BOI announces 39.2% growth in assets with N2.38trn valuation, N71.98bn profit

The Bank of Industry (BOI), Nigeria’s renowned development finance institution, has showcased remarkable progress with a N2.38 assets valuation in 2022 over the N1.71 trillion assets valuation the previous year.

The bank also witnessed a rise in profit before tax, reaching N71.98 billion in 2022, a 15.6 per cent increase from N62.28 billion the previous year.

This growth was announced by BOI’s Chairman, Mallam Aliyu Dikko, at the bank’s 63rd Annual General Meeting held in Transcorp Hilton Abuja yesterday. To the delight of its shareholders, the bank declared a dividend payment totaling N7.82 billion.

Chairman Dikko attributed the bank’s asset growth to the successful conclusion of three capital-raising transactions throughout the year, securing over $2 billion despite the challenging global economic conditions. This achievement underscores BOI’s resilience and ability to thrive amidst adversity.

BOI’s Managing Director/CEO, Mr. Olukayode Pitan, highlighted the instrumental role played by the bank’s performance and results in attracting both local and foreign capital. This capital influx has empowered BOI to effectively fulfill its obligations and support economic growth.

Despite formidable economic headwinds, BOI has proven its mettle by consistently surpassing obstacles and generating positive outcomes. This unwavering commitment to providing financial support and fostering growth across various sectors has propelled the bank’s upward trajectory.

In the past year, BOI disbursed a substantial amount of N210.7 billion to 418,436 beneficiaries, resulting in the creation of approximately 1,255,974 direct and indirect jobs. This represents a notable increase of 32.1 percent compared to the 950,640 jobs generated in 2021 through the bank’s interventions.

Among the bank’s notable disbursements were N2.51 billion distributed to 932 beneficiaries in the pilot states of Kano, Gombe, and Edo under the $14.27 million BRAVE Women Nigeria program, facilitated by the Islamic Development Bank Group (IsDB). Additionally, grants totaling N2.2 billion were disbursed to 14,046 beneficiaries, bringing the cumulative amount disbursed to N2.54 billion across 15 states on behalf of the fund owners, benefiting a total of 15,864 beneficiaries.

Mr. Pitan reaffirmed BOI’s ongoing efforts to support stakeholders and achieve its mandate of transforming Nigeria’s industrial sector. The bank sets ambitious targets for the future, aiming to grow shareholders’ funds to N1 trillion and total assets to N10 trillion in the upcoming years.