Managed funds under the portfolio of the Bank of Industry, BoI, has surged to N44.6 billion as at end of the 2015 financial year.
Some of the funds managed by the Bank as at December 31, 2015 include the N8.12 billion National Automotive Council Fund, N2.9 billion Dangote Fund, N12.3 billion Rice Processing Fund, N12.5 billion Cement Fund, N1.8 billion National Sugar Industrial Development Fund, N1.48 billion Federal Department of Agriculture (FDA) Cottage Fund as well as other funds managed in partnership with other state governments.
The funds may have leaped above the figure considering various Memoranda of Understanding signed with its stakeholders since the beginning of 2016.
The bank also debunked reports that investigation activities by the Economic and Financial Crimes Commission (EFCC) at the bank bordered on sale of properties and shares, noting that the issue of alleged misapplied cement funds had since been resolved.
Addressing a press conference in Lagos, on Wednesday, the Acting Managing Director of BoI, Waheed Olagunju explained that activities of EFCC operatives in the financial institution on Monday was to seek answers to a petition raised concerning the management of Cement Technology Institute of Nigeria’s (CTIN) fund.
He said parties to the transaction have addressed the concerns raised with the new terms reached on how to manage the funds which have grown from N9 billion in 2011 to N13.2 billion as at last week Friday.
