BOI declares dividend payment of N7.8 billion to Ministry of Finance, CBN

The Bank of Industry (BoI) has declared a dividend payment of N7.89 billion to its shareholders, consisting of; the Ministry of Finance Incorporated and the Central Bank of Nigeria (CBN) during its 2021 financial year ending December 2021

This, he added, shows its ability to weather economic headwinds to boost federal government revenue.

Likewise, it recorded a 75% increase in profit before tax (PBT) to N61.15 billion in the year under review.

Speaking at the bank’s 62nd Annual General Meeting (AGM) held over the weekend in Abuja, BoI Chairman Mallam Aliyu Dikko said the past financial year has been great as the bank has recorded many exploits.

Similarly, BoI Managing Director/CEO, Mr. Olukayode Pitan, said the bank’s upward trajectory in performance and earnings has enabled it to attract local and foreign capital to fulfill its mandate obligations. .

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

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

The 2021 disbursement includes; N2.99 billion to 22,120 farmers through the bank’s smallholder on-lending proceeds; and N1 billion to 4,000 micro-retailers through the bank’s MSME Distributor Financing Scheme.

Thanks to these interventions, approximately 950,640 direct and indirect jobs were created in 2021.

Pitan also reaffirmed the bank’s continued efforts to support its stakeholders and achieve its mandate.

“Our commitment to building a resilient organization that can meet our customers’ needs and operational challenges is unwavering. We firmly believe that we can achieve this with the continued support of all our stakeholders,” he stressed.

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Elaine R. Knight