The Nation Newspaper

Tag: BoI

  • BoI, Ebonyi roll out N4bn agric fund for civil servants

    The Bank of Industry (BoI) and the Ebonyi State government are to collaborate in a N4 billion matching funds to enhance the fortunes of civil servants in the state through agricultural activities.

    A statement from the bank yesterday in Lagos disclosed that the agro-based fund was coming on the heels of a N4 billion MSME Matching Fund activated in July 2017.

    Mr Olukayode Pitan, Managing Director of BoI, noted that the fund was to develop and promote entrepreneurship, boost agriculture and its value chain businesses in the state.

    He also noted that the fund would create a solid future for both MSMEs and the State’s civil servants who were the engine room for the execution of state policies and programmes.

    According to him, the fund is being offered at five per cent and 6.2 per cent for medium term (3 years to 5 years) and working capital financing respectively, with moratorium periods of three to 12 months.

    Pitan commended the harmonious working relationship of the bank and the State’s Implementation Committee (SIC) in identifying viable MSMEs across the 13 local government councils of the state.

    “So far, the Bank has approved a total of 34 loans valued at over N206 million to MSMEs in the state under the Matching Fund.

    “In addition, the Bank has also approved and granted loans worth over N3.17 billion (N1.81 billion disbursed) from its direct funds to 22 other businesses in Ebonyi State,” he said.

    Pitan said that the sectors supported included rice milling and processing, quarry and solid minerals, food processing, roofing sheet production, water bottling and packaging, mattresses and foam production and metal fabrication.

    He said that BoI also impacted the economy of the state through Federal Government’s social security scheme – Government Enterprise and Empowerment Programme (GEEP)- targeted at traders and artisans.

    According to him, the bank supports 2,525 beneficiaries to the tune of N126.22 million.

    In his remarks, Gov. Dave Umahi of Ebonyi, said that Ebonyi was the pioneer of an initiative aimed at improving the lives of civil servants across the country.

    He noted that proffering solution to the low and erratic earnings of civil servants ought to be addressed as a national issue, and that if civil servants were rich, the nation would be rich.

    “I get so bothered about the issues of civil servants in the country, because their take home cannot match market forces and yet many states in our federation cannot pay this meager salary to civil servants,” he said.

    He assured civil servants that the fund would be ready to be assessed from this month, adding that the Constitution permits civil servants to engage in agriculture.

     

  • BoI disburses N112.5b to customers

    The Board Chairman, Bank of Industry (BOI), Aliyu Abdulrahman Dikko yesterday said the bank  disbursed  N112.5 billion to customers in 2017. The figure was an improvement from the N65.9 billion that was achieved the previous year.

    He spoke during the bank’s Annual General Meeting, held in Abuja. He said lending to Micro, Small and Medium Enterprises (MSMEs) also increased significantly from N8.2 billion in 2016 to N29.5 billion last year.

    He said, “In spite of the challenging operating environment, I am pleased to announce that the group’s total assets improved by 4.5 per cent from N682 billion to N713 billion between 2016 and 2017 respectively. The group’s total equity also rose to N241 billion in 2017 from N219 billion in 2016, while Profit Before Tax also increased to N26.3 billion from N16.9 billion in the same period representing a growth of 55.6 per cent.

    He said 2017 was plagued with several geo-political tensions, natural disasters and political upheavals in many countries and regions of the World. “The year ended on a higher note in key emerging and developing economies such as Brazil, China, India and South Africa, while advanced economies  experienced mild growths. The International Monetary Fund (IMF) estimated a global economic growth of 3.7 per cent in 2017, attributing it to the recoveries in investment, trade and manufacturing sectors across economies”.

  • DAWN, BOI, Nustream to host Southwest e-commerce summit

    The Southwest regional think tank for government policies, the Development Agenda for Western Agenda (DAWN) Commission, has concluded plan with other partners to organise the maiden Southwest e-commerce and Expo 2018 in Ibadan, the Oyo State capital, from March 26 to 28.

    The expo, which aims at introducing a new culture of electronic business transactions in the region, is a partnership between the DAWN Commission, Bank of Industry (BOI) and Nustream Conference and Culture Centre.

    It is said to be in tandem with the mission of the commission, especially on economic competitiveness, social and human development.

    The expo, with the theme: The Future Started Yesterday and We’re Already Late, will hold at the Nustream Conference and Culture Centre in Ibadan, the organisers said.

    Addressing reporters to herald the summit, the Acting Director General of DAWN Commission, Seye Oyeleye, noted that the internet connectivity and powerful online tools had resulted in a new commerce arena, called e-commerce.

    The commission’s chief stressed that “e-commerce offers many advantages to companies and customers”.

    The media briefing at the commission’s Cocoa House headquarters in Ibadan, the Oyo State capital, was attended by a BOI representative, Pacquedis Irabor; Nustream Conference and Culture Centre and IBridge Hub Founder/Chief Executive Officer, Francis Madojenu and e-entrepreneurial consultant, Ladi Thompson.

     

     

  • BoI disburses N362m to 75 MSMEs in Benue

    BoI disburses N362m to 75 MSMEs in Benue

    The Bank of Industry (BoI) has presented N362 million cheque to the first batch of beneficiaries of the N2billion-Micro Small and Medium Enterprises (MSMEs) development fund in Benue State. It has also granted N1.5billion direct funding to 28 businesses.

    Benue State and the Development Finance Institution (DFI) had last year signed a pact on the N2billion matching fund to boost the entrepreneurial potentials of citizens in the state.

    Under the financing model, both parties gave commitment to contribute N1billion each for on lending to mainly businesses that have high employment generating potential and value addition to local raw materials.

    This is even as the bank announced that over 28 other businesses had been granted N1.5billion from its own direct funds.

    According to the Managing Director, Olukayode Pitan, the 38 loans beneficiaries are those who met the bank’s pre-disbursement condition.

    He said: “The matching fund was capable of developing small and medium scale enterprises in the state. Other businesses in the state should take advantage of the unique opportunities offered by the scheme.

    “Two-week entrepreneurship training would be organised to build the capacity of the beneficiaries. The partnership with the Benue State government goes beyond providing loans.”

    As part of the package, all beneficiaries will undergo two weeks entrepreneurship training to help their capacity to manage these businesses successfully.

    “Beneficiaries should avoid diverting this fund to areas not envisaged by the scheme; we are reminding them to take seriously their obligations to repay the loans so that others can benefit.

    “The bank had granted loans of over N1.5 billion to businesses across sectors such as food processing, fruit juice processing, piggery, yam/cassava flour, rice processing, fashion designing, and quarries/solid minerals.

    “Under the Government Enterprise and Empowerment Programme (GEEP) which is principally created for farmers, traders and artisans, the bank had also disbursed a total of N255million to 5100 beneficiaries across the state.”

    Speaking, the Deputy Governor of Benue State, Engr. Benson Abono commended the bank for its efforts at developing small businesses in the state, suggesting that the governor establish industrial parks, at least, one in each senatorial district where amenities will be provided and where other infrastructure will be provided. They will share the facilities.”

    Charging the beneficiaries to make the best use of the opportunities, the deputy governor said the first set of recipient would make us proud. It is now time for us to join the business world. It is not wrong to borrow money for business it is what you do with the money that matters.

  • BOI, companies jostling for partnership with Ibadan Tech U

    BOI, companies jostling for partnership with Ibadan Tech U

    The Bank of Industry (BOI) and some private companies are already getting the nod from the Technical University (Tech U), Ibadan to build workshops and factories on the university campus with the aim of building technical capacity of its students.

    The Vice Chancellor of the institution, Prof. Ayobami Salami, disclosed this in an interaction with reporters yesterday.

    He also revealed that the pioneer students of the institution will matriculate next Friday, adding that the Chancellor, Dr Tunde Afolabi, will also be installed the same day.

    Salami said the partnerships being undertaken by Tech U was to fulfill its aim of concentrating on both practical and theory in its academic training.

    According to him, BOI has already expressed readiness to work with the institution while many private companies have submitted proposals on partnerships. He said the landscape of Tech U campus will become and industrial hub within the next three years to the full advantage of students.

    Already, Salami said the students are being trained in entrepreneurial studies as well as French classes to make them versatile in another foreign language.

    The Vice Chancellor emphasized that the appointment of Dr Afolabi as the Chancellor underscores the seriousness of the Oyo State Government in ensuring that Tech U delivers a different model of university education in Nigeria.

    According to him, the chancellor is a geologist whose company plays in the oil and gas sector in Nigeria and the United States of America.

    Salami revealed that about 150 students will matriculate on Friday, stressing that the number far beat the original forecast of 50 pioneer students. He attributed the success to Tech U’s to acceptance by members of the public.

    He said the number could grow as many students were still completing the process of changing institution of choice because Tech U commenced activities four months after the Unified Tertiary Matriculation Examination (UTME) was written.

    The institution currently runs the faculties of Natural Sciences and Engineering.

  • BoI supports Censors Board’s anti-piracy move

    BoI supports Censors Board’s anti-piracy move

    Nigeria’s Bank of Industry (BoI), has thrown its weight behind the moves by the National Film and Video Censors Board (NFVCB)’s Special Task Force on Uncensored and Unclassified movies, with a cash donation of N500, 000, and two KY 200-26C Kymstone Motorcycles.

    Receiving the items at the Board’s Ikoyi office on Monday, Executive Director of NFVCB, Alhaji Adedayo Thomas, was full of praise for the development bank, just as he urged other stakeholders to support the initiative, which, to some extent, will curb the menace of piracy in the country.

    He however revealed that the producer of period film, ‘’76’, Mr. Tonye Princewill has responded to the clarion call, with a donation of N500, 000, meant for the refurbishment of one of the agency’s vans, used for enforcement.

    On the two motorcycles donated by BoI, Thomas said the will be quite useful in running the day-to-day affairs of the organization, as well as easing movement in Lagos traffic, during enforcement operations.

    Highlighting some of the activities of the agency in the last 12 months, he said: “We have been raiding the markets for unclassified and uncensored works. Ane we have recovered a lot; the materials we recovered in Alaba market alone are worth over N150million. We did a lot also in Abuja, Kaduna, Benin, and Onitsha. We are on different court cases with the suspects that were arrested during our operations, hoping that the judiciary will do justice, so that the market will be fine and well booming in 2018.”

    According to Thomas, the agency’s resolution for the new year is to reduce the illegal activities of pirates on unclassified and uncensored works to the barest minimum, encourage local production, and stopping illegal importation of foreign films, as well as illegal exportation of local films, so that the stakeholders in Nigeria can smile to the bank.

  • BoI gives loans to 100 farmers

    BoI gives loans to 100 farmers

    The Bank of Industry (BoI) has disbursed loans worth N5million to 100 farmers, each recieving N50,000.

    The loan was given to members of the Farmers Advancement and Youth Empowerment Association of Nigeria (FADAYEAN) under a programme tagged–GEEP.

    It was disbursed through the Lagos State Council of Trades Men and Artisan Epe Co-operatives Multipurpose Society Limited (LASCOTAC).

    According to the coordinator of the loan, Alhaja Aminat Shade Shabi, the loan is like a test-run, which attracts no interest.

    Shabi stated during the distribution of the cheques to beneficiaries at the premises of the Federal Ministry of Agriculture in Oko Oba, Agege, Lagos that the money was part of N20million fund meant to be given as soft loans to farmers in the state under her authority.

    She said the beneficiaries were the first set of people to access the loan.

    She informed the farmers that they would have to repay the loan within 24 weeks at the rate of N2,200 weekly, adding that the period could only be reduced, but would never be extended.

    “This is an opportunity for you to expand your agricultural business. You would have an opportunity to access up to N1 million each if you are faithful with what you are getting today.

    “You are lucky because we were given N20 million by BoI and you are the first set of people to benefit from the money even before the people in Epe area of the state, where our organisation is situated,” she said.

    The woman, who revealed that the loan was worth it, advised the farmers to organise themselves into groups and do the weekly remittance through their group leaders with proper records before the money is given to the president of the association.

    She told the excited beneficiaries to guarantee themselves and make judicious use of the loan.

    The President of FADAYEAN, Hon. Abiola Gbolahan, in his comments, said the association is spread all over the Southwest of  Nigeria with about 27,000 members.

    Gbolahan explained that FADAYEAN has actually been inaugurated in other states, but that it started from Lagos.

    “Now we are in Delta, Imo and Enugu states. One Dr. Durodolu also took it to South Africa recently. What we are doing now is part of our own promise to the people to empower the youth, market women and farmers.

    “The problem farmers in Nigeria have is how to get access to the Federal Government. We are trying to complement the efforts of the Federal Government through diversification programme.

    “People have abandoned agriculture and focus on petroleum and this cannot sustain us. So, we need to diversify. We are getting loans from the Central Bank of Nigeria (CBN) through the BoI. We usually lease hectares of land to our members,” he said.

    He pointed out that the association discovered that it was difficult for farmers to get money to cultivate, and that each farmer needed about N70,000, but BOI would give N50,000 to each of the farmers.

    The loan, he said was extended to those in fish business like the Egwuns and those selling dried fish so that they could get some money for their businesses.

    He said: “The Federal Government is trying to subsidise the input for farmers such as fertilizers and others. We also have a cooperative society, which is registered with the Lagos State government.

    “To be a member, you would pay N6,000 and we give each member one hectare of land as we have 400 hectares of land in Badagry,  and 500 hectares of land in Ijebu, Ogun State.

    “So, we give them out to serious people. We can minimise and reduce poverty through this.”

     

  • BOI, Unity Bank in court over N150m loan

    BOI, Unity Bank in court over N150m loan

    Bank of Industry (BOI) and the Unity Bank Plc on Tuesday were at the FCT Court, over non performance of N150 million loan granted to Valentino Project Ltd. by BOI.

    Valentino Project Ltd. had in 2012 secured a loan of N150 million for the construction of water treatment factory and production in Kuje, FCT, while Unity Bank acted as its guarantor.

    Mr Toluwaseun Alabi, the Counsel to the plaintiff, Valentino, said that Unity Bank acted as the guarantor for Valentine Project Ltd. to secure the loan.

    Alabi said a loan of N150 million was given to Valentino to set up a water treatment factory and production line in Kuje, adding that “it did just that, while Unity bank acted as the guarantor to Valentino.’’

    He said in August 2013, Valentino received a communication from BOI that the transaction had been terminated.

    He however argued that since the loan was for five years and still operational; it would amount to a breach of agreement if it was terminated.

    Read also: Court directs respondent to pay 60% cost of maintaining his three children

    “Valentino Project Ltd. has built the water treatment factory and production in Kuje and bought the needed equipment, in fact everything is on ground,“ he said.

    Alabi said Valentino had refused to commence work because of the problem it had encountered, adding that the project was stalled because the N150 million had not been fully disbursed.

    “It was just remaining about N5million to complete the loan and finish the project because the company has built the factory and set up everything.

    “But because the Relationship Manager of Unity Bank and the people handling the facilities on behalf of BOI and Valentino Project Ltd. were not having the best of times, it just cut off as guarantor without recourse to the investment.’’

    He said there was a project appraisal before the BOI gave out the loan, adding that based on Valentino’s performance, the loan was given to the company.

    Peter Inegi Counsel to the defendant, Unity Bank said before the loan facilities was given out to Valentino, there were conditions and some obligations attached to it.

    He said Valentino was supposed to perform based on those conditions and obligations, adding that 100 per cent  performance was expected before any intervention.

    “Unity Bank acted as Valentino Project Ltd. guarantor for  N150 million to BOI, but BOI had to act by withdrawing from Valentino Project Ltd. for non performance of obligations.’’

    Justice Peter Affen of the FCT High Court, Maitama, however, reserved judgment until a date to be communicated to both parties.

    NAN

  • Silverbird releases ‘The Bridge’ weekend

    Silverbird releases ‘The Bridge’ weekend

    The much anticipated cross cultural movie, ‘The Bridge’, brings director Kunle Afolayan, Muka Ray and Bank of Industry’s Nollyfund to the spotlight again, in an effort planned to blow the minds of movie lovers this yuletide season.

    Set for cinema release on Friday, December 8 across Nigeria, the romantic movie also scores a landmark as the first feature film to launch the acting prowess of Nigerian singer and songwriter Chidinma Ekile , as she plays alongside a galaxy of veteran and contemporary stars such as Demola Adedoyin, Binta Ayo Mogaji, Zack Orji, Tina Mba, Adebayo Salami, Lere Paimo, Wole Olowomojuore, Lanre Hassan, Jimoh Aliu, and Mama Ray-Eyiwumi.

    Produced by Lasun Ray and directed by Kunle Afolayan, the BoI-powered film tells the story of Stella (Chidinma Emile), a young lady from a distinguished Igbo family who falls in love and secretly marries Obadare (Demola Adedoyin), a Yoruba Prince against her parent’s wish.

    The relationship became threatened by tribal prejudice and the consequences shook the very foundation and unity of both families.

    Silverbird Distributions announces the cinema release and a star-studded premiere billed for Saturday, December 9, 2017.

    The film distribution company, in a statement, describes “The Bridge” as a culturally conscious film with an equal touch of modernism, and pristine standard.

  • BoI: Killing the dream of Nigerian youths?

    SIR Contrary to the notion of job creation through capacity building and funding of enterprising ideas, the Youth Entrepreneurship and Support Programme (YES Programme), through the Bank of Industry is gradually derailing from its classical foundation of helping young aspiring entrepreneurs. Whereas the government came up with the very beautiful programme to support jobless Nigerian youth, the Bank of Industry has turned it to something else. More than a year down the line, there has not been any significant achievement for a programme designed to create about 36,000 jobs annually. The manner and approach by which the bank is handling the programme is parallel to its set objectives. My experience bears this out.

    I applied for the BOI YES Programme and became one of the successful applicants. I participated in the three months online training with the African Management Initiative and was finally selected to advance to the next phase of the programme which was in-class training. I was posted to Kano for the training which lasted for five days. I spent my life’s savings in the course transporting myself from Abuja to Kano and paid for my five-day hotel accommodation as well as dinner as breakfast and lunch were regularly served throughout the training.

    During the in-class training, officials of BOI advised us to among other conditions, to register our businesses with Corporate Affairs Commission as an enterprise and secure a business premises as equity contribution.

    I secured a business premises at the sum of N 140,000.00/year on November 16, 2016 immediately after the in-class training as advised by BOI officials during the training. The tenure of the rent is about to elapse in the next two months. The premises have since been inspected by the staff of the Bank of Industry. I also registered and obtained a certificate of business name with the Corporate Affairs Commission on December 14, 2016 at the rate of N15, 000.00. This is also part of the conditions set out by the bank.

    I was asked to submit a copy of my National Identity Card or Driver’s License or International Passport as part of the conditions precedent to disbursement. As at that time I had only one means of identification; temporary national identity card which could not be accepted by the bank. I quickly rushed to obtain an International Passport which cost me N30, 000.00.

    The Bank after fulfilling the above requirements demanded one percent appraisal fee which is mandatory and non-refundable. I paid the N26, 800.00 at a time I was exhausted and virtually left with nothing to sell-off to pay for the prescribed amount. I decided to approach my neighbour to borrow the N26, 800.00 which I promised to pay back immediately after disbursement of the loan.

    In the end, I got my application rejected. The disqualification was based on the submission of my final statement of results (bachelor degree) not certificate which was still not ready. This was in spite of explanation rendered to the BOI by the Registrar of Ahmadu Bello University, Zaria in a letter dated August 29 which confirmed that the original certificate of my degree is still in process and would be released as soon as it is ready. The Registrar implored the Bank to treat my case in view of the certification. Meanwhile, the bank categorically posted on its official website (http://www.boi.ng/yes/) that it accepts alternatives to degree/HND certificates such as final statement of results or other verifiable evidence of course completion.

    Now that I have been made to spend the money I saved during my national service to start business immediately after the service, and being a jobless graduate with no any source of income, I am now left with no idea of what to do next than to wait until I get a job. I am now battling to pay back the money I borrowed from a neighbour which I paid to the bank as appraisal fee.

    I call on the federal government, the National Assembly and other relevant authorities to look closely into the activities of the Bank of Industry to ensure that it does not take advantage of hapless youths. Currently, there are allegations that the N10billion released to the bank by the federal government for the purpose of the programme has been mismanaged.

     

    • Al-Amin Usman Funtua,

    Katsina State