Bank of Industry reveals 44.34 billion naira was given to beneficiaries under the N-Power and TraderMoni Schemes

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The Managing Director of Bank of Industry (BoI), Mr. Olukayode Pitan revealed that a total of 44.34 billion naira was disbursed to beneficiaries of the Nigerian Government’s social intervention programmes at the end of 2018.

Pitan said through the implementation of the N-Power programme, one of the social protection schemes, soft loans valued at 15.34 billion naira were provided to 199,989 beneficiaries to purchase work-tools in sectors such as agriculture, health and education.

He noted that under the Government Enterprise and Empowerment Programme (GEEP), which is also a component of the social investment programme, BoI facilitated the disbursement of 29 billion naira to 1,550,000 beneficiaries nationwide through its flagship intervention namely TraderMoni and MarketMoni.

Pitan, who was speaking at BoI’s 59th Annual General Meeting (AGM), assured that the Bank would continue its intervention programme in various sectors of the economy.

The Chairman of the Bank, Mr. Aliyu Dikko further disclosed that a total of 259.6 billion naira was disbursed by the Bank to support the industrialisation policy of the Nigeria Government by the end of 2018.

Dikko said the amount represented an increase of 147.1 billion naira or 130 percent when compared to the 112.5 billion naira credit which the Bank provided to businesses in the 2017 financial year. He added that out of the 259.6 billion naira, about 33.9 billion naira was disbursed specifically to micro, small and medium scale enterprises (MSMEs), while the balance of 225.7 bilion naira was deployed to support large enterprises.

He revealed that the group’s total asset grew by 49 percent from 713.3 billion naira in 2017, to 1.07 trillion naira in 2018. He also stressed that the Bank achieved improvement in its total equity as it increased by 12.5 percent, from 241 billion naira in 2017 to 258.3 billion naira in 2018.

BoI’s profit before tax stood at 36.7 billion naira, indicating a 39 percent increase, compared to the 26.4 billion naira recorded in the preceding year.

Dikko said “the Bank’s developmental impact profile and financial performance are fundamental indicators of our success”

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