Bank of Industry declares N7.89bn payment to shareholders

The Bank of Industry (BoI) has declared a dividend payment of N7.89 billion to its shareholders, comprising of the ministry of Finance Incorporated and the Central Bank of Nigeria(CBN) in its 2021 financial year ended December 2021.

This, it added, shows its capacity to withstand economic headwinds to boost the federal government’s revenue.

Similarly, it recorded a 75 per cent increase in its profit before tax (PBT) to N61.15billion in the year under review.

Speaking at the bank’s 62nd Annual General Meeting (AGM) held over the weekend in Abuja, the chairman, Mallam Aliyu Dikko, said, the outgone financial year was great as the bank recorded many feats.

Similarly, the BoI’s managing director/CEO, Mr. Olukayode Pitan, said the upward trajectory in the bank’s performance and results have enabled it to attract local and foreign capital to fulfill the obligations of its mandate.

Most recently, in February 2022, BoI successfully issued a €750 million Eurobond to enhance its capital base to support its customers and the real sector of the Nigerian economy.

In the year under review the bank disbursed N213.63 billion to 30,406 Nigerian enterprises through both direct and indirect methods. This represents a 47.3 percent increase over disbursements in 2020.

The 2021 disbursement includes; N2.99 billion to 22,120 farmers through the bank’s Smallholder Farmers on-lending product; and N1 billion to 4,000 micro-retailers through the bank’s MSME Distributor Finance Programme.

Through these interventions, an estimated 950,640 direct and indirect jobs were created in 2021.

Pitan also reaffirmed the bank’s continued efforts towards supporting its stakeholders and achieving its mandate.

“Our commitment to building a resilient organisation that can respond to the needs of our customers and operating challenges is unwavering. We strongly believe that we can achieve this with the continuous support of all our stakeholders,” he stressed.

Leadership