Category: News & Events

Meet, Interact and Network with Bank of Industry on BOI’s Day at the 2014 Lagos International Trade Fair.

The Bank of Industry has signed a N13.6bn Memorandum of Understanding with the Federal Ministry towards the establishment of ten rice integrated rice mills and six integrated cassava mills across the country. The signing took place in Abuja recently.

AFRICAN DEVELOPMENT BANK (AfDB) – LINE OF CREDIT (LoC)

Sector: Private Sector

Financing Agreement reference: African Development Bank – Line of Credit (LoC).

The Bank of Industry Limited (BOI) has secured line of credit from the African Development Bank (AfDB) toward the funding of non-oil Small and Medium Enterprises (SMEs) and intend to apply part of the agreed amount of this loan to payments under the contract for the engagement of International Consultant(s) for the design and implementation of the Technical Assistance for Capacity Building for BOI and its SME customers.

The services included under this project are as follows:

A. Institutional capacity building within the Bank of Industry (BOI)

Under the service mentioned above, the consultant(s) is/are expected to:
1. Enhance the existing corporate planning process.

2. Examine BOI’s SME loan underwriting process.

3. Provide a specialist in loan product development to work with BOI’s management towards incorporating into the Bank’s underwriting process appropriate non asset-based methodologies.

4. Work with the Bank towards establishing an Environmental and Social Management System (ESMS) aligned with best practices.

5. Work with the Bank to develop a transactional technology to improve screening and monitoring of the BOI’s SME lending operations.

6. Work with BOI to develop a proprietary credit scoring model that will incorporate the Bank’s own underwriting process.

7. Train BOI staff in evaluation of new SME banking products and services, risk management and use of new management information system in line with best practices.

B. Capacity building for SMEs

For the above service the Consultant(s) would be expected to:
1. Work with the Bank in enhancing and upgrading the capacity of SMEs through training, mentoring, coaching and technical advisory services on a regular basis.
2. In conjunction with the Bank develop a Business Development Service (BDS) programme to address specific capacity gaps that hinder the access of SMEs to bank finance.

The Bank of Industry Limited now invites eligible consultants to indicate their interest in providing these services. Interested consultants must provide information indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, etc.). Consultants may constitute joint-ventures to enhance their chances of qualification. Expected start date should be November 2014 and the duration of the contract is twelve (12) – eighteen (18) months for Assignment A and thirty-six (36) months for Assignment B.
Eligibility criteria, establishment of the short-list and the selection procedure shall be in accordance with the African Development Bank’s “Rules and Procedures for the use of Consultants” [May 2008 Edition, Revised July 2013], which is available on the Bank’s website at http://www.afdb.org.
Interested consultants may obtain further information at the address below during office hours (9.00 a.m. – 5.00 p.m.).
Expressions of interest must be delivered to the address below two weeks after the date of publication at 5.00 p.m. and mention “Consultant Services”.

Attn: Bank of Industry Limited
Mr. Joseph O. Babatunde – General Manager
23 Marina, Lagos
Nigeria.
Tel: +234 (0) 1 – 2715030
E-mail: [email protected].

The Bank of Industry has engaged with the Federal Institute of Industrial Research (FIIRO), Oshodi, in response to the identified need to provide innovative interventions geared towards boosting the economy’s transformation from farming to developing small-scale enterprises, food processing and industrialised agro-industries.

According to Mr. Rasheed Olaoluwa, Managing Director/CEO, Bank of Industry Limited, during the courtesy to the Institute’s Oshodi office recently, this engagement had become necessary in order to boost the 6.8 percent contribution of the real sector to the nation’s GDP, through encouraging the development of localised solutions to the industrialisation gaps that had been identified.

Mr. Olaoluwa also noted that the mandates of both organisations had the same aim: enhancing economic development, and said that it would be to the benefit of all the stakeholders, especially SMEs in the area of agro-processing, if both organisations aligned their strategies to work effectively together. He then promised the Institute of the Bank’s support, especially in the area of promoting the low-cost technologies developed by the Institute, which can help SMEs compete favourably, through exhibitions and other avenues.

It has come to the notice of the Bank of Industry (BOI) that certain persons and organisations are extorting money from members of the public under false pretences claiming to be the Bank’s agents and selling forged BOI loan application forms.

The Bank hereby restates that it does not engage agents or intermediaries to sell loan application forms or receive completed loan application forms.

The general public is hereby advised not to patronise these fraudsters and questionable characters.

The Bank of Industry’s loan application forms can be collected FREE OF CHARGE from any of BOI’s under-listed offices across the country. Prospective customers are also advised to  obtain from the Bank DIRECTLY requirements for accessing financial assistance. Information can also be sourced from the BOI’s website and its social media platforms.

The Bank of Industry’s offices and contact details:

 

Head Office

BOI House

23 Marina

Lagos

Tel: 2715070-99

 

Corporate Office

BOI House

Plot 256, Zone A O

Off Herbert Macaulay Way

Behind Unity Bank

Central Business District

Abuja

Tel: 08073990022.

 

South West Zonal Office (Akure)

BOI House

Owo Road

P.M.B 804

Akure

Tel: 08073990023

 

South South Zonal Office (Asaba)

Plot 25, Block 111

Phase IV Okpanam Road

P.M.B 5099

Asaba

Tel: 08073990025

 

South East Zonal Office (Enugu)

BOI House

47 Coal City Estate

Behind CBN Building

Enugu

Tel: 08073990026

 

North East Zonal Office (Bauchi)

BOI House

Maiduguri Road

PMB 245

Bauchi

Tel: 08073990028

 

North West Zonal Office (Kaduna)

BOI House

18 Muhammadu Buhari Way

P. M. B  2141

Kaduna

Tel: 08073990027

 

North Central Zonal Office (Abuja)

BOI House

Plot 256, Zone A O

Off Herbert Macaulay Way

Behind Unity Bank

Central Business District

Abuja

Tel: 08073990022

 

Website: www.boi.ng

Email: [email protected]

Facebook: https://www.facebook.com/BankofIndustryNigeria

Twitter: https://www.twitter.com/BOINigeria

The Bank of Industry has restated its commitment to MSME development in Nigeria, as it is finalising plans on a partnership with the Kaduna State Government to provide a N1billion matching fund to support MSMEs in the state. Officials of the Bank led by the Executive Director (Operations), Alhaji Mohammed G. Alkali met with a delegation from the Kaduna State Government led by the Special Adviser to the Executive Governor on Economic Matters, Mr. Bullus D. Emishe at the Bank’s Head Office in Lagos recently.

The ratification meeting was attended by  Director, Legal Drafting, Ministry of Justice, Kaduna State, Mr. Eugene Michael; Director of Industry, Ministry of Commerce, Kaduna State, Mr. Maman E. Danka; Executive Secretary, Industrialisation Management and Micro Credit Scheme, Mr. Edward P. Masha; Adviser on Economic Matters to the Executive Governor, Mr Bullus D. Emishe; Executive Director (Operations), Bank of Industry, (BOI), Alhaji Mohammed G. Alkali; Permanent Secretary, Ministry of Commerce and Industry, Kaduna State, Alhaji Tijjani A. Musa; Company Secretary/Legal Adviser, Bank of Industry, (BOI), Mr. Emmanuel Onoji; Principal Manager, Legal Division, Bank of Industry, (BOI), Mr Hassan Osuwa; MD/CEO Kaduna Industrial & Finance Co. Ltd, Alhaji Abdullahi Umar; Zonal Manager, Kaduna Zonal Office, Bank of Industry, (BOI), Mr. Ibrahim Bisallah; Director, Ministry of Finance Incorporated (MOFI), Mr. Lucius T. Bossan; and Banking Officer, Bank of Industry, (BOI), Ms Chinwe Okpala

The Bank of Industry has accepted to drive awareness creation for the United Nations Industrial Development Organisation (UNIDO) desire to improve the Nigerian economy’s competitiveness by helping Nigerian manufacturers and exporters achieve international standards.
The Bank’s Executive Director for Business Development, Mr. Waheed Olagunju, who represented the Managing Director, Mr. Rasheed Olaoluwa, consented on behalf of the bank to the request from UNIDO’s Country and West Africa Director, Dr. Patrick Kormawa to provide sensitisation and promotion support to the initiative at the first ever Meeting with Organised Private Sector on the National Quality Infrastructure Project for Nigeria.
The meeting, which was held at the instance of the Country and West Africa Director, UNIDO, Dr. Patrick Kormawa, is another initiative by UNIDO to put in place in the country, a globally acceptable standard which will help to eliminate (or reduce at worst) inhibitions to the country’s businesses enjoying the benefits of domestic, regional and international trade.
Mr. Olagunju stated that the Bank was keen on the arrangement because it represented a “win-win” situation for the bank since it helped to address one of the major hindrances to accessing the Bank’s funds, while aiding to create an environment conducive for the success of the Nigerian Industrial Revolution Plan (NIRP) and the National Enterprise Development Plan (NEDEP) launched recently by the Federal Government, since no economy could succeed in achieving competitiveness without sticking to globally acceptable standards.
He also added that SMEs-customers of the bank also stood to gain from the initiative because adherence to standards was one of the requirements of the bank, which was introduced both to safeguard the bank’s investment as well as ensure that the customer remained viable.
UNIDO, through Dr. Kormawa, had hinted that their hopes were that the initiative, which is expected to run from 2013 – 2017, would produce legislation that will contain a national quality policy, establish an internationally recognised National Accreditation Body that will vet the activities of regulatory agencies in the country such as SON and NAFDAC, develop a National Metrology Institute to ensure that instruments are of international standards, improve the capacity of the OPS to conform to standards as well as establish conformity assessment bodies, and enhance the powers of the Consumer Protection Council and other consumer organisations to sensitise consumers on quality standards as well as ensure improved consumer protection.
This, it is expected, will improve findings from a recent UNIDO survey which showed that the ratio of non-compliance to standards in Nigeria was moderate and that for the time being, the image of made-in-Nigeria products was fair.

The Federal Government has renewed the tenure of Executive Director, Operations, Bank of Industry (BoI), Mohammed Goni Alkali, for another four years.
Mr. Alkali is a first class honours degree holder in Accountancy from Bayero University, Kano. He also holds a Master of Science degree in Accounting and Finance from London School of Economics in University of London, United Kingdom.
He is an alumnus of the prestigious Harvard Business School, Harvard University; the Booth School of Business at University of Chicago; and the Columbia Business School at the Columbia University.
The reappointment took effect from February 2014.

The newly appointed Managing Director and Chief Executive Officer of the Bank of Industry, Mr Rasheed Adejare Olaoluwa resumed duties at BOI’s head office in Lagos. The former Acting Managing Director and CEO of the Bank of Industry, Mr. Waheed Olagunju, who handed over to the new CEO, received him alongside other members of the Bank’s Executive Management Committee.

Speaking at the brief ceremony, Mr. Olaoluwa said all hands must be on deck towards ensuring that BOI strengthens its operations for global competitiveness and be at par with some of the world’s leading development finance institutions. He stated that the task of increasing the contribution of the manufacturing sector to Nigeria’s Gross Domestic Product cannot be undertaken by BOI alone. According to the new CEO of BOI, for the bank to effectively deliver on its mandate, the institution would have to work closely with other relevant stakeholders towards addressing the non-financial issues facing the manufacturing sector and Micro Small and Medium Enterprises (MSMEs).

Mr. Olaoluwa added that “urgent steps would have to be taken to improve on BOI’s service delivery to enable it meet the unemployment challenges facing the country especially in the areas of wealth and job creation”.

Before his appointment, Mr. Olaoluwa was the Group Chief Executive Officer of UBA Capital Plc, a pan-African asset management and investment banking group, from January 2013 to May 2014, and prior to that, he was an Executive Director at the United Bank for Africa (UBA) between March 2008 and December 2012. This was coupled with his role as Chief Executive Officer of UBA Africa, where he played a key role in the expansion of UBA’s operations into 18 countries in sub-Saharan Africa within three years, recording exponential growth in the bank’s deposit base and profitability during his tenure.
Before joining UBA in 2006, Mr. Olaoluwa’s career path had taken him across Arthur Andersen where he started his career in the financial services industry, and he has held various senior roles in marketing and relationship management, treasury management, currency trading and investment banking, crowning in his appointment as the Managing Director/Chief Executive Officer of the erstwhile Universal Trust Bank Plc.

An Associate of the Institute of Chartered Accountants of Nigeria, the new Managing Director/Chief Executive Officer holds a first class honours degree in Civil Engineering from the University of Ife, and an executive MBA degree from International Graduate School of Management (IESE), Spain.

The Acting Managing Director, Bank of Industry (BoI) Limited, Mr. Waheed Olagunju recently visited the Nigeria Export-Import Bank (NEXIM), one of Nigeria’s development finance institution (DFIs) to further seek collaborations between both institutions towards achieving the economic transformation objectives of the Federal Government.