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Tag: Bank of Industry (BoI)

  • BOI upscales data protection with ISO 27701 certification

    BOI upscales data protection with ISO 27701 certification

    The Bank of Industry (BOI) has strengthened its data protection capability with the completion of  ISO/IEC 27701:2019 certification for Privacy Information Management Systems (PIMS).

    The latest certification, awarded by the British Standards Institution (BSI),  builds on BOI’s existing ISO/IEC 27001:2022 certification, first obtained in 2019.

    ISO/IEC 27701:2019 is regarded as foremost international standard for privacy management, aligning with the General Data Protection Regulation (GDPR), Nigeria Data Protection Regulation (NDPR), and other global privacy requirements.

    Managing Director,  Bank of Industry (BOI), Dr Olasupo Olusi said the certification confirmed that BOI has implemented a structured framework to manage, process, and safeguard sensitive data of customers, employees, and third parties.

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    He noted that the framework enforces strong privacy controls, integrates privacy management into information security practices, and defines clear roles and responsibilities for data protection.

    He pointed out that the bank was the first development finance institution (DFI) and second bank in Nigeria to achieve the ISO/IEC 27701:2019 certification.

    “This milestone reflects the bank’s commitment to global best practices in privacy and security.

    “The certification represents a proactive commitment to privacy management. It reinforces trust in our ability to protect the data of customers, partners, and stakeholders while meeting the highest international standards,” Olusi said.

    Olusi, in a statement by Divisional Head, Public Relations, Theodora Amechi, added that the certification’s scope covers the full lifecycle of Personally Identifiable Information (PII), including collection, storage, processing, sharing, and disposal.

    As both a PII Controller and Processor, BOI has embedded comprehensive privacy controls across its physical and digital infrastructure.

    He said the recognition enhances BOI’s credibility and positions it as a leader in privacy information management within Nigeria’s banking and development finance sector.

  • Incomplete documentation delaying disbursement of N75b loans to beneficiaries, says BoI 

    Incomplete documentation delaying disbursement of N75b loans to beneficiaries, says BoI 

    Incomplete documentation and ‘other compliance gaps’  have been given by the  Bank of Industry (BoI) as the reasons why some shortlisted  Micro Small and Medium Enterprises (MSMEs)  for the Federal Government’sN75bn intervention fund have yet to have their accounts credited.

    The bank’s  Managing Director, Olusupo Olusi, however, assured  of the commitment of  his management team  to addressing  the ‘’challenges head-on.’’

    “While loans have been approved for many applicants, some disbursements are being delayed because of incomplete documentation and other compliance gaps that could easily be resolved,’’ he said during  a  Presidential Loan Clinic for MSMEs in partnership with the office of the Special Adviser to the President on Micro, Small and Medium Enterprises and Job Creation in Abuja at the weekend

    Olusi, who was represented at the event by the Divisional Head, Multilaterals Division, Yinka Adegboye, revealed that  262 small businesses have so far received N900 million of the N2.9 billion approved for 662 MSMs.

    The intervention fund is aimed at empowering MSMEs, creating over 75,000 direct and 150,000 indirect jobs nationwide.

    The BoI boss explained that the  MSMEs engagement was to ensure that ‘’every qualified Nigerian entrepreneur’’ benefited from the fund.

    His words: “The programme is in line with the presidential directive to make credit accessible to Nigerian businesses, promote sustainability, support families, and contribute meaningfully to the nation’s Gross Domestic Product.

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    “We want to support MSMEs in a sustainable manner. We are not just providing funds, we are building capacity, monitoring impact, and ensuring that these loans translate to job creation and economic value.”

    BoI Regional Manager-North Central, Nasiru Ozovehe, who advised more entrepreneurs to take advantage of the loan, said  “the maximum loan amount is N5 million’’ for each business concern with valid registration and documentation.

     Special Adviser to the President on MSMEs and Job Creation,  Temitola Adekunle-Johnson, said the intervention was designed not only to make funding accessible but to ensure entrepreneurs received the support they need for production.

    The presidential aide said: “The Bank of Industry is here to ensure that those issues and conditions that may limit your loan application success are addressed.

    ‘’The BoI is working directly with beneficiaries to ensure proper documentation and utilisation. This is not just about giving out money, it’s about making sure the money works for   businesses, creates jobs, and grows the economy.”

  • BOI designates FIC as Business Development Service Provider

    BOI designates FIC as Business Development Service Provider

    Bank of Industry (BOI) has designated FIC Professionals Network Plc as a Business Development Service Provider (BDSP) to guide and support Small and Medium Enterprises (SMEs) seeking financing to package their applications.

    BDSPs, according to Segun Shonubi, HCIB, Executive Director, FIC Professionals Network Plc, are vehicles designed to support the bank’s core mandate of providing long-term financial and business support services to micro, small, and medium projects.

    “As a BDSP, FIC is expected to identify credible SMEs that require finance, assist in developing bankable business plans toward accessing finance, provide post finance services such as mentorship and financial advice, and encourage SMEs to imbibe corporate governance, and support the development of synergies and linkages with large enterprises, industrial buyers, and sellers along the value chain”, Shonubi said in a statement.

    “FIC is currently presenting applicants for the N75 billion Small Enterprises Intervention Sector Fund, which is part of the N200 billion Federal Government MSME Intervention Fund that the bank has been appointed as the executing agency to disburse.”

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    The statement said the Board of the Bank approved a mid-term 2025-2027 corporate strategy plan to drive its operations.

    “The strategy focused on 18 initiatives that would be executed to place the bank as a market leader and indeed affirm it as the most successful development financing institution in sub-Saharan Africa,” it added.

    “As part of its support to boost the operations of businesses across the country, the bank in 2024 disbursed more than N120 billion to MSMEs.

    “The Bank recently met with all its BDSPs in view of the new Corporate Strategy to discuss their roles and expectations from them.”

  • BoI disbursed over N270 billion loans in 2018

    The Bank of Industry (BoI) disbursed over N270billion in 2018, the Executive Director, Large Enterprises, Bank of Industry, Mr. Simon Aranonu has said.

    Speaking in an interview with The Nation at the weekend, he said, the Bank generated a total of N36billioin as profit within the same period, as against N22 billion made in the previous year.

    According to Aranonu, BoI in the last 18 months has also grown its balance sheet from N700b in 2017 to N1.1trillion as of Dec 31 2018.

    While commenting on the modus operandi deployed by the Bank to resolve loan repayment, Aranonu revealed that just like any other bank those who borrow from BoI and have the capacity to pay but refuse to pay will not be allowed to go scot free, adding that there is a legal framework put in place to address cases of loan default.

    “However, given that we are a development bank, we are more patient with our borrowers. When a customer genuinely has borrowers, we support them in diverse ways. We will restructure such loans and grant them extension. In some cases we provide additional funds if that would solve the problems,” he said.

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    “Generally our loan process is very rigorous and our risk management process is extremely robust. This ensures our loan default is extremely low,” he stressed.

    The BoI boss who revealed that the Bank has assisted a lot of businesses to thrive over the years, said over 90% of the nation’s manufacturers are among the major beneficiaries.

    “Manufacturers Association of Nigeria (MAN) has a representative on board of BoI. Beyond the large enterprises, we finance small scale manufacturers all over the nation.  We serve them from our 22 branches across the nation,” he said.

    Besides manufacturing, Aranonu said BoI also funds soft service industry. “We have funded the creative industry heavily through movie content development financing and movie theatre. Today over 70 % of the movie theatres in Nigeria were financed by BoI, we have financed many hospitals and diagnostic centers and we are currently financing the biggest cancer treatment center in Africa which is under construction. We have been financing the solar energy development across the nation by setting up a special single digit interest rate fund for financing developers,” he explained.

  • BoI, firm seal N1b Niger Delta off-grid deal

    The Bank of Industry (BoI) and All On have agreed to establish a N1billion Niger Delta off-grid energy fund.

    The fund will provide local currency debt financing to facilitate the deployment of energy solutions by access-to-energy companies in the Niger Delta at 10 per cent interest rate per year (with a one-year moratorium) and tenor of up to seven years.

    The objective of the fund is to stimulate the growth and geographic spread of off-grid energy businesses in the Niger Delta to enable households, small and medium enterprises (SMEs) and communities have access to clean, affordable and reliable power solutions.

    In the Niger Delta, the majority of the population reside in rural areas and only 34 per cent of these have access to reliable grid power. The result is that SMEs in the region use expensive and inefficient diesel and petrol generators increasing their operational costs, families cook with firewood or kerosene while children study with flashlights or candles with the attendant negative health and safety concerns.  The provision of clean, affordable, and reliable sources of energy is therefore essential for improved economic activity and livelihoods of the people of the region.

    Speaking at the signing ceremony for the agreement, BoI Managing Director, Mr. Olukayode Pitan, said: “Bank of Industry keeps seeking and exploring strategic partnerships with reputable institutions like All On in developing sustainable solutions to facilitate social and industrial development. Power is a critical resource to achieving industrialisation, and is also a major cost driver for SMEs in Nigeria. We are, therefore, particularly, pleased with this partnership as the deployment of this fund will provide clean energy at affordable interest rate and friendly conditions not only to SMEs, but also to households and communities in the Niger Delta region of the country.”

    Chief Executive Officer, All On, an off-grid energy investment company backed by Shell, Dr. Wiebe Boer, said:  “We are excited to partner the Bank of Industry on the Niger Delta off-grid energy fund because of their reputation as a leading development finance institution and their deep experience as one of the earliest investors in the off-grid energy sector.

    This partnership will go a long way to encourage off grid energy companies to deploy in the Niger Delta and address the massive access to energy gap in the region.”

    The N1 billion fund is funded equally by the two institutions but will be operated by the Bank of Industry.

  • BoI, firm seal N1b Niger Delta off-grid deal

    The Bank of Industry (BoI) and All On have agreed to establish a N1billion Niger Delta off-grid energy fund.

    The fund will provide local currency debt financing to facilitate the deployment of energy solutions by access-to-energy companies in the Niger Delta at 10 per cent interest rate per year (with a one-year moratorium) and tenor of up to seven years.

    The objective of the fund is to stimulate the growth and geographic spread of off-grid energy businesses in the Niger Delta to enable households, small and medium enterprises (SMEs) and communities have access to clean, affordable and reliable power solutions.

    In the Niger Delta, the majority of the population reside in rural areas and only 34 per cent of these have access to reliable grid power. The result is that SMEs in the region use expensive and inefficient diesel and petrol generators increasing their operational costs, families cook with firewood or kerosene while children study with flashlights or candles with the attendant negative health and safety concerns.  The provision of clean, affordable, and reliable sources of energy is therefore essential for improved economic activity and livelihoods of the people of the region.

    Speaking at the signing ceremony for the agreement, BoI Managing Director, Mr. Olukayode Pitan, said: “Bank of Industry keeps seeking and exploring strategic partnerships with reputable institutions like All On in developing sustainable solutions to facilitate social and industrial development. Power is a critical resource to achieving industrialisation, and is also a major cost driver for SMEs in Nigeria. We are, therefore, particularly, pleased with this partnership as the deployment of this fund will provide clean energy at affordable interest rate and friendly conditions not only to SMEs, but also to households and communities in the Niger Delta region of the country.”

    Chief Executive Officer, All On, an off-grid energy investment company backed by Shell, Dr. Wiebe Boer, said:  “We are excited to partner the Bank of Industry on the Niger Delta off-grid energy fund because of their reputation as a leading development finance institution and their deep experience as one of the earliest investors in the off-grid energy sector.

    This partnership will go a long way to encourage off grid energy companies to deploy in the Niger Delta and address the massive access to energy gap in the region.”

    The N1 billion fund is funded equally by the two institutions but will be operated by the Bank of Industry.

  • ‘Osinbajo for Ondo MSME clinic Thursday’

    The Ondo State Government says the Vice President, Prof. Yemi Osinbajo, will  be in the state on Thursday for the inauguration of  the Micro, Small and Medium Enterprises ( MSME ) Clinic in Akure.

    The clinic was an initiative of the office of the Vice President in partnership with the Federal Ministry of Industry, Trade and Investment as well as  11 other federal agencies.

    This was revealed during a news conference on Sunday in Akure by the Special Adviser to the Governor on Public and Inter-Governmental Affairs, Mrs Olubunmi Ademosu.

    According Ademosu, the programme would kick off on Wednesday while the Vice President is expected in the state on Thursday for the inauguration.

    She said  the Ondo State Government had  put in place all the required structures and processes that would ensure the success of the programme, adding  that the state government was targeting no fewer than 10,000 beneficiaries.

    “The Akeredolu’s administration has always prioritised the people as a key point of his administration as all programmes we have carried out have been evenly implemented.

    “We have also ensured that political influence is avoided with the commitment to facilitate a sense of belonging to residents of the state.

    “The Micro, Small and Medium Enterprises Clinic will never be an exemption,’’ Ademosu said.

    She expressed confidence that the programme would go a long way in raising  a new set of entrepreneurs while the existing ones would be guided on the best steps to take to add value to their efforts.

    “ Owners of micro, small and medium enterprises are expected to focus on capacity building before accessing the most appropriate financial facility.

    “This is why you have businesses that open and shut down in less than few months of establishment.

    “Access to finance for at least five years is the right structure for these businesses and government is already working toward  addressing that with the establishment of the Development Bank of Nigeria ( DBN ), ‘’she said.

    The Special Adviser explained that the idea of the MSME Clinic is part of the efforts of the Buhari administration to close the gap between  enterprises and relevant government agencies.

    She also said that agencies like NAFDAC, Corporate Affairs Commission ( CAC ), Standards Organisation of Nigeria ( SON ), Bank of Industry ( BoI ), Federal Inland Revenue Service (FIRS) and others serve as facilitators of businesses and not obstacles to business development in the country.

    Similarly, the Ondo State Commissioner for Commerce and Industry, Mr Timehin Adelegbe, said the implementation of the programme was timely.

    “It is coming at a period that the Akeredolu administration is intensifying efforts at creating a conducive environment for small scale businessmen in the state,’’ he said.

    NAN

  • BOI to train 3,000 NYSC members yearly on entrepreneurship skills

    The Bank of Industry ( BOI ) says it will train 3,000 National Youth Service Corps ( NYSC ) members on entrepreneurship skills annually under the Graduate Entrepreneurship Fund ( GEF ) programme.

    Mr Kayode Pitan, the Managing Director of BOI, made this known at the opening of the GEF training on Monday in Katsina.

    Pitan said that the programmme was aimed at empowering and encouraging serving corps members to become employers of labour rather than job seekers.

    He said 1,000 graduates had been shortlisted for this year’s training programme, which would take place in seven states of the federation.

    Pitan, who was represented by the Northwest Regional Manager of the bank, Alhaji Sanusi Gidado, said the states included Abia, Delta, Osun, Lagos, FCT, Abuja, Plateau and Katsina.

    Pitan reiterated that interest-free loans were being given to the beneficiaries after training to encourage more to participate.

    The NYSC Director-General, Brig.-Gen. Sule Zakari Kazaure, said that about one million corps members had so far been trained on various skills under the Skill Acquisition and Entrepreneurship Development ( SAED ) programme.

    Kazaure said that the skills were on agro-allied, cosmetology, automobile, ICT, power and energy, film and photography, among others.

    He revealed that efforts were ongoing to improve on the training, supervision, and other implementation procedures to achieve the set objective.

    The D-G also urged the BOI to expedite action in the processing of loan requests after training.

    The Katsina State Coordinator of NYSC, Hajiya Ramatu Sanda urged beneficiaries to set up their businesses in Katsina because the government would provide the necessary assistance for their businesses to grow.

    NAN

  • We need policies to protect the furniture sector – Muni Shonibare

    The Chief Executive Officer and founder of IO Furniture Limited, Mrs Muni Shonibare on Monday received the senate committee on Industry led by its chairman Senator Sam Egwu at its administrative and production office in Ilupeju, Lagos.

    The Senate committee members that visited comprised of Senator Buhari Abdulfatai (Oyo North), Senator Baru Jibrin (Kano North), Senator Barnabas Gemade (Benue North East), Senator Sam Egwu (Ebonyi North).

    They came on oversight of the mandate of the Bank of Industry ( BOI ) in funding and supporting indigenous industries. They also came to ascertain and ensure that the organization’s processes and products meet international standards.

    According to Senator Sam Egwu, “the visit was imperative in order to determine how our industries are faring and to see how they can better be supported through government interventions.

    “Nigeria loses a huge amount of her foreign exchange to importation; this we can reduce by encouraging our local industries to grow by patronizing them.”

    According to Mrs. Shonibare, that intervention funds (loans) from BOI has been of immense help in setting and scaling up the business. Their loan which is pegged at a single digit of 7% is very encouraging.

    With respect to scaling up the business, the CEO reiterated their plans to set up a technical/training programme to bridge the skills gap that currently exist in the industry.

    “We constantly have to bring in expatriates to run the machines because we cannot find Nigerians that are qualified to run them,” she said.

    “Aside from the generic issues of infrastructure, lack of regular supply of electricity, transportation, not getting raw materials for production etc., the greatest challenge is in getting the skilled labour.

    “We recognize that there is a major gap in getting really skilled and qualified personnel for manufacturing. We have to sustain our economy with our own people.

    “Another burning issue is in the area of policies that will protect the industry. We find that unlike other sectors such as architecture, law, banking, insurance etc., where foreign organization cannot just break into the sector without partnering with existing firms, the furniture space do not have such policies to protect it.

    “We need policies to protect the furniture sector so that we can grow in the correct manner. We currently cannot compete with the Chinese market because of their prices which is largely due to the availability of skilled labour.

    “China for instance has over a thousand technical schools, and enroll at least eleven million people with the support of their government to ensure they set up programs that will support the local industry.”

    She further added that patronage is very key. She stressed the need for the government and the Nigerian people to increase their patronage of products by Nigerians.

    IO FURNITURE 2

    Responding to the issues, Sen. Sam Egwu said a bill has been sponsored to encourage, support and protect local industries in the country. He said the “Made In Nigeria” bill which has reached the last stage of conclusion, will ensure that whatever purchases the government intends to embark on (including furnitures), it will first look inwards.

    According to him, it is only when they can’t find what they want within the country that they are permitted to look outside. Agencies or parastaltals of government that flouts this law will be blacklisted.

    “We are sure that when the law comes to effect, it will support your industry and you might find it difficult to meet the demands from government parastatals,” he said.

    The representatives of the senate committee on industry were given a quick tour of the organization’s facilities and show rooms.

    They could not hold back their excitement and how impressed they were with the production capacity and quality of products made by IO furniture limited.

    The organization which has a staff strength of over a hundred and thirty people was established in 1987, and prides itself as being the Nigerian furniture market leader for locally made furniture.

    Every product is made by Nigerians with the technical expertise of their Italian partners who ensure that products meet global standards in terms of production process and the training of staff.

  • BoI disburses N20.5bn to 346 female entrepreneurs

    BoI disburses N20.5bn to 346 female entrepreneurs

    The Bank of Industry ( BoI ) said on Thursday that it disbursed over N20.5 billion  in 2017 to 346 enterprises owned by women.

    The Managing Director of BoI, Mr Kayode Pitan, made the disclosure at the bank’s celebration of the 2018 International Women’s Day in Lagos.

    The International Women’s Day is celebrated on March 8 annually to recognise the roles of women and seek gender equality and women empowerment.

    The theme of the 2018 celebration is: “Press for Progress”.

    Pitan was represented by Dr Waheed Olagunju, BoI’s Head of SMEs.

    He said that the bank recognised the role, achievements and contributions of women entrepreneurs to the development of the nation’s economy.

    The managing director said that the disbursement impacted positively on livelihood, job creation and GDP growth.

    Pitan said that the bank had earmarked N22 billion for 2018 to support women businesses and build on past successes to drive economic growth and recovery.

    He reiterated BoI’s commitment to supporting women entrepreneurs through the bank’s Gender Business Group promoting women enterprises through innovative, financial and business support services.

    He said that the bank would continue to equip women with requisite skills and knowledge aimed at driving entrepreneurship growth.

    According to him, supporting women can unleash a strong force for innovation, productivity, wealth creation and economic growth.

    Earlier, Hajiya Aisha Abubakar, Minister of State for Industry, Trade and Investment, said that the Federal Government would continue to support female entrepreneurs to boost inclusive and virile economic growth.

    The minister was represented by Mrs Temitope Gbamgboye, a Director in the Ministry of Women Affairs and Social Development.

    Abubakar said that the government would not hesitate to expand its programmes to encourage more women to embrace entrepreneurship.

    NAN