The Bank of Industry Has Been Faulted For Its Inability To Track SME Loans

ABUJA, Nigeria– The Bank of Industry (BOI) leadership was chastised by the Senate yesterday, Wednesday, for its inability to identify the whereabouts of loans disbursed to beneficiaries of government credit facilities under the Small And Medium Enterprises (SMEs) support program. Members of the Senate Committee on Trade and Investment took turns questioning the BOI’s Managing Director, Olukayode Pitan, who claimed that the bank was unaware of the loan recipients. The BOI’s Managing Director went before the Committee on Industry for an interactive discussion on the 2021 budget. Pitan stated during his budget defense that the loans are secured by bank […]



The Bank Of Industry Has Given Loans Totaling N969.7 Billion Since 2015

The Bank of Industry (BoI) has said that it has disbursed approximately N1 trillion in loans to various firms since 2015. Mrs Aderonke Akinluyi, the Bank of Industry’s Deputy Head, Business Development, revealed this at a webinar hosted by the Lagos Chamber of Commerce and Industry (LCCI) on Tuesday, where she said the bank disbursed loans worth N969.7 billion between 2015 and 2020. According to the Nigerian News Agency, Akinluyi stated that the monies were distributed to almost three million Micro, Small and Medium Enterprises (MSMEs) and 653 major enterprises throughout the time period, resulting in the creation of 6.98[…]