BoI Disburses N210.7bn to 418,436 Beneficiaries, Declares N7.82bn Dividend

James Emejo in Abuja

The Bank of Industry (BoI) has declared that its asset base rose to N2.38 trillion in the 2022 compared to N1.71 trillion in the preceding financial year.

The chairman of the bank, Mallam Aliyu Dikko disclosed this at its 63rd Annual General Meeting (AGM) in Abuja.

The development finance institution also declared a dividend payment of N7.82 billion to its shareholders including the Ministry of Finance Incorporated (MOFI), the Central Bank of Nigeria (CBN), and private shareholders.

The bank also disbursed the sum of N210.7 billion to 418,436 beneficiaries which resulted in the creation of an estimated 1.26 million direct and indirect jobs. This represented a 32.1 per cent uptick from the 950,640 direct and indirect jobs created in 2021 through the bank’s interventions.

Dikko added that profit before tax, also grew by 15.6 per cent to N71.98 billion in 2022 compared to N62.28 billion in 2021.

He attributed the growth in the bank’s assets to the conclusion of three successful capital raising transactions in the year, in which the institution raised over $2 billion, despite the global economic headwinds.

In his remarks, the bank’s Managing Director/Chief Executive, Mr. Olukayode Pitan, stressed that the performance had been instrumental in attracting both local and foreign capital, which enabled the financial institution fulfil its mandated obligations effectively.

He said by surpassing obstacles posed by the challenging economic conditions, BoI has demonstrated its ability to thrive and deliver positive outcomes, adding that bank’s consistent upward trajectory was a reflection of its commitment to providing financial support and fostering growth in various sectors, even in the face of formidable economic headwinds.

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.  

Meanwhile, out of the total disbursement, the sum of N2.51 billion was advanced 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).

It also involves the disbursement of grants amounting to 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.