BOI Secures A- Rating From Agusto & Co
The Bank of Industry (BoI) has secured a domestic credit of A- rating by Agusto & Co, a leading Nigerian credit rating agency. By the rating , the Bank has been adjudge to be a financial institution with good financial condition and a strong capacity to repay obligations on a timely basis and it is also the first Nigerian Development Bank to be so rated.
Augusto & Co was engaged to carry out an assessment of the bank’s performance and to issue a credit rating based on a multitude of qualitative and quantitative factors. The objective was to provide useful benchmarks for the Bank against global best practices. The engagement was successfully completed and a rating of A- with a stable outlook was issued in December 2014.
The Bank had in 2014 commenced the implementation of a corporate transformation project leading to the development of a five year strategic plan while is currently being implemented.The key strategic issues addressed by the transformation plan include the diversification of the bank’s funding base, development of robust risk management systems, effective cost management, performance management system, credit process re-engineering and automation, customer service delivery, new product development, loan quality, corporate governance, national coverage, and stakeholder management.
The Managing Director, Mr. Rasheed Olaoluwa said, “The positive rating is an endorsement our ongoing transformation project at the BOI, and an affirmation of our strategic intent of adopting global best practices in all aspect of our operation.” He added, “We are determined to make increasing impact in our focus sectors and to continue to set the pace as Nigeria’s leading development bank.