BOI Set to Disburse N212billion Loans in 2016

The Bank of Industry, BOI, has unveiled plans to disburse N212 billion loan to eligible entrepreneurs before the end of 2016.

Acting Managing Director of BOI, Waheed Olagunju, who spoke at the sideline of the bank’s Annual General Meeting held in Abuja, on Monday, June 6, said the bank disbursed a total of N83.5 billion loans to entrepreneurs across the country in 2015.

Olagunju revealed that already, as at the first half of 2016, the bank had approved loans totaling N95 billion to more than 400 enterprises and was working to approve more loans in the second half of the year.

The bank’s annual report and accounts for 2015 showed that it grew its profit before tax by 232 per cent from N5.710 billion at the end of 2014 to N47.230 billion in 2015.

The financial statement showed that the profit after tax rose by 761 per cent year-on-year from N5.190 billion at the end of 2014 to N44.696 billion in 2015.

The shareholders approved N1.19 billion as dividend for the year ended 2015 with optimism that the bank would perform better in 2016.

He said the bank’s interventions would lead to the creation of one million jobs in addition to the 1.6 million projected under the government enterprise and empowerment programme.