- Olusi assures businesses of more supports
The Bank of Industry (BOI) has successfully raised Euro 1.43 billion in a significant move aimed at expanding the development finance institution’s funding activities.
BoI yesterday indicated it recorded 142.5 per cent subscription from the senior phase of its global loan syndication, underlining continuing global confidence in the bank.
The latest facility included a fully guaranteed and a partially guaranteed tranche by Africa Finance Corporation (AFC).
BoI had in July 2022 raised Euro 1 billion through a term loan syndicated facility and successfully repaid same in July 2024.
Managing Director, Bank of Industry (BoI), Dr. Olasupo Olusi, said the oversubscription represented a mark of confidence in the bank and the Nigerian economy by foreign investors who perceive a bright future for the country.
He explained that the proceeds of the loan will help finance a growing demand for BoI funds across the country.
“This is the largest syndication in the bank’s history and is testament to the hard work and dedication of the management of BoI to ensuring that much needed low interest and longer tenured funds are available to Nigeria’s growing private sector in line with the vision of President Bola Tinubu.
“We are grateful for the support received from the CBN and other agencies of government,” Olusi said.
He assured that the bank will continue to work with global development financial institutions to ensure better loan terms for Nigeria’s private enterprises.
Industry analysts expected BoI to witness more remarkable strides under Olusi, a distinguished economist and seasoned development finance expert.
Olusi is expected to bring his remarkable career of over two decades to bear on the outlook of BoI. Known for his contributions in shaping economic policies, fostering fiscal sustainability, and driving private and financial sector development on a global scale, Olusi brings a wealth of expertise to BOI, honed through his extensive tenure with prestigious institutions such as the World Bank and the International Finance Corporation (IFC).
BoI appointed the AFC and Standard Chartered Bank as the Global Coordinators of a Euro 1 billion syndicated term loan facility, with accordion of another Euro 1 billion.
Also, AFC, African Export-Import Bank, First Abu Dhabi Bank PJSC, FirstRand Bank Limited, London Branch, acting through its Rand Merchant Bank division, Mashreqbank psc; SMBC Bank International plc, and Standard Chartered Bank were appointed as the Initial Mandated Lead Arrangers and Bookrunners.
In addition, Absa Bank Limited, acting through its corporate and investment banking division and its affiliates and Export-Import Bank of India London Branch have also joined the facility as Initial Mandated Lead Arrangers.
BoI expressed optimism on successful conclusion of the ongoing general phase, given the level of interest expressed by the local and international banks and investors.
Meanwhile, Olusi, has reaffirmed the bank’s commitment to supporting local manufacturing in Nigeria.
Olusi said this when he visited the G U Ebeco facility and inspected ongoing projects at the Nisa Medical and Zeberced Group at the Idu Indstrial Layout, yesterday in Abuja
He expressed delight at the progress made so far at the various facilities , while commending the chief executives of the organisations, and urging them to do more.
During the visit to the G U Ebeco, Olusi emphasised the importance of job creation and the need for their products to proudly bear the “Made in Nigeria” label.
Olusi praised GU Ebeco’s progress over the past seven years, applauding its expansion into a national enterprise with over 1,500 employees and several facilities across the country.
“I am very happy with the fact that BOI has supported this enterprise for the last seven years. It is wonderful to see that it has grown.
“It employs 1,500 staff, and operates a national distribution system. We are proud of the significant role GU Ebeco is playing in the Nigerian manufacturing landscape,” Olusi said.
The BOI boss also commended the loan repayment performance of the company., Saying it had taken multiple facilities from the BOI.
He encouraged other young entrepreneurs to stay focused, while assuring them of BOI’s commitment to supporting them and Nigeria’s industrialisation efforts.
Responding Mr Ebere Uzozie, Managing Director of GU Ebeco, expressed his appreciation for the continued support from the BOI.
“We are grateful for the Bank of Industry’s backing. Their loans have helped us expand and create lasting change. We now have 34 facilities, and we are debt-free.
” We are optimistic the visit will mark a new chapter for the company, and will ensure further growth and partnerships that will contribute to Nigeria’s industrial future,” Uzozie said.
Meanwhile, at the Zeberced Group, its Managing Director, Mr Aydin Kurt, said that Nigeria had lots of potential and could be the future of the world.
While acknowledging the country’s potential in industrialisation, he emphasised the importance of producing locally in Nigeria rather than relying on imports.
Kurt also appealed for more collaboration with the BOI to promote industrialisation, create jobs and help grow the economy.
” I can not do it alone. we have to come together and create a synergy to attract different investors to come and also invest in this country.
” This is our vision we have alot to share with you, and thank you once again for visiting our corporations,” he said.
Responding, the BOI managing director said that the bank was keen on infrastructure and committed to supporting industrious infrastructure.
“This project is very important to us and a critical objective for the county and, in that spirit, we have decided that we will continue to support the proliferation of industrial parts across the nation.
Why yours is so unique is because it has a plan for Micro Small and Medium Enterprises (MSMEs) which is very important.
“We have a mandate to support that particular segment of our economy because they are the ones that champion job creation and most of the growth of the economy is attributed to them,” Olusi said.
The BOI boss thanked Zeberced Group for the opportunity, while commending the groups’ vision, energy and optimism to carry the project forward.
” We look forward to our partnership. Like I said, we all want to be parts and parcel of this project, we have already given you some money to implement it, and we will see how we can do more.
” As you expand we will support, but you have to also show us the job creation numbers, and make sure your goods are branded made in nigeria,” he said.
