Tracking the giant strides of Bank of Industry | TheCable

“For the first time in the bank’s history, we surpassed N1 trillion in asset base. The Group’s profit was over N36 billion. For a bank that is owned by the government, it is a very good result,” Mr Kayode Pitan, the Managing Director, said.

Despite these challenges, by 2022, the bank’s financial results and further achievements told the story of resilience and remarkable success, of its Board and management.The BOI continued its consistent trend of reporting appreciable growth in major financial indices on a year-on-year basis, thus consolidating its position as Nigeria’s largest and most impactful Development Finance Institution.

* The bank’s total assets have grown by an impressive 248% between 2016 and 2022, reaching ₦1.71tn by the end of 2021 and closing at ₦2.38tn as of December 2022.* BOI has also grown its equity position by 95% since 2016 – from ₦220bn to ₦430bn in December 2022, exceeding the regulatory requirement of ₦ 10bn for retail DFIs.

The first of the transactions was a $750 Million syndication concluded in 2017 with the support of Afreximbank and a team international Financial Institutions . The second and third were the Euro 1Billion syndication closed in March 2020 and another $1Billion syndication that closed in December 2020 . The bank’s maiden Eurobond of €750 million, concluded in February 2022 was the fourth transaction. This transaction marked the first of its kind in several ways to the bank, Nigeria and Africa.

Regarding developmental impact, BOI disbursed the sum of ₦210.7 billion to 418,436 beneficiaries in the year through its direct and indirect lending platforms and through funds that it manages on behalf of its strategic partners. It has disbursed ₦569.3mn to 56,934 beneficiaries under the North-East Rehabilitation Fund – BOI fund to rejuvenate the economies of the 6 States in North-Eastern Nigeria affected by the adverse impact of insurgency over the years.

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