December 1, 2022

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BOI declares N7.89bn dividend fee to shareholders, 75% revenue progress


The Financial institution of Business (BOI) has declared a dividend fee of N7.89 billion for the monetary yr ended December 2021 to its shareholders, the Ministry of Finance Included and the Central Financial institution of Nigeria, displaying its capability to resist financial headwinds to spice up federal authorities’s income.

BOI additionally mentioned it recorded a 75 per cent improve in its Revenue-Earlier than-Tax to N61.15 billion within the 2021 monetary interval.

BOI’s Managing Director/CEO, Olukayode Pitan, mentioned at its 62nd Annual Common Assembly (AGM) that the end result confirmed the financial institution’s capability to resist financial headwinds to spice up the Federal Authorities’s income in addition to the upward trajectory within the financial institution’s efficiency and outcomes have enabled it to draw native and international capital to be able to fulfil the obligations of its mandate.

In line with him, in February 2022, BOI efficiently issued a €750 million Eurobond to boost its capital base to assist its prospects and the true sector of the Nigerian economic system.

“Within the yr beneath assessment, the Financial institution disbursed a complete of N213.63 billion to 30,406 Nigerian enterprises by means of each direct and oblique strategies. This represents a 47.3% improve over disbursements in 2020.

“The 2021 disbursement consists of N2.99 billion to 22,120 farmers by means of the financial institution’s Smallholder Farmers on-lending product; and N1 billion to 4,000 micro-retailers by means of the Financial institution’s MSME Distributor Finance Programme.

“By means of these interventions, an estimated 950,640 direct and oblique jobs had been created in 2021. Pitan additionally reaffirmed the financial institution’s continued efforts in the direction of supporting its stakeholders and reaching its mandate,” he mentioned.

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He reaffirmed the financial institution’s continued efforts towards supporting its stakeholders and reaching its mandate.

Will probably be recalled that on the commissioning of the second tower of the BoI constructing in Abuja in March, 2022, President Muhammadu Buhari counseled the Financial institution for disbursing greater than #1•24 trillion to 4•2 million beneficiaries from micro, small, medium and enormous enterprises in addition to urging the administration of the Financial institution to make sure that it’s affect is felt all around the nation. 

Buhari additionally expressed satisfaction that the brand new constructing which is a world-class constructing was financed from the internally generated income IGR of the Financial institution and subsequently permitted issuance of the severeign assure to assist the Financial institution elevate funds within the Eurobond market.