BOI declares N7.89 billion dividend payment to shareholders, 75% profit growth

The Bank of Industry (BOI) has declared a dividend payment of N7.89 billion for the financial year ending December 2021 to its shareholders, the Ministry of Finance Incorporated and the Central Bank of Nigeria, showing its ability to weather the storms. economic headwinds to stimulate the federal government. government revenues.

The BOI also said it recorded a 75% increase in its pre-tax profit to N61.15 billion in the 2021 financial year.

BOI Managing Director/CEO Olukayode Pitan told his 62nd Annual General Meeting (AGM) that the result showed the bank’s ability to weather economic headwinds to boost federal government revenue as well as the upward trajectory performance and results of the bank have made it possible to attract local and foreign capital in order to fulfill the obligations of its mandate.

According to him, in February 2022, 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 a total of 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.

“Through 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,” he said.

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

It will be recalled that during the commissioning of the second tower of the BoI building in Abuja in March 2022, President Muhammadu Buhari commended the Bank for disbursing over $1•24 trillion to 4•2 million beneficiaries from of micro, small and medium and large enterprises as well as to urge the Bank’s management to ensure that its impact is felt throughout the country.

Buhari also expressed his satisfaction that the new building, which is a world-class building, was financed by the Bank’s internally generated IGR revenue and therefore approved the issuance of the tough guarantee to help the Bank raise funds. funds in the Eurobond market.

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Elaine R. Knight