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Tinubu appoints new BOI chief executive

Olusi

President Bola Tinubu has approved the appointment of Dr Olasupo Olusi as the Managing Director and Chief Executive Officer of the Bank of Industry (BOI) for a term of four years in the first instance.

The appointment was announced in a statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Thursday in Abuja.

The statement said the appointment of Olusi followed the voluntary resignation of the former BOI Managing Director and Chief Executive Officer, Mr Olukayode Pitan.

“Olusi has served as a World Bank economist and development finance expert over the past 20 years.

“Between 2011 and 2015, Olusi served as the economic adviser to then Coordinating Minister of the Economy and Minister of Finance.

“He is an alumnus of Hull University, United Kingdom,” said the statement.

Olusi also obtained a Masters degree in International Money, Finance, and Investment, as well as a Doctorate in Finance & Economics from Durham University, United Kingdom, in 2005.

The President tasked the new BOI Chief Executive to ensure that Nigerians operating all sizes of enterprises across sectors were given fair and equitable access to much needed support.

He said this would bolster employment generation and wealth creation among income groups in the country with special regard for lower and middle income enterprise operators. 

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BUSINESS

BOI processes N2.2bn loans for MSMEs in Edo

Review $1bn loan for MSME’s support through BOI , Analyst appeals
BOI

The Bank of Industry (BOI) says it has successfully processed loans worth N2.2 billion for Micro, Small and Medium Enterprises (MSMEs) in Edo in the last 14 months.

Mr Christopher Omondiagbe, Manager, BOI, Benin office, disclosed this during the graduation ceremony of 22 young people who participated in an entrepreneurship training organised by Sabi Hub, Benin, on Tuesday.

Omondiagbe said the loan processing started in 2020 while the loan disbursement was ongoing.

He said the bank also provided more business support services for entrepreneurs other than loan services during the period under review.

Speaking on why some entrepreneurs found it difficult to access loans from BOI, he said it was due to their inability to meet the necessary loan conditions.

“For instance, most businesses do not pay taxes to government and as a result they can’t meet BOI’s loan conditions of presenting a tax clearance certificate.

“Also, some manufacturers cannot provide collateral when they come to the bank for loans,” he said.

He urged the young entrepreneurs who participated in the training to be focused, build integrity and know what it entailed to run businesses.

“Entrepreneurs need to have knowledge of the type of investment they want to go into before venturing into it.

“Young entrepreneurs need financial literacy, mentorship, market survey and business plan to successfully start a businesses,” he added.

Also, Mr John Imalingmhe, Director General, Benin Chamber of Commerce, Industry, Mines and Agriculture, said it was exciting to see young Nigerians aspire to become entrepreneurs.

Imalingmhe said the chamber also provided mentorship for young people venturing into businesses.

He commended the organisers for the training and urged participants to make good use of acquired knowledge and skills.

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BUSINESS

Review $1bn loan for MSME’s support through BOI , Analyst appeals

Review $1bn loan for MSME’s support through BOI , Analyst appeals
BOI

Review $1bn loan for MSME’s support through BOI , Analyst appealsA Business Analyst, Mr Nerus Ekezie, has appealed to the Federal Government to review the one billion dollar loan to support the Micro Small and Medium Enterprises (MSMEs) which is to be accessed through the Bank of Industry (BOI).

Ekezie, who is a former Director of National Association of Small and Medium Enterprises (NASME), made the call in an interview with the News Agency of Nigeria (NAN) in Lagos on Tuesday.

According to him, earmarking the funds to support the MSME’s sector, via the BOI, might not achieve its objectives because of it stringent conditions.

“ Many budding entrepreneurs cannot meet the criteria set by the BOI to access the loans.

“ The bank will start to demand for a collateral, guarantor and a processing fee, there by negating the process,” he said.

According to him, the Federal Government should have more interface with the various associations in the SME’s sector so as to empower the right businesses.

“ The government could liaise with the Lagos Chamber of Commerce and Industry (LCCI), Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture ( NACCIMA ) or Nigerian Association of Small and Medium Enterprises (NASME) to guide them on how they could allocate the funds.

“ These bodies within the business communities are stakeholders and are better informed on how such ideas could be more successful,” he told NAN.

said.

He noted that the BOI, which is a developmental bank, has been over capitalised, and allocating these funds would be unnecessary at there were other channels to support the MSME’s sector.

NAN reports the Federal Government said that the Bank of Industry (BoI), under the supervision of the Federal Ministry of Industry, Trade and Investment, had secured a one billion dollar syndicated loan to support Micro, Small and Medium Enterprises (MSMEs) in the country.

The Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo, made the disclosure at the Quantum Mechanics Limited MSMEs Survival Fund capacity building programme in Abuja.

The loan is expected to improve the capacity of the bank to effectively support MSMEs across key sectors of the Nigerian economy. (NAN)

STA/VIV

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Edited by Vivian Ihechu

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BUSINESS HEADLINES

Niyi Adebayo speaks on grants for Nigerians in new $1bn MSMEs loan

Niyi Adebayo

The Bank of Industry (BoI), under the supervision of the Ministry of Industry, Trade and Investment, has secured a one billion dollar syndicated loan to support Micro, Small and Medium Enterprises (MSMEs) in the country.

Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment disclosed this, on Monday, at the Quantum Mechanics Limited MSMEs Survival Fund capacity building programme in Abuja.

Adebayo, in a statement by Ifedayo Sayo, his Special Assistant on Media, said the loan would improve the capacity of the bank to effectively support MSMEs across key sectors of the Nigerian economy.

Adebayo said the loan facility, being implemented in conjunction with international partners, had a long-term tenor, alongside moratorium benefits.

According to him, this is part of its efforts toward economic recovery and sustainable growth.

“There is an ongoing discussion with Dunn and Bradstreet to establish an SMEs Ratings Agency of Nigeria (SMERAN) to provide an empirical basis toward analysing the eligibility of SMEs to access credit.

The minister, who spoke on efforts of the Federal Government to support MSMEs in the country, also reiterated the ministry’s support to MSMEs development as demonstrated by the MSMEs Survival Fund Initiative, launched in the wake of COVID-19 pandemic by the Federal Government as part of its Nigerian Economic Sustainability Plan (NESP).

NESP is aimed at protecting MSMEs businesses from the shocks of the pandemic, he said.

“The fund comprises the Payroll Support Scheme which aims at supporting MSMEs in meeting their payroll obligations and safeguard jobs by paying up to N50,000 to a maximum of 10 employees for three months.

“The Artisan and Transport Grant supports self-employed artisans with a one-off payment of N30,000 targeting 333,000 individuals.

“The General MSMEs Grant will provide 100,000 MSMEs with one-off grants of N50,000 each.

“And the Guaranteed Offtake Scheme aims at engaging approximately, 100,000 businesses nationwide to produce items typically manufactured in their locality, targeting 300,000 beneficiaries.

“The scheme supports free registration of companies for 250,000 beneficiaries,” he said.

He explained that the fund was also estimated to save at least, 1.3 million jobs across the country, while strengthening the growth potential of beneficiary businesses.

Adebayo stressed that the successful implementation of the scheme so far, had contributed immensely to pulling Nigeria quickly out of the COVID-19 -induced recession.

The minister said the National MSMEs Clinics also supported the growth of small businesses across the country through the provision of critical infrastructure, with 26 of such clinics showing impressive results.

He further disclosed that the Nigerian Export Promotion Council (NEPC) had launched the Export Expansion Facility (EEF) under the NESP, to support the resilience of new and existing MSMEs to respond to COVID-19 pandemic shocks.

This would retain and create more jobs, especially for youths and women businesses through the Youth Export Development Programme and Promoting women inclusiveness in non-oil export, he added.

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ARTS & ENTERTAINMENT BUSINESS HEADLINES

BOI has N300m loan for creative sector – Osinbajo

Review $1bn loan for MSME’s support through BOI , Analyst appeals
BOI

Vice President Yemi Osinbajo says the Bank of Industry(BoI) in collaboration with the National Council for Arts and Culture, had secured a N300 million loan package for Nigeria’s creative sector.

Osinbajo’s spokesman, Laolu Akande, in a statement, on Sunday, in Abuja, said the vice president disclosed this at the opening of Ogidi Studios, a Lagos-based world-class creative complex, hosting recording, film production, animation, and writing studios, owned by the Temple Company
The vice president said that in recognition of the strategic importance of the entertainment and creative sector in growing the economy, Federal Government, had introduced several initiatives to harness the abundant potentials in the country.
“Last year, the Federal Government handed over the control of the National Theatre to the Central Bank of Nigeria and the Bankers’ Committee.
” The Bankers’ Committee has committed to an investment of N25 billion, as initial funding for the development of the Nigeria Creative Centre at the National Theatre, Lagos.
“The sector will receive support from the Central Bank of Nigeria’s Creative Industry Funds Initiative, an initiative that gives financial support to the technology and creative sector at single-digit interest rates.
“The Bank of Industry, in collaboration with the National Council for Arts and Culture, has also secured a N300 million loan package for the creative sector, the package provides the funds to the sector at single-digit interest rates with a tenor of four to five years.”
He said that the creative sector and other sectors had been positioned to benefit from the deliberate efforts of the Federal Government.
“But perhaps more importantly, with the Ogidi Studios, Nigeria now operates on the same level of sound and video technology with major global players.
” Now the stars, not just Nigerian stars, but from all over the world have a place in Lagos that is as good as any studio they have ever recorded in. World-class script writing, music recording, video making, and editing, can take place under one roof, at the Ogidi Studios.
“The entire value chain in music and entertainment can now be local. So, we are at the cusp of a revolution in entertainment production, creative talent and services, and a major economic opening for business in Nigeria.”
He said that in 2019, Netflix opened its first African office in Lagos and was investing millions of dollars to buy and generate authentic African content on its platform.
Osinbajo added that years earlier, the Universal Music group established itself firmly in Lagos, as many others were waiting to make their bid for a piece of the action.
While commending the owners of the Ogidi Studios for raising the stakes in the entertainment industry, the vice president said local creative talents could fulfill their dreams.
According to him, the industry can fulfil its dream of a world-class script writing, music recording, video making, and editing can take place under one roof, at the Ogidi Studios.
He cited Burnaboy and Wizkid for taking the entertainment industry by storm, and winning the Grammy Awards, saying that the environment had been prepared for Nigeria to produce more creative talents, across the value chain in the industry.
“On the March 14, Burnaboy and Wizkid took the entertainment industry by storm winning the Grammy Awards and established themselves as amongst the best musicians in the world.
“Burnaboy won in the ‘Best Global Music Album’ category for the ‘Twice As Tall’ Album and Wizkid; the real starboy, in the Best Music Video category for his feature in the song ‘Brown Skin Girl’,” he said.

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BUSINESS

AFB, BOI, IDB partner to fund women

Review $1bn loan for MSME’s support through BOI , Analyst appeals
BOI

The Bank of Industry says it is currently collaborating with the African Development Bank (AfDB) on the launch and implementation of the 300 million dollars Affirmative Finance Action for Women in Africa (AFAWA).

Mr Olukayode Pitan, Managing Director, BoI, made this known at the Bank’s webinar themed: “Recognising Women’s Leadership In Enhancing Nigeria’s COVID-19 Recovery” to celebrate International Women’s Day.

Pitan said the AFAWA fund was expected to unlock three billion dollars in private sector financing to empower female entrepreneurs through capacity building development.

He added that the fund would grant women access to finance as well as spearhead legal policy and regulatory reforms to support enterprises led by women.

Pitan said that the bank was also partnering with Islamic Development Bank to implement the Business Resilience Assistance for Value-adding Enterprise (BRAVE) Women Nigeria project.

“BRAVE Nigeria is part of a larger 32.2 million dollars five-year initiative coordinated by the Islamic Development Bank.

“The project combines training and grant-matching to support the growth and resilience of women-led enterprises in spite of their challenging operating environment.

“Furthermore, BOI invested 10 million dollars in the Alitheia Fund, also toward supporting Nigerian women-led businesses, some of which will be export-oriented.

“In addition, the Nigerian Content Intervention (NCI) Fund, a partnership between the BOI and Nigerian Content Development & Monitoring Board (NCDMB) has allocated 20 million dollars as an intervention fund to women businesses in the oil and gas sector.

“These are just a few of the initiatives the Bank of Industry is engaged in to promote female gender equality, especially as it relates to business financing and support.

“We believe that our support to female entrepreneurship will not only revitalise their businesses during this pandemic, but will enable them to thrive beyond it and close the inequality gap.

“BOI remains committed in our drive to support women; and I encourage other organisations to do the same, because when women win, the society wins,” he said.

The BoI managing director said that the International Women Day (IWD) theme: “Choose To Challenge”, highlighted the importance of challenging biases, stereotypes and misconceptions in the interest of creating a more inclusive and gender-equal world.

He said that establishment of the bank’s gender business desk, which catered specifically for female entrepreneurs had successfully disbursed close to N100 billion to over 1,500 women-led enterprises.

“In addition to financial support, the gender desk also provides much needed business advisory and capacity building services, leveraging our strategic partnerships with more than 300 Business Development Service Providers (BDSP) nationwide.

“It is believed that if Nigeria enhances gender equality in the labour market, politics, legal system, education and healthcare, it could add 1.25 per cent points to the economy.

“Despite what we know now, the representation of women at decision making level is still minimal as today.

“There are only 25 countries that have elected women as Heads of State or Government – just about 11 per cent of all countries and territories in the world.

“Beyond participation in the political space, representation of women in the corporate sphere is very much skewed as only eight per cent of Fortune 500 companies are led by females.

“Yes, it is safe to say that we have made progress over the years, yet, it is far from acceptable and insufficient to meet the Sustainable Development Goal Five to ‘Achieve Gender Equality and Empower all Women and Girls’.

“The female gender have also been marginalised when it comes to access to finance.

“The gender financing gap in Africa is believed to be 42 billion dollars between men and women.

“This is a worrisome statistic and at the Bank of Industry, we continue to take deliberate steps to address issues around gender equality in entrepreneurship,” he said. (NAN)
ARM/GOKed” caused a backlash.

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COVID-19: BoI donates N700m to CACOVID

Review $1bn loan for MSME’s support through BOI , Analyst appeals
BOI

Bank of Industry (BoI) has donated N700 million toward the relief fund against the spread of COVID-19 pandemic in Nigeria.

BoI Managing Director, Olukayode Pitan, said in a statement on Friday in Lagos that the contribution would advance regional efforts to combat the spread of the pandemic through the supply of critical care equipment, facilities and essential relief aid.

Pitan said that the bank had contributed N500 million as relief fund to the Private Sector Coalition Against COVID-19 (CACOVID).

“This donation will go toward a fund that has been created to provide more testing, isolation and treatment centers across all geo-political zones.

COVID-19: BoI donates N700m to CACOVID
BOI

ALSO READ: BoI records N39.33bn profit in 2019

“In addition, the bank is providing financial support of N100 million each to the FCT Ministerial Committee on COVID-19 and the Lagos State Government.

“At this pivotal moment in the history of our great nation, we stand in solidarity with the Federal Government and our colleagues across various industries.

“We are optimistic that if we all play our part, we will beat COVID-19, and we will see Nigeria recover and thrive,” he said.

The Bank of Industry reaffirmed its commitment to providing access to finance to Nigerian enterprises in line with its strategic mandate.

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BUSINESS

BOI MD calls for more technology varsities for development

Bank Of Industry

Bank Of Industry

The Managing Director of the Bank of Industry, Mr Olukayode Pitan, has urged State and Federal Governments to establish more universities of technology to drive development.

Pitan gave the advice during the ancillary meeting at the 25th Nigerian Economic Summit in Abuja on Tuesday.

The 2019 summit has as its theme: “Nigeria 2050 Shifting Gears”.

He said the country must identify the kind of education that would gurantee accelerated development.

He said other developed countries like United States and India gave a lot of priority to technological education.

According to him, there is no doubt that investing in education is key in ensuring rapid growth and development.

He, however, urged those intending to start Micro, Small and Medium Enterprises (MSME) not to rely on bank loans alone but to source for funds from family and friends.

“Character is credit. Those with good character can easily access funds from friends and relatives,” he said.

The Deputy General Manager of Abuja Enterprises Agency, Mr Shehu Abdulkadir, also called for merger of MSMEs to be more productive.

Abdulkadir explained that merging of small businesses would address collapse of enterprises which often arise after few years of establishment.

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BoI bags best Development Bank Award

Bank Of Industry

The Bank of Industry (BoI) has been conferred with the best Development Bank Award by the International Bankers Magazine in recognition of its financial support to the nation’s entrepreneurs.

Bank Of Industry

Mr Olukayode Pitan, Managing Director of BoI, in a statement on Tuesday in Lagos, said that the award was presented to the Bank at the London Stock Exchange.

The International Bankers Awards is established to recognise top-ranking individuals and organisations setting new benchmarks for performance and pushing the boundaries within the global financial industry.

Pitan said that the award acknowledged the bank’s relentless drive to widen the spectrum of financial support to the nation’s entrepreneurs, especially the Micro, Small and Medium Enterprises and players in the creative industry.

The bank’s managing director thanked the organisers of the award, assuring that the bank would not relent on its efforts to boost Nigeria’s real sector through an increased support to the MSMEs.

He said that the bank had realised over $100 million profit within the ongoing financial year.

Pitan restated the bank’s commitment to financial prudence, while expressing its determination to raise more funds to support more ventures with potential and generate employment opportunities for the youths.

It was gathered that Pitan on assumption of office in 2017, had hinted on plans to raise $500 million from the international market.

According to industry players, the award will boost the bank’s efforts to raise funds from the international market to finance its various intervention programmes in the nation’s real sector, especially the fast growing creative industry.