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.
Acting
Managing Director of the bank, Mr. Waheed Olagunju stated that 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."
He
said, "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."
He
went on to say that 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",
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 among others had risen
above the figure following various Memoranda of Understanding (MoU) sealed with
its stakeholders since the beginning of 2016.
The
others include 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.
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.
SOURCE: VANGUARD