The Bank of Industry Nigeria pitched itself as focused and community relevant institution in its website: Following a successful institutional, operational and financial restructuring programme embarked upon in 2002, the bank has transformed into an efficient, focused and profitable institution that is well placed to effectively carry out its primary mandate of providing long term financing to the industrial sector of the Nigerian economy.
They offer services to the following client base according to their websites.
- Small, medium and large enterprises, excluding cottage industries.
- New or existing companies, seeking expansion, mordenisation or diversification.
- Credit worthy promoters who will be required to prove their commitment to the project by contributing at least 25% of the project cost excluding land.
- Borrowers whose management capability, financial situation (including availability of collateral and guarantee), character and reputation are incontrovertible.
- Clients with demonstrable ability to meet loan repayments.
- Borrowers with no record of unpaid loans to erstwhile development finance institutions and other banks.
Very interesting. Who has ever used this bank in the New or existing companies category. Tekedia is curious because usually startups have no collateral and wants to know if BOI has an answer for that. Has anyone ever received funding from this bank as a startup? Share with us.
You know the MD of this bank is shortlisted for the Africa Business Awards. We do not know the basis of the award, but it could be that she has helped to create companies through structured financing. Or maybe they are bigger. Most awards in Africa looks at size over innovation. She must be doing something good and we want to know how.
About the bank.
The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP).
The International Finance Corporation which produced its pioneer Chief Executive held 75% of its equity along with a number of domestic and foreign private investors. Although the bank’s authorized share capital was initially set at N50 billion in the wake of NIDB’s reconstruction into BOI in 2001, it has been increased to 250 billion in order to put the bank in a better position to address the nation’s rising economic profile in line with its mandate.
Following a successful institutional, operational and financial restructuring programme embarked upon in 2002, the bank has transformed into an efficient, focused and profitable institution that is well placed to effectively carry out its primary mandate of providing long term financing to the industrial sector of the Nigerian economy.