‘Bol Disbursed N127bn MSME Loans In 2014’

The Board of Direc
tors, Bank of Industry (BOI) has announced that the Bank has disbursed a total loan of N127 billion to Micro Small and Medium Enterprises (MSMEs) in the Country within the 2014 financial year operations of the bank.
A release on its website quoted the chairman, Board of Directors, BoI, Mr Abdulsamad Rabiu as having stated this during the bank’s 55th Annual General Meeting held in Abuja recently.
Rabiu said the bank operations within the 2014 financial year was very challenging, stressing that the harsh economic climate never affected the bank’s operations as the bank was able to achieve loans and advances of over N544.3billion in 2014.
He said the amount represented a nine percent growth when compared to the 2013 figure of N498.2 billion.
The bank chairman, Board of Directors said  the BoI profit for the year improved significantly from N2.18billion in 2013 to N5.19 billion representing a growth of 137 percent.
He said the growth in profitability was an indication that the lender was achieving its developmental mandate and goal.
The bank also said through its loans disbursement to the NSMEs over 500,000 jobs were created for the unemployed in the country within the period under review.
The BoI major shareholders are  Central Bank of Nigeria (CBN), Federal Ministry of Finance and 42 corporate and individual shareholders.

Philip Okparaji