BUSINESS

Bank Of Industry Declares N7.89bn Dividends To Shareholders

By Umoru Priscilla

May 23, 2022

The Bank of Industry (BOI) has declared a dividend payment of N7.89bn for the 2021 financial year.

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

The Bank said in a statement that the dividend, paid to its shareholders, the Ministry of Finance Incorporated and the Central Bank of Nigeria, showed its capacity to withstand economic headwinds to boost the Federal Government’s revenue.

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 percent 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 2021 disbursement includes N2.99bn to 22,120 farmers through the bank’s Smallholder Farmers on-lending product and N1bn to 4,000 micro-retailers through the Bank’s MSME Distributor Finance Programme.

According to the bank, an estimated 950,640 direct and indirect jobs were created in 2021 through its interventions.Speaking further, Pitan reaffirmed the bank’s continued efforts toward supporting its stakeholders and achieving 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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