Bank of Industry grows asset base by 39.2% to N2.38tn

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Abuja, May 19, 2023 – The Bank of Industry (BOI), Nigeria’s oldest, largest and most successful development finance institution, has announced an increase in its asset base from N1.71 trillion to N2.38 trillion in the 2022 business year.

Mallam Aliyu Dikko, the Chairman of its Board of Directors, made the announcement during the Bank’s 63rd Annual General Meeting which held on Thursday in Abuja.

This is in addition to an increase in profit before tax, which grew by 15.6 percent to N71.98 billion in 2022, from N62.28 billion in 2021.

The bank also declared a dividend payment of N7.82 billion to its shareholders.

According to the Chairman, the growth in the Bank’s assets was made possible by the conclusion of three successful capital raising transactions in the year, in which the Bank raised over $2 billion, despite the global economic headwinds.

Also speaking during the Annual General Meeting, BOI’s Managing Director/CEO, Mr. Olukayode Pitan, emphasized that the performance and results of the Bank have been instrumental in attracting both local and foreign capital, which have enabled BOI to fulfill its mandated obligations effectively.

By surpassing obstacles posed by the challenging economic conditions, BOI has demonstrated its ability to thrive and deliver positive outcomes.

The bank’s consistent upward trajectory is a reflection of its commitment to providing financial support and fostering growth in various sectors, even in the face of formidable economic headwinds.

In the year under review, the bank disbursed the sum of N210.7 billion to 418,436 beneficiaries which resulted in the creation of an estimated 1,255,974 direct and indirect jobs.

This is a 32.1 percent uptick from the 950,640 direct and indirect jobs created in 2021 through the Bank’s interventions.

This includes the disbursement of N2.51 billion to 932 beneficiaries in the pilot states of Kano, Gombe and Edo under the $14.27 million BRAVE (Business Resilience Assistance for Value adding Enterprise) Women Nigeria programme, on behalf of the Islamic Development Bank Group (IsDB); and the disbursement of grants of N2.2 billion to 14,046 beneficiaries, bringing the total amount disbursed up to N2.54 billion, on behalf of the fund owners to 15,864 beneficiaries across 15 states.

Mr. Pitan also reaffirmed the bank’s continued efforts toward supporting its stakeholders and achieving its mandate of transforming Nigeria’s industrial sector, adding that the bank’s target in the coming years is to grow its shareholders funds to N1 trillion, and its total assets to N10 trillion.  (GBN)

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