December 4, 2023
Abuja, NG 34 C

A publication of Tari Media & Publications

N7.89 billion in dividends are declared by Bank of Industry to shareholders.

The Bank of Industry (BOI) declared a dividend payment of N7.89 billion for the fiscal year 2021.

Mallam Aliyu Dikko, Chairman of the Board of Directors, announced the results at the bank’s 62nd Annual General Meeting in Abuja.

The Bank stated in a statement that the dividend paid to its shareholders, the Ministry of Finance Incorporated and the Central Bank of Nigeria, demonstrated its ability to withstand economic headwinds in order to increase revenue for the Federal Government.

The Bank reported a profit after tax profit of N52.60bn in 2021, compared to N30.80bn recorded in 2020, while its profit before tax stood at N61.15bn, an increase of 75 per cent from N34.35bn in 2020.

Speaking during the AGM, the Managing Director/CEO, BoI, Mr Olukayode Pitan, said the upward trajectory in the bank’s performance and results enabled it to attract local and foreign capital in order to fulfil the obligations of its mandate.

In February, BOI successfully issued a €750m Eurobond to enhance its capital base to support its customers and the real sector of the Nigerian economy.

In the year under review, the Bank disbursed a total of N213.63bn to 30,406 Nigerian enterprises through both direct and indirect methods, representing a 47.3 per cent increase over disbursements in 2020.

The disbursement for 2021 includes N2.99 billion to 22,120 farmers via the bank’s Smallholder Farmers on-lending product and N1 billion to 4,000 micro-retailers via the bank’s MSME Distributor Finance Programme.

According to the bank, its interventions will generate an estimated 950,640 direct and indirect jobs in 2021.

Pitan also reaffirmed the bank’s ongoing efforts to support its stakeholders and fulfill its mandate.

“Our commitment to building a resilient organization that can respond to the needs of our customers and operating challenges is unwavering,” He added.

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