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Tag: BoI

  • BoI disburses N700m to MSMEs

    BoI disburses N700m to MSMEs

    THE Bank of Industry (BoI) has disbursed N700 million for lending to entrepreneurs in Taraba State.

    According to the bank, the funds, which were pulled  by the state government and BoI under its matching fund scheme, following the execution of a Memorandum of Understanding (MOU) for the establishment of a N700 million Micro, Small and Medium Enterprise Development Fund, will boost economic activities and curtail unemployment.

    Speaking during the cheque presentation to beneficiaries of the scheme,   BoI’s Managing Director, Rasheed Olaoluwa, said many loan applications were deficient in either documentation or by virtue of line of businesses not covered by the Bank.

    He noted that before the advent of the matching fund scheme in the state, the bank had invested over N90.6 million in support of genuine businesses, adding that the beneficiaries include Al-Umalau Nig. Ltd, Bombillac Integrated Farms, Tsoro Women MPCS, MalKings MPCS, Wainabe MPCS, Master Bakers’ projects under the Cassava Bread Fund.

    “With the state government’s intervention, a total of 130 projects cut across all local government areas in the state was realised. Amounts were set for each beneficiary between N1.5 million and N1.7 million but not exceeding a total of N215.0million to be processed from the state government’s portion of the fund.

    “Out of this number, 75 projects doing various aspects of processing and value addition totalling about N118, 971,766.69 were approved by the bank. It is however important to point out that only 52 of the 75 beneficiaries who got approval accepted the offers.

     

    “Out of the 52 who have accepted the loan offers, 40 cooperatives have been processed for disbursement out of which 18 benefitting cooperatives that are ready for issuance today would be issued with their respective cheques for the acquisition of raw materials to enhance their productive activities. The remaining 22 cooperatives will also be receiving their cheques in a week’s time as their documentations have been fully processed,” Olaoluwa explained.

    The BoI boss added that the bank has embarked on several initiatives to make access to finance easier for small businesses.  “MSMEs are confronted with low level of financial support because their business plans and loan requests are poorly packaged and non-bankable. In order to address these challenges, BoI has appointed 200 Business Development Service Providers (BDSPs) in three categories of state, Zonal and national coverage to package loan proposals/business plans for the bank’s prospective customers as well as provide post-finance services such as mentorship, handholding, financial advice and inculcation of best practices.

    “We have adopted a cluster-based product programmes in project financing on the basis of the comparative advantages of the local government areas of the federation in terms of their natural resource endowments, as well as established state offices in some states of the Federation in order to bring the bank’s services closer to entrepreneurs in those states,”  he explained.

  • Opa William’s  Three Wise Men gets BoI’s funding

    Opa William’s  Three Wise Men gets BoI’s funding

    As film festivals and award ceremonies warm up for their 2016 edition, there are indications that most of the Nigerian films that will top the list are the big-budget productions coming from the Bank of Industry (BoI)’s Nollyfund, the latest  being The Three Wise Men, produced by popular comedy entrepreneur, Opa Williams.

    Just like some of the previous films which benefitted from the bank’s first scheme of N1.0billion in easy-access interest loan, tagged BOI Nollyfund (BNF), The Three Wise Men is an ensemble caste of top-rated actors such as Richard MofeDamijo (RMD), Zack Orji, Victor Olaotan, Tina Mba, and Ebele Okaro.

    Directed by Patience Oghre Imobhio, The Three Wise Men makes the fourth, in the series of more than a dozen film projects which have already received a nod from the development bank, the others being Kunle Afolayan’sThe CEO, Okey Ogunjiofor’s Queen Amina and Emem Isong’s Anyama.

    During a visit of the film’s location in Parafa, Ikorodu on January 20, 2016, BOI’s officials led by Mrs. Uche Nwuka C. Nwuka, Group Head, Creative Industry met the major cast on set, and observed the shooting of two scenes, involving RMD, Zack Orji, Victor Olaotan and GennfieKanu, a relatively new actress, while Tina Mba and Ebele Okaro amongst others were seen rehearsing their lines.

    Nwuka was accompanied by other officials of the bank, including Okechukwu Madu, Assistant Manager (CI); Stanley Onugu , Assistant Manager (LE Credits); Tejumade Talabi, BO(CI) and Toyin Oyekanmi, BO(CCD).

    Williams informed the BOI team that 30 members of the crew are involved in the production of the film, adding that the project has also employed about 100 individuals, including new set of actors that are being groomed for various roles.

    The group which has been monitoring the production and post-production of the BNF projects, observed that the cast and crew list submitted to the bank are the same individuals engaged in the production. Just as it found that the film is being shot on Red Epic, and Red Scarlet cameras provided by the accredited studio.

    Nwuka, who also interacted with the actors on location, expressed satisfaction at the level of work done so far. She said her bank is encouraged by the efforts of filmmakers who have benefitted from the scheme so far, to produce highly commercial and international standard movies; hence the bank is expanding its chain of exhibition outlets around the country.

    She reiterated that BOI has already accredited some reputable distributors such as G-Media, Filmone Distribution Company, Silverbird Distribution Company, and Genesis Deluxe Distribution Company, as well as  Studio Operators such as Fans Connect Online Nigeria Limited (i.e. Afrinolly), Kingsley Ogoro Productions Limited, and 4Screams International Nigeria Limited) to support this initiative.

    It would be recalled that the Bank of Industry had in the recent past, financed creative-industry projects such as Half of A Yellow Sun, Flower Girl, Digitization of Silverbird Cinemas, G-media and establishing of Filmhouse Cinemas, Viva Cinemas and Ozone Cinemas among others.

    The Three Wise Men is a fate-based story that satirizes the actions and intents of the elderly trio in their mid/late 60’s as they struggle to re-live their lost youth.

    After many years of service in different Government Parastatals the three men are retired and thus settled in a suburb to enjoy their retirement benefits. How they decide to spend this retirement money becomes an intrinsic sub-plot of the highly humorous drama.

    The pack is led by Irikefe (Richard MofeDamijo) 64, a divorcee with three failed marriages after five children and refuses to re-marry. Irikefe decides to live alone as his covetous children are now grown and also live on their own but patiently wait for him to die so they can swoop on whatever he leaves behind.  Irikefe is aware of his children’s intentions and wants to make sure he exhausts all his savings before death. Upon his retirement he refurbishes his flat, buys a laptop, a nice sports car supposedly meant for a young-man, and goes shopping for jeans, T-shirt, Papa’s Cap, sneakers and everything a young-man could dream of.

    The three men become an item, as Irikefe introduces them to his world of fun; from tracking girls on Facebook, Twitter, Instagram, joy riding, and picking the finest of young girls home for a nice time, to clubbing. Irikefe is the happy-go-lucky hippie old man, who sags and wears tattoos. He loves snapping selfies and posting them on his social media pages.

  • BoI rated top performing DFI

    With a 92 per cent score and AA rating by the Association of African Development Finance Institutions’ (AADFI), the Bank of Industry (BoI) is among the top seven performing development finance institutions under the association’s Prudential Standards, Guidelines and Rating System (PSGRS).

    Indeed, the bank has also rewarded some of its customers and staff for renewed commitment towards impact delivery in the bank’s operations and in the real sector.

    Speaking at the Bank’s Impact Awards Night in Lagos at the weekend, BoI’s Managing Director, Rasheed Olaoluwa explained that the awards were designed to reward excellence and customers’ commitment to the growth of the real sector, adding that the bank’s staff were also rewarded for aiding the realisation of the bank’s goals and objectives.

    Olaoluwa noted that the Bank’s recent rating by the AADFI reaffirmed the bank’s commitment towards industrialising the nation’s real sector.

    Indeed, 46 African national institutions including 26 ordinary AADFI member-institutions and four special AADFI member-institutions and 16 non-AADFI member-institutions submitted their self-assessment to the peer review for evaluation in order to identify areas of weaknesses for self-improvement.

    “Today, we are celebrating impact across the real sector. No one can achieve success without the help of others. We are rewarding a team that has worked to deliver value”.

    We are also recognizing our customers that have impact in 2015 in their sectors”, Olaoluwa added.

    Specifically, Mouka Limited was recognised as this year’s best large enterprise directorate customer in loan repayment. .                                                      Innoson Technical and Industrial manufacturing was recognised as the best large enterprise directorate custo-mer in employment generation, while Kam Industries Nigeria Limited emerged this year’s best large enterprise directorate customer with real sector impact.

    For Small and Medium Enterprises, I.O. Furniture Nig. Ltd of the Lagos State Office emerged the best SME customer in loan repayment; Cobef International Limited (Rivers State Office) with 210 workers, was the best SME customer in employment generation; Saclux Industries Limited (Enugu SO) – Agro-processing (Palm Kernel Oil and Refined Vegetable Oil), was adjudged the best SME customer in real sector impact.

    Some of the bank’s employees emerged best project officers in different categories having met the criteria.

    For instance, Ndidiamaka Okuwakaogu emerged the best Project Officer in large enterprise directorate. Emmanuel Ojowuro of the Ondo State Office emerged the Best Project Officer in SME Directorate (SME-South) with 290% achievement for Approval Budget and 60% achievement for disbursement budget, while Aminu Yunusa Yusuf of the Kano State Office scored 85% achievement for Approval Budget and 81% achievement for Disbursement Budget to emege best Project Officer in SME Directorate (SME-South) For the long service award, Ijeh George Ifeanyichuckwu, Ibeh Charles Amaobi, Kantiyok Keziah Tabitha, Adesina Kareem Adekunle, Osuwa Mohammed Hassan, Olagunju Waheed Abiodun, Oseni Jimoh Ezekiel, and Omar Shekarau were recognized having served in the bank for between 10 to 35years.

  • BoI reaffirms commitment to real sector financing

    BoI reaffirms commitment to real sector financing

    Bank of Industry (BoI) has reaffirmed its commitment to supporting to Small and Medium Enterprises (SMEs) through sustainable funding schemes that would further stimulate industrialisation.

    BoI Managing Director Rasheed Olaoluwa made this known in Lagos, at the weekend, when it joined other nations to commemorate this year’s African Industrialisation Day.

    The Africa Industrialisation Day is celebrated on November 20 each year to assist governments and other organisations in many African countries examine ways to stimulate industrialisation, while drawing attention to its challenges in the continent.

    This year’s African Industrialisation Day had the theme: “SMEs for poverty Eradication and Job Creation for Women and Youth”.

    United Nations Secretary-General Ban Ki-Moon had stated that many African economies had shown impressive growth rates in recent years, but increased prosperity had not always translated into inclusive wealth creation.

    According to him, far too often, economic development depends on the extraction of natural resources and  low-skilled labour.

    He noted that, “Africa needs a green, clean industrialisation that leapfrogs out-dated, polluting processes and platforms and benefits from new technologies. Inclusive and sustainable industrialisation is a key stepping stone towards sustained economic growth, food security and poverty eradication in Africa.”

    Olaoluwa said the bank, as part of measures to ensure its impact is felt in the economy, developed a five-year Strategic Plan from 2015-2019 to address challenges with funding the nation’s industrial-isation agenda.

    According to him, the strategic initiative has seen the bank move from the introduction of several innovative financing schemes to the appointment of 122 Business Development Service Providers (BDSPs) to facilitate SMEs’ access to loans as well as the reduction of non-performing loans from 18 per cent to less than five per cent.

    Noting that BoI has been improving SMEs’ operational efficiency with an upgrade of its system and introduction of mobile applications, Olaoluwa stressed that the developments imply that Nigeria must join the rest of the world to become an industrialised nation by harnessing the potential in various sectors while engaging youths to become entrepreneurs.

    His words: “BoI is trying to achieve a balance in its functions as a development finance institution in terms of  delivering social impact and maintaining a sustainable economic development. An innovative approach is required to tackle this social malaise of graduate unemployment that has engulfed the country.”

    He explained that the BoI’s recent ‘Graduate Entrepreneurship Fund’ strategy was to identify the innate talents of these young graduates as soon as they leave school, build their capacities for self-reliance. It was also intended to empower them to establish their own businesses, thereby creating jobs not just for themselves, but also for other youths that they may employ.

    “We are confident that key shareholders  in the National Industrial Revolution Plan (NIRP) initiative like the Ministry of Finance Incorporated and the Central Bank of Nigeria (CBN) will continue to support the bank with some equity injection. But considering the fact that there is a lot of demand on government’s resources, we are exploring alternative modes of funding such as continuation of sector specific intervention funds by the CBN, Ministry of Agriculture, Solid Minerals and others,” Olaoluwa said.

    He added that the bank was looking at managed funds from various state governments and foundations; including long-term loans at very low interest rates from multi lateral/international development institutions.

    With operational efficiency serving as a key benchmark, Olaoluwa said the bank is automating a lot of its processes to give SMEs the opportunity to be served better.

  • BoI trains corps members in Katsina

    BoI trains corps members in Katsina

    The Bank of Industry (BoI) has started a training programme for the 150 members of the National Youth Service Corps (NYSC) selected to benefit from its N2 billion Graduate Entrepreneurship Fund (GEF) scheme in Katsina State.

    Speaking during the  opening ceremony of the three-day training programme in Katsina, the  Managing Director of BoI, Mr. Rasheed Olaoluwa, who was represented by the Divisional Head, Small and Medium Enterprises (North), Mr. Shekarau Omar, said the initiative was designed to empower the Nigerian youth, knowing that government and the private sector, could not sufficiently address the unemployment situation in the country.

    He said: “While the training would help those who already have business plan, but could not translate it to bankable project, the bank’s business development experts would help to fine tune those who were already in business.

    “Although the youth corp members are the direct beneficiaries of the GEF initiative, the entire nation will benefit from it. This is because when the youths are developed, the whole of the environment is transformed.

    “The number of youth that the government and private organisations can employ is limited. But if we empower these young people to be on their own, and quite a good number of them are desirous to be on their own, they will be useful not only to themselves, but add their quota to the economic development of the nation. The training programme was organised for the beneficiaries of the GEF scheme, to give them first-hand drilling on how to successfully run a profitable business.”

  • BoI invests in capacity building

    BoI invests in capacity building

    In line with its commitment to taming the growing army of unemployed youths, Bank of Industry (BoI) has kick-started a three-day capacity building entrepreneurship programme. The graduate entrepreneurship scheme, which is in partnership with the National Youth Service Corps (NYSC), will afford participants access to sizeable funding required for nurturing their business ideas to fruition.

    BoI Managing Director, Mr. Rasheed Olaoluwa, who made this known in Lagos during the week, while flagging off the scheme, said the training will hold simultaneously in seven centres, including Katsina, Plateau, Taraba, Osun, Delta, Abia and Lagos states. He explained that the programme was conceived to encourage graduates to shift focus from job-seeking to job creation through generation of feasible business ideas capable of influencing the economy positively.

    “We are doing this because we thought we need to find a way to encourage the youth corpers to begin to think of an alternative, to actually create the jobs that they are looking for and become employers of labour. We are really impressed by the quality of business ideas that we got and these are ideas in the real sectors.

    “People want to do poultry; people want to set up a bakery, agro-processing, fabrication of poultry cages and others,” he said, adding that these are things that can really add value to the Nigerian economy. He said the bank was really pleased to have this crop of young Nigerians, who are determined to do things differently.

    The BoI boss said the eligible 1,000 participants were selected from about 3,100 applicants, who enrolled for the programme on the BoI portal. He added that on completion of the training, participants with ability to vet plausible business concept will have access to base capital loan to actualise their business plans.

    He said: “The key output for these three days training will be a business plan. After this training, each participant will have produced a plan. With that business plan, they can approach BoI to have access to the small business loans of up to N2 million. If this works we can actually recycle it and spread it to more and more people.”

    On the sustainability of the scheme, he said though BoI is sponsoring the programme from its shareholders fund, the development bank will explore various possibilities to generate funding to facilitate it.

    The NYSC Co-ordinator for Lagos State, Mr. Akhanemhe Cyril, while commending the efforts of BoI, urged corps members to avoid defaulting on the terms on which the loans will be granted, saying it is an avenue to achieve great goals.

    “They are a chosen generation right now, the first set to utilise these loans. Nigeria depends on them not to fail and must not default. I’m sure that with the effort of BoI in selecting these people, they cannot default, he said, pointing out that a country cannot develop without the talent and ingenuity of its youths.

  • ‘BoI didn’t disburse loans to Benue politicians’

    ‘BoI didn’t disburse loans to Benue politicians’

    The Bank of Industry (BoI) has refuted reports that it was involved in the disbursement of loans to politicians in Benue State under the immediate past administration. In a statement, the bank clarified its role under the Memorandum of Understanding (MoU) for  the establishment of the N1 billion Matching Fund executed between the bank and the Benue State government on September 12, 2012.

    The lender explained that under the arrangement, the bank and the state government contributed N500 million each to make up the N1 billion for on-lending to Micro, Small and Medium Enterprises  (MSMEs) in the state.

    In accordance with the MoU, the N500 million counterpart contribution of the state government to the Fund was transferred into BoI’s account at Eco Bank Plc on September 27, same year.

    As provided under the MoU, BoI received many applications that were appraised  in line with its risk acceptance criteria and subsequently approved loans totaling N533, 943,110.39 to 31 MSMEs that met its eligibility criteria.

    As required under the MoU, the bank in two letters dated 2nd and 31st May, 2013 requested the state government to authorise the disbursement of the approved loans to the beneficiaries. “For almost three months, the Benue State government refused to authorise the disbursement.

    “However, on 26th August, 2013, BoI received a letter from Benue State government informing the bank of its withdrawal from the Matching Fund partnership and requested the bank to return its counterpart contribution of N500 million.

    Two letters were written to the Benue State government by the bank on 28th August 2013 and 2nd September, 2013 respectively, appealing to the state government to reconsider its decision to disengage from the matching fund arrangement, and rather authorise the disbursement of the earlier approved loans that amounted to  N533, 943,110.39 to 31 entitled beneficiaries, the statement read.

    It explained that when there was no favourable response from the Bstate government, a total of N523,310,408.59 made up of the initial contribution of N500,000,000 and accrued interest of N23,310,408.59, was transferred into the Benue State government’s account domiciled with Access Bank on 21st, November 2013.

    “The BoI was not privy to what the Benue State government did with the Fund that was returned to it by the bank. BoI emphasised that it was, therefore, not involved with the disbursement of loans to politicians in Benue State under the state’s last administration as erroneously reported,” the statement added.

  • BoI promises six more cinemas

    BoI promises six more cinemas

    THIS is cheering news for Nigerian filmmakers and cinema goers, as Nigeria’s Bank of Industry (BoI), as part of its support for the growth of the creative industry in Nigeria, has promised to add six more cinemas to the existing chains.

    This was revealed by Joseph Babatunde, the bank’s Divisional Head, Large Enterprises, in Lagos, on Tuesday, during an interactive session with Nollywood stakeholders at the ongoing Africa International Film Festival (AFRIFF), which took place at the Silverbird Galleria, Victoria Island, Lagos.

    According to Mr. Babatunde, the gesture from the bank is on the heels of the success story of Filmhouse Cinemas, one of the beneficiaries of the bank’s NollyFund scheme. He revealed that BoI has assisted six companies that plan on opening cinemas across the country.

    Responding to a question on what the bank is doing regarding investing in cinemas, Babatunde said the bank is not unmindful of the need to expand. He also revealed that the bank is already expanding to Owerri, Port-Harcourt and Calabar.

    “We started with Filmhouse,” he said. “But after Filmhouse, we have empowered not less than other six companies that are involved in providing cinema houses.”

    The revelation was cheering news to the audience comprising of delegates from 35 African countries and 25 non-African countries. The session had top Nigerian film practitioners such as Kunle Afolayan, Gabriel Onye Okoye (Gabosky), Sunny Mcdon, Albert Egbe (Mr. B), Joke Silva, Funlola Aofiyebi, Ramsey Nouah, Mildred Okwo, Rita Dominic, Charles Novia, Mahmood Ali Balogun, Andy Amemechi among others.

  • BoI boosts cables manufacturing by 30,000 tonnes

    BoI boosts cables manufacturing by 30,000 tonnes

    Bank of Industry (BoI) has stressed the need for businesses to be innovative and effective to compete globally with their counterparts, considering the competitive and challenging business environment in which they operate.

    The Managing Director, Mr. Rasheed Olaoluwa, said the global business environment had moved on, stressing that Nigerian businesses could not afford to be left out.

    According to him, the bank’s intervention in the nation’s real sector, especially in the cables and wires industry, led to a realisation of a production capacity of 30,000 metric tonnes, following the expansion of Coleman Wires and Cables factory.

    Olaoluwa, at the inauguration of Coleman Wires and Cables factory, Arepo 2, hailed the company for its doggedness and confidence in the economy, praising the indigenous cable manufacturing company for investing in the manufacturing sector despite the harsh terrain.

    He said: “I express our congratulations to Coleman Wires and Cable to say BoI is very pleased to have been instrumental to making this factory a reality. As a lender, when you give out a loan and it was utilised for the purpose it was taken, you will be happy. We are very happy to see that the facility we have disbursed to this company has turned into a reality.”

  • BoI partners Daily Times on Miss Nigeria Beauty Pageant

    BoI partners Daily Times on Miss Nigeria Beauty Pageant

    In continuation of its support for the Showbiz industry, the Bank of Industry, BoI, is partnering Daily Times of Nigeria on the forthcoming Miss Nigeria Beauty Pageant, taking place on November 7, at the Oriental Hotel, Lagos.

    To this end, Managing Director of the Bank, Mr. Rasheed Olaoluwa has inaugurated a three-man panel for the 39th edition of the show.

    The panel which will be implementing BoI’s partnership with Daily Times includes Mrs Betsy Obaseki, Managing Director, BOI Investment and Trust Company; Mrs Cynthia Nwuka, Group Head, Creative Industry and Ms Marian-Francis Hart, Head, Customer Care Department.

    The group, according to a statement from the Bank, is conducting a business plan competition to be entered for by the short-listed contestants at the boot camp, in Lagos, between 2nd and 3rd November, 2015.

    The contestants are coached on Monday, 2nd November on how to articulate and prepare a business plan. During the session, the participants were guided by the list of the 35 SME clusters that BOI is paying priority attention to. Using the format of the Graduate Entrepreneurship Fund application form, the contestants began submitting summaries of their business ideas online on Monday evening.

    The project is part of the Bank’s offering of a single digit loan for the creative industry.

    The entries were screened overnight by the panel while the contestants later on, defended their entries during an interactive session with the panelists on Tuesday, with a view to selecting the best bankable business idea that would be financed by BOI from its own funding lines or any applicable matching/managed fund.

    The Bank’s MD is expected to make a presentation to the eventual winner of the business idea on Saturday evening, during the Grand Finale of Miss Nigeria 2015 at the Oriental Hotel, Lagos.