President Muhammadu Buhari has approved the renewal of the appointments of Mallam Aliyu AbdulRahman Dikko as Chairman and that of Olukayode Pitan as the Managing Director/CEO of the Bank of Industry (BOI) for another term of five years.
A letter signed by the Secretary to the Government of the Federation, Boss Mustapha and dated March 11, 2022, said the new appointments become effective May 27, 2022.
BoI under the current management has delivered on its mandate of transforming Nigeria’s industrial sector by providing long-term financing and counter-cyclical loans across industries such as agro-processing, gender businesses and renewable energy and has promoted financial inclusion by supporting the expansion of over three million enterprises, thereby creating over seven million jobs.
To expand its capital-base to meet the needs of customers and contribute to the economic growth of Nigeria, the management successfully forayed into the international market and raised about $3.8 billion in the last four years.This includes a $750million syndicated Medium-Term loan in 2018 for which repayment has been fully accomplished; a €1.0 billion syndicated loan in March 2020; a $1.0 billion syndicated loan in December 2020; and a €750 million Senior Eurobond, the first by any African national Development Finance Institution (DFI) in February 2022.
Investor confidence in BOI is reflected in its balance-sheet which has more than doubled since Pitan’s appointment in 2017, growing significantly from N713 billion to about N1.7 trillion as at December 2021 and the bank has demonstrated resilience in the face of macro-economic headwinds and recorded remarkable growth, even in face of the COVID-19 pandemic.
BOI’s growth trajectory is also reflected in its favorable credit ratings from global ratings agencies. Recently, Fitch Ratings upgraded the bank’s National Long-Term Rating to ‘AAA(nga)’ from ‘AA+(nga);’ and affirmed the bank’s Long-Term Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook.
