2021 Press Releases

N19.7BN Disbursed To 3,000 Enterprises In South-West – BOI

Over 3,000 enterprises in South-Western Nigeria have enjoyed support from the Bank of Industry to the tune of N19.7bn since 2019 from its own funds. This was disclosed by the Managing Director, BoI, Mr Olukayode Pitan, during the official opening of the Ekiti branch office of the bank in Ado-Ekiti.

The Managing Director, who was represented by the Executive Director, Corporate Services, Jonathan Tobin, revealed that through the bank’s N200m matching fund partnership with Ekiti State, which was signed in March 2010, it had supported the creation of thousands of direct and indirect jobs by giving loans of up to N167m to different enterprises across the state.

According to Mr. Pitan, “The objective of this initiative is to partner with state governments towards supporting micro, small and medium enterprises in such states, by each party setting aside equal amounts of funds.

“The Bank of Industry has a long-standing relationship with Ekiti State, as the state is one of our earliest strategic partners with respect to our matching fund initiative.”

Also speaking at the occasion, the Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo, said that the BoI had contributed significantly to the industrialisation strategy of the Federal Government across various sectors and business segments in Nigeria through its several innovative financial and business support interventions.

On the part of the Ekiti State Governor, Dr Kayode Fayemi, he called on the Bank to extend its partnership with the state toward helping farmers transition from subsistence farming to commercial and agro-processing levels.

He also called on the bank to explore the knowledge economy, which he described as one of the pillars of his administration, for investment. He said the state had demonstrated its commitment to ease of doing business, adding, “Our vision is to make Ekiti a destination of choice for investment by providing an enabling environment to Small and Medium-scale Enterprises.”


2021 Press Releases

BOI Supports Startup Ecosystem With Tech Hubs To Tackle Youth Unemployment

The Bank of Industry (BoI) has said that it is venturing into entrepreneurial training for Nigerian youths to harness and maximise their potential, and will back them by establishing tech hubs to nurture the ecosystem in the country.

The Managing Director, Mr. Olukayode Pitan, stated this at the BoI-UNILAG Incubation and Co-working Hub opening and commissioning in University of Lagos.

According to Mr. Pitan, the Bank would be supporting the establishment of tech hubs across the country, similar to the one commissioned in UNILAG, in recognition of the talented youths in universities and the need to channel youths to more productive and impactful ends, rather than social vices like internet fraud. 

The Managing Director further stated that the bank remained committed to providing funding to support credible and bankable ideas that emerge from the tech hubs to enable them to start operations and scale into viable businesses, stating that embracing technology and infusing it into business processes will make organisations and the country more competitive while adding that the tech industry can be a major pillar of a diversified economy.

“It can create exciting jobs that encourage our young people to stay in Nigeria even as they work and compete globally,” he said. “BoI is happy to support this programme because it aligns with our mission to transform Nigeria’s industrial sector by providing financial and business support services so that new businesses will emerge and existing enterprise will thrive,” he said. He noted that the overall objective is to ensure that the bank’s Corporate Social Responsibility (CSR) investments generate better benefits for the country, stressing that a hub like this gives young people the opportunity to create legitimate wealth while adding their own quota to economic development of Lagos state.

2021 Press Releases

Funding Opportunities Available For Startups – Mr. Pitan

The Managing Director of the Bank of Industry, Mr. Olukayode Pitan, has acknowledged the strong contributions that startups make towards solving present problems in the country through their innovation. 

Making this assertion at the first edition of the community engagement development workshop organised by the Arthur Mbanefo Digital Research Centre (AMDRC) of the University of Lagos (UNILAG), Mr. Pitan pointed out that the Bank was committed to helping startups because their innovative offerings are helping to drive economic growth in the country, adding that since they are the new rockstars of the entrepreneurship world, it is imperative that any economy that wants to thrive in the 21st century must support and have a thriving start-up ecosystem.

According to him, “Their success and impact, in spite of the challenges they face, has further bolstered arguments made about the importance and roles of entrepreneurship and innovation in the economic future of Nigeria.

“It is commonly acknowledged that innovation is a key trigger for any economy that hopes to be competitive and achieve sustainable progress. Economies that desire to become innovative must also foster a culture of entrepreneurship, as there cannot be innovation without entrepreneurship.

“Unlike traditional enterprises, these high-growth enterprises or Start-ups face enormous uncertainty as they seek to create their own business models that can be scalable, but by continuously experimenting, learning, and innovating, start-ups differentiate themselves from other traditional enterprises and became leaders in their respective markets.

“By continuously seeking to create scalable business models, start-ups are able to scale up faster, create more jobs, contribute more to economic output, and drive more competition than traditional enterprises.

He added that the Bank of Industry offers funding opportunities for startups to access capital through the Alitheia IDF, which is managed by Alitheia Capital, with investments from the Bank. He added that the fund targets supporting innovative start-ups that are founded and managed by women. There is also the BOI NTec Fund, targeted at innovative start-ups in Nigeria, which is currently being managed by Verod Capital.

He said, in addition to these funds, BOI has an ongoing programme to establish technology incubators across the country, 7 of which are currently in operation across various states with 2 of them  operating at the University of Lagos. “These incubators provide promising start-ups with an environment that allows them to generate and test their ideas, have access to resources (such as training and mentorship), and grow without any pressure,” he said.

2021 Press Releases

Impact In Financial Inclusion Wins BOI Big At SERAS Awards

The Bank of Industry (BOI) received top honours at the just concluded Sustainability, Enterprise and Responsibility Awards also known as the SERAS CSR Awards 2021 which took place on Saturday, December 4th, 2021 in Lagos Nigeria. BOI was awarded the ‘Best Company in Financial Inclusion’ in recognition of its development impact in providing solutions to ensure that financial services are more accessible to unbanked and underbanked groups. The Bank also received the award for ‘Best New Entry.’

“We are honoured to be recognized for our continuous efforts and strategic investments aimed at improving financial health and inclusion within Nigeria’s business landscape and economy. We remain committed to galvanizing more resources to scale up impact for economic, environmental and social responsibility, in line with our business strategy for sustainable development,” said Mr. Olukayode Pitan, Managing Director/Chief Executive Officer, Bank of Industry, speaking on the awards.

“These awards align with our mission of transforming Nigeria’s industrial sector through sustainable business practices as Africa’s leading Development Finance Institution operating under global best practices” Mr. Olukayode Pitan added.

The SERAS is Africa’s first and foremost recognition for Corporate Social Responsibility and Sustainability. Over the last 15 years, it has grown to become the gold-standard award and the most credible industry ceremony in Africa with representation from 19 African countries.

The ‘Best Company in Financial Inclusion’ award highlights the Bank of Industry’s impact significant efforts in deepening financial inclusion for micro enterprises through the development and execution of innovative financial and non-financial products that promote the use of technology and intermediaries to provide low-interest financing solutions to businesses in the informal, semi-formal and formal sectors. The Bank remains committed to promoting sustainable development by creating long-term value through an integrated approach to social, environmental and economic development across our business operations and practices.

In October 2021, BOI became an official signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed by the United Nations Environment Programme Finance Initiative (UNEP FI), becoming the first Nigerian Development Finance Institution to do so. The Bank also joined the UNEP FI to launch the Collective Commitment to Financial Health and Inclusion as a Founding Signatory.

2021 Press Releases

Procter & Gamble, FMITI, and BOI announces the launch of the 2021 P&G – BoI SME Academy

… Vice President Osinbajo, Minister Adebayo and other industry leaders to open this year’s virtual SME academy to train hundreds of local SMEs

Lagos, Nigeria. January 2021: In a bid to enhance the capabilities of small and medium enterprises (SMEs) in Nigeria, leading consumer goods company, P&G, has partnered with the Federal Ministry of Industry, Trade and Investment, and the Bank of Industry (BoI) to launch the 2021 P&G – BoI SME Academy. 

This year’s SME Academy – which aims to upskill hundreds of SMEs in Nigeria – will feature a webinar on Friday, February 12, and an eight-module business training on February 12 and 19, 2021.

The Vice President of the Federal Republic of Nigeria, His Excellency, Professor Yemi Osinbajo, GCON, will deliver the keynote address at the program. The SME Academy webinar will also feature senior government and private sector officials including Otunba Adeniyi Adebayo – Honorable Minister of Industry, Trade, & Investment, Mr. Omar Channawi – P&G Senior Vice President for Asia, Middle East & Africa, Mr. Olukayode Pitan – MD/CEO of the Bank of Industry, Mrs. Bola Adesola – Senior Vice Chairman for Africa at Standard Chartered Bank, Ms. Yewande Sadiku, the CEO of the Nigerian Investment Promotion Commission (NIPC), Mr. Muhammad M. Nami, the Chairman of the Federal Inland Revenue Service (FIRS), and Mrs. Tara Fela-Durotoye, the CEO of House of Tara amongst others. 

As a force for growth and a force for good for over 28 years in Nigeria, Procter & Gamble has invested significantly in SME development, job creation and trusted, quality leadership brands for Nigerians. Similarly, the Bank of Industry has supported the growth and expansion of thousands of SMEs in Nigeria. Through the SME Academy, both organizations will jointly train hundreds of local SMEs annually on basic business skills to improve their standards, ensure longevity and facilitate their integration into global value chains.

Speaking on the partnership, P&G Managing Director for Nigeria, Mr. Adil Farhat said, “P&G is delighted to collaborate with the Federal Ministry of Industry, Trade & Investment and the Bank of Industry to develop the capacity of SMEs and aid their integration into the global value chain. We are honored to support the government’s plan to create more jobs through SMEs and ensure that small scale businesses have the right skillset to grow, sustain their operations and contribute to the growth of Nigeria’s economy.”

Also commenting on the academy, the Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo said, “In line with the National Economic Sustainability Plan (NESP) of the government, it is important that skill acquisition forms the basis of SMEs operation as they contribute immensely to the economy of the country. As a result, we will support their growth by upskilling and creating an enabling environment which allows them to thrive. The partnership with P&G is timely and we are glad that this public private partnership will support the government’s plan to train SMEs and create more jobs.”

Remarking on the initiative, Mr. Olukayode Pitan, the MD/CEO of the Bank of Industry said, “BoI is committed to impacting SMEs in Nigeria and we believe that this collaboration will drive growth in the nation’s economy. The SME Academy is focused on finding a sustainable solution to unlocking the efficient performance of these enterprises through advisory and skill development.”

As part of the two-day SME Academy and webinar, Procter & Gamble and the Bank of Industry will facilitate the delivery of structured virtual business classes for SME representatives. Some of the classes include tax compliance, access to international markets, procurement principles, business ethics, and corporate governance.

To Register, Visit http://bit.ly/2021PGBoISMEAcademy



About Procter & Gamble

P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit http://www.pg.com for the latest news and information about P&G and its brands.

About the Bank of Industry

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.