23 local government in the state,” he said.

According to Olagunju, the programme was targeting the creation of 3,500 new businesses across the 23 local governments in the state,this is also in addition to building capacity for entrepreneurial management among the youth, 100 percent utilization of funds with the BoI, Bank of Agriculture,(BoA), Central Bank of Nigeria, (CBN), creation of a minimum of 20,000 jobs and improving the internally generated in the state.

Executive governor of Kaduna State, Mallam Nasir El-rufai,said that his government decided to go into partnership with the development finance institution because of his firm conviction that the purpose of government is to create an enabling environment suitable for job creation.

Business News

BoI Disburses N48.44m to 15 Entrepreneurs Under KADSTEP Scheme

Having met its risk acceptance criteria for their proposed businesses, the Bank of Industry (BoI) has disbursed N48.44million loan to beneficiaries of the Kaduna Start up Entrepreneurship Programme.

According to the bank, apart from benefiting from other loan windows of the bank, under the KADSTEP, successful small business operators would also have opportunities to leverage on existing N1bn matching fund.

While 25 budding entrepreneurs enlisted in the programme, which comprised two months intensive entrepreneurial training, and one-month practical session in business plans development, only 15 graduates got loan cheques ranging from N2million to N5million.

KADSTED was designed by the Kaduna State Government in conjunction with the Kaduna Business School and the development finance institution to empower aspiring entrepreneurs to be able to access various intervention funds available to support Small and Medium Enterprises (SMEs) in the state.

Speaking while presenting cheques to the beneficiaries of the programme in Kaduna, the BoI Acting Managing Director, Waheed Olagunju in a statement said that those whose loans were approved were the candidates that met the bank’s Risk Acceptance Criteria(RAC).

He, however, noted that the bank and KBS are working with the other 10 in a hand- holding manner and guiding them towards also meeting the laid down RAC.

According to him, the bank is putting up the measures to increase the success rate of KADSTEP graduates with a view to reducing the mortality rate of small businesses.

“We are optimistic that most of them will eventually scale through and encourage others to complete their applications in good time so that they could also become beneficiaries,” he promised.

While recommending the KADSTEP model to other states of the federation, Olagunju restated the bank’s commitment to continue to provide financial support to existing and start-up businesses across the nation.

Business News

Bank of Industry’s Managed Funds Increase to N44.6 billion

The managed funds under the portfolio of the Bank of Industry (BOI) has hit N44.6 billion as at the end of 2015 financial year. The funds have however risen above the figure considering various Memoranda of Understanding sealed with its stakeholders since the beginning of 2016.

Some of the funds managed by the Bank as at December 31, 2015 include the N8.12 billion National Automotive Council Fund, N2.9 billion Dangote Fund, N12.3 billion Rice Processing Fund, N12.5 billion Cement Fund, N1.8 billion National Sugar Industrial Development Fund, N1.48 billion Federal Department of Agriculture (FDA) Cottage Fund as well as other funds managed in partnership with other state governments.

Ag. MD/CEO, Mr. Waheed Olagunju stated that as part of measures to rev up its operations, the bank is strengthening its collaboration with its foreign and domestic partners including community-based organizations to deepen the bank’s credit delivery process and financial inclusion initiatives. According to him, the bank is on course in 2016 to surpassing the N83.5 billion that was disbursed in 2015.

Already, the Bank has disbursed N95 billion to 400 enterprises in the first half of 2016.Besides, a breakdown of the bank’s earnings for the year showed that the Bank recorded a profit after tax of N47 billion for the year ended December 31, 2015, representing an operating profit of N11.9 billion up by 100 per cent from N6 billion achieved in 2014 and an exceptional income from the gain on sale of some equity securities of WAMCO shares.

“As at the middle of the current year the bank had approved loans totaling N95 billion to more than 400 enterprises and is working assiduously to approving more loans in the second half of 2016 and ultimately meeting the institution’s disbarment target of N212 billion that could potentially lead to the creation of almost 1 million jobs in addition to the 1.6 million projected under the Government Enterprise and Empowerment Programme”, he said.

Business News

BOI Partners With The Iwo Community On Production of Local Fabrics

The Bank of Industry (BOI) has partnered with Iwo community of Osun State to promote use of local fabric in fashion lines.

The Acting Managing Director of the Bank of Industry (BOI), Mr. Waheed Olagunju, who was invited to Iwo by the Oluwo of Iwo said that the Bank Of Industry Limited is ready to assist the fabric makers to expand their business and improve the quality to meet export standard.While inspecting the garments from local fabrics of aso oke and adire, he noted that the over dependence on foreign goods can only be remedied when Nigerians start patronizing locally made goods.

While inspecting the garments from local fabrics of Aso Oke and adire, he noted that theover-dependence on foreign goods can only be remedied when Nigerians start patronizing locally made goods.

The inspection took place at the palace of the Oluwo Of Iwo, Oba Abdul Rasheed Akanbi, Ilufemiloye, Telu 1 in Iwo Local Government of Osun State.

He gave the assurance that he would sign a Memorandum of Understanding that would ensure that all those involved in the value chain are considered to enhance their capacity.

The MoU would also seek to help them add better value to their fabrics in order to make the product a good source of foreign exchange for the country.

The Oluwo of Iwo, Oba Adewale Akanbi, also stated his reason for inviting BOI officials to the town.

He said that he embarked on a campaign to shift attention to usage of local fabrics for western designs to empower those involved in the business and to export Yoruba culture to the outside world.

He explained that the fabric is good enough to be used as uniforms for security agents, uniform for school children among others.

He also disclosed that through his efforts, a bill at the Osun State House of Assembly that makes locally produced adire the uniform for pilgrims from the state to Hajj has been passed.

The monarch urged President Buhari to support the initiative as part of efforts to revive Nigeria’s ailing economy.

Business News

MD/CEO of BOI, Waheed Olagunju Praises Dr Mike Adenuga as Being Worthy of Emulation

Young entrepreneurs in Nigeria looking to make a difference in society by creating sustainable value offerings can learn a thing or two from Chief Mike Adenuga. Bank Of Industry Limited’s Acting Managing Director, Mr. Waheed Olagunju has said.

The acting Managing Director, Bank of Industry, Mr. Waheed Olagunju in a remark during the presentation of cheques to the first set of winners in the on-going Glo Hamma Millions Promo on Tuesday, thanked Globacom Chairman, Dr. Mike Adenuga Jr, for building a world class telecoms company like Globacom which he noted could compete with any telecoms company in the world.

According to him, Chief Adenuga is ”one person who connects with people at the bottom pyramid and that is why we are here to identify with this and to re-affirm our bank’s readiness to partner with global communications limited. Those of you who won 100k that could be the beginning of your journey to becoming a Mike Adenuga of tomorrow. We at BOI are available to support you and hold your hand. We have our consultants and experts who will advise you on the type of business you can go into in your immediate environment.”

He reiterated that the Bank remains committed to the pursuit of its mandate of catalyzing the entrepreneurial and industrial development of Nigeria, as well as supporting job and wealth creation initiatives across the country.

Other dignitaries at the event included the Deputy Speaker, Lagos State House of Assembly, Hon Wasiu Eshinlokun Sanni; Lagos State Coordinator of the National Lottery Regulatory Commission, Fidelis Ajibogun and the Zonal Coordinator, Lagos Office, Nigerian Communications Commission (NCC),Ikechukwu Aninweke.

Business News

Bank of Industry, Abia State Government Float N1bn Lifeline for SME Operators

Nigeria’s main financial development institution, the Bank of Industry (BoI) and the Abia state government have inked an agreement under a Memorandum of Understanding (MoU) to pump N1 billion into the Small and Medium Enterprise (SME) sector of the state.

The fund as well as capacity building for effective deployment, will be made available to deserving entrepreneurs in the state to further boost their value addition processes, expand their production capacities and make more jobs available for the unemployed.

Speaking during the MoU signing ceremony at the Government House Umuahia, Ag. MD and CEO of BoI, Mr Waheed Olagunju explained that the N1billion SME development fund is to be equally contributed by the bank and the state for onward lending to yearning entrepreneurs in the state, particularly those who are engaged in value addition and processing.

“What we are trying to do now is to accentuate the industrialisation of Abia State particularly in the SME sector vertically and horizontally, to increase the level of entrepreneurship in the state with its attendant multiplier effects.

“We need to add value to our products rather than exporting them in their crude form to countries where they are processed and sent back to us with more value and we pay heavily for that and the per capita incomes of those countries get much higher than we have here, and the quality of life and living standards are also much higher than we have here.

According to Olagunju what separates the rich and the poor countries of the world are the level of industrialisation, as it is not by accident that rich countries are described as industrialised nations of the world and the poor countries as less industrialised.

“By our estimation in the Bank of Industry, through every N1billion we lend, we are able to generate close to 10,000 jobs. And as resources permit we can also increase the pool of funds, this is just a framework that we intend to start with,” he added.

Olagunju noted that with the right capacity building, prospective beneficiaries stood a better chance of making the best use of the assistance given to them, which will enhance their potential and also enable them to honour their repayment obligations.

He announced that the bank was aiming to open a branch office in Umuahia, to enable it to bring more of its products and services closer to entrepreneurs in Abia state.

In his remarks the Abia state Chief Executive, Governor Okezie Ikpeazu while appreciating the federal government’s renewed effort in trying to pick up the bits and pieces of the Nigerian economy through other vital sectors apart from oil stressed that “this is the time to seize the opportunities that are available to us.”

He said his government is resting on five pillars of development and first of these five pillars is the development of small and medium scale enterprises, having identified from inception that Asians were very resilient, tough and ingenious entrepreneurs.

“We also discovered a cultural hedge in the way our people do business which has prevented them from competing globally and that is the non-automation of production processes. With automated production lines we can be sure of the consistent quality, time of delivery and consistency in design.

“We want to see how we can intervene by assisting them in procuring needed equipment, training and re-training and also help them in accessing markets and gaining exposure beyond Nigeria.

“I want to assure you that every person that will benefit from the facility will give a good account of it and will be willing to pay back. The orientation is that this is the time to move forward and the economy of the nation and our state depends on their ability to seize this moment and run with it.

“I want to assure the Bank of Industry that our government will cooperate with you, do everything possible to see that you succeed in setting up an office here in the state.

“I’m one of the few that believes that Nigeria will rise from this low ebb and become stronger, become better, such that we can tell the story of what happened as the nudge we needed to rise from our slumber.

Governor Ikpeazu noted that time has also come for Nigerians to take pride in what they produce because – “anything that is good enough for Nigerians should also be good for citizens of other countries.

“The greatest enemy of made in Nigeria products are Nigerians themselves and we need to change our orientation and discipline our appetite for foreign products. This is the time to tell the world who we are from our own perspective.”

Business News

BoI Disburses N83.5bn to 776 Enterprises in 2015, Posts N44.7bn Profit

The acting Managing Director, Bank of Industry (BoI), Mr. Waheed Olagunju has disclosed that a total sum of N83.5 billion was disbursed to 776 enterprises by the development finance institution in 2015.

He said the interventions further helped to create over 400,000 jobs for Nigerians.

Speaking in Abuja at the bank’s 56th annual general meeting (AGM), he said in spite of the challenging global economy and the 2015 election anxiety with its attendant implication for the business environment, the bank still recorded a profit after tax (PAT) of N44.7 billion, which represented a 761 percent increase from N5.2 billion in 2014.

The bank’s financial statement for the period also showed it grew operating income by 161 percent to N70.7 billion from N27.1 billion while net loans grew by N1.7 billion to N572 billion within the period in review.

He said the bank will seek to further deepen its developmental impact in both core emerging sectors, drive service delivery excellence, and support the development to small and medium enterprises (SMEs) in the country by leveraging strategic partnership, effectively managing enterprise risks as well as leveraging technology.

Olagunju said also disclosed that a total sum of N95 billion had so far been approved for disbursement to over 400 enterprises as at June this year.

He added that bank was working assiduously to approving more loans in the second half of 2016 to meet institution’s disbursement target of N212 billion which could potentially creation up to 1 million jobs in addition to the 1.6 million projected under GEEP.

He said by a projection of 2.6 million jobs per annum BOI’s interventions could generate more than 10 million jobs over the next four years to reduce unemployment to a single digit.

Meanwhile, Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, commended the bank for posting a sustained “impressive financial performance” since its inception 15 years ago.


The minister said he was also excited that BoI had started implementing the N140 billion Government Enterprise and Empowerment Programme (GEEP) which is an aspect of the Federal Government’s N500 billion Social Intervention Package shortly after the 2016 budget was signed into law.

Under GEEP, the development finance bank was chosen by the federal government, given it antecedent, to identify and disburse soft loans to 1.6 million beneficiaries nationwide, mainly market women, youths, artisans, and farmers.

He said BoI had brace up to the increasing responsibilities that were being assigned to fulfill the country’s economic development process, particularly in the implementation of the Nigerian Industrial Revolution Plan (NIRP), the National Enterprise Development Programme (NEDEP) and the Government’s Enterprise and Empowerment Programme (GEEP).

Speaking at the AGM, the minister further extolled the efforts of management and staff for their commitment to taking the institution to greater heights, by embracing its core values and assiduously pursuing the bank’s vision, mission, and mandate.

He, however, charged the bank to intensify efforts at mobilising suitable financial and nonfinancial resources from within and outside the country for the transformation of Nigeria’s industrial sector in accordance with the Nigerian Industrial Revolution Plan (NIRP).

Specifically, he challenges the bank on processing and adding value to the country’s vast agricultural, solid minerals and petroleum resources among other areas of resource endowments and comparative advantage.

He assured the bank that his ministry would continue to support its arduous task of transforming Nigeria’s industrial sector in the best interest of present and future generations.