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Bank of Industry Limited Featured

The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP).

The International Finance Corporation which produced its pioneer Chief Executive held 75% of its equity along with a number of domestic and foreign private investors. Although the bank’s authorized share capital was initially set at N50 billion in the wake of NIDB’s reconstruction into Bank of Industry Limited in 2001, it has been increased to 250 billion in order to put the bank in a better position to address the nation’s rising economic profile in line with its mandate.

 

Following a successful institutional, operational and financial restructuring programme embarked upon in 2002, the bank has transformed into an efficient, focused and profitable institution that is well placed to effectively carry out its primary mandate of providing long term financing to the industrial sector of the Nigerian economy.

 

Market Focus
  • Small, medium and large enterprises, excluding cottage industries.
  • New or existing companies, seeking expansion, mordenisation or diversification.
  • Credit worthy promoters who will be required to prove their commitment to the project by contributing at least 25% of the project cost excluding land.
  • Borrowers whose management capability, financial situation (including availability of collateral and guarantee), character and reputation are incontrovertible.
  • Clients with demonstrable ability to meet loan repayments.
  • Borrowers with no record of unpaid loans to erstwhile development finance institutions and other banks

 

Operating Principles
  • Professionalism, excellence and integrity in the conduct of our business.
  • Long term partnership (Relationship) with clients, based on shared responsibilities for the success of enterprises.
  • Equitable commitment to the prosperity of all stakeholders.
  • Assurance of Bank of Industry Limited viability, survival and capabilities.
  • Lending decisions based both on project’s expected viability and probability of loan repayment.
  • Interest charges to cover cost of borrowing, risk and operating expenses.
  • Support of enterprises with potential to be profitable, competitive and sustainable and have substantial developmental impact.

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