370:(UNDP) launched the Access to Renewable Energy Project. The project was set up to serve as an advocacy and awareness programme to promote and support the expansion of renewable energy services to support households and local enterprises in unserved and underserved communities. To achieve this, BOI and UNDP encouraged stakeholders in the renewable energy space to invest in the Nigerian sector. However, in 2015, the project was refocused to align with BOI's strategy to fund and implement renewable energy projects in collaboration with relevant stakeholders. As a result, the project was renamed to the Solar Energy Programme (SEP) to reflect the change in strategic direction.
44:
35:
433:
capacity to generate foreign exchange. The line of credit would be provided for funding projects aimed at systematic poverty reduction, employment generation and wealth creation through entrepreneurial, social and economic development. As part of the agreement, AfDB required the bank provide technical assistance for capacity building for both BOI and SMEs. To this end, BOI enlisted international companies BDO/GBRW.
707:. The bank offers a broad range of financial services to micro, small and medium-sized enterprises and various low-income earners both as individuals and as groups. It offers asset financing loans, working capital loans, consumer loans and group loan which do not exceed ₦500,000 per enterprise. In addition, BOI-MFB aims to encourage savings among the unbanked productive poor of the Nigerian society.
174:
154:
718:
BOI Industrial and
Development Insurance Brokers (BOI-IB) Limited offers insurance and consultancy services. BOI-IB Limited provides organisations with fire/extraneous perils insurance, burglary/housebreaking insurance, consequential loss, machinery breakdown, money insurance, goods in transit, group
343:
As part of efforts to expand financing opportunities, BOI began partnerships with several state governments under a matching fund scheme. The MSME matching fund is a 50:50 counterpart funding scheme with State
Governments to administer the fund for establishing micro, small or medium scale businesses
357:
In 2017, the
Federal Ministry of Mines and Steel Development (FMMSD) set up a ₦2.5 billion Nigerian Artisanal and Small-Scale Miners (ASM) Finance Support Fund and designated BOI as the sole fund manager. The purpose of the ASM Fund is to address the funding requirements of artisanal and small-scale
432:
In 2011, the Board of
Directors of African Development Bank (AfDB) Group approved $ 500 million multi-tranche line of credit to assist BOI in financing local SMEs Nigeria. In 2015 and 2017, the bank received $ 100 million (in two tranches of $ 50 million each) to fund export-oriented SMEs with the
689:
BOI Investment and Trust
Company Limited (BOI-ITC) was established in 1978 as a wholly owned subsidiary of BOI's predecessor, Nigerian Industrial Development Bank (NIDB). It was set up as a capital market operator to function as a trustee, registrar and fund/portfolio manager. The company is also
302:
In 2001, the BOI was reconstructed out of the merger of the
Nigerian Industrial Development Bank (NIDB), the Nigerian Bank for Commerce and Industry (NBCI) and, the National Economic Reconstruction Fund (NERFUND). Although the bank's share capital was initially set at ₦50 billion in the wake of
694:
as a finance company. As a
Trustee, BOI-ITC is engaged in the specialised business of trust services including private and public trust, employment retirement benefits, trust fund management for both private and corporate bodies, estate administration under trust, and executorships among other
401:
On the back of this success, BOI and UNDP entered into a cost-sharing agreement to fund the second phase of the project. In 2016, BOI provided $ 1.4 million debt financing while UNDP provided $ 600,000 grant to replicate the solar energy solutions in 11 additional off-grid communities across 4
373:
The SEP commenced with a Rural
Electrification Project which involved the provision of long term financing for the installation of low cost micro-grid and stand-alone solar energy solutions in nominated off-grid rural communities. Between 2015 and 2016, micro-grid and stand-alone solar energy
730:
LECON Financial
Services, formerly Leasing Company of Nigeria Limited, was established as a wholly owned subsidiary of Bank of Industry Limited (BOI), formerly Nigerian Industrial Development Bank Limited, (NIDB) in 1989. It was set up to augment the activities of BOI by providing ancillary
327:
scheme is made up of three programs: TraderMoni, MarketMoni and FarmerMoni. Through the fund, BOI supports trade cooperatives, women cooperatives, micro-enterprises and trade associations with loans ranging from ₦10,000 to ₦50,000. In June 2019, Bank of
Industry was given the award for
398:. Pre-paid metres, using Pay-As-You-Go models, were installed in each household and microenterprise to accommodate for flexibility of payment and to solve challenges of unpaid bills. The pilot phase was considered a success and also attracted several potential investors across Nigeria.
318:
BOI also manages and disburses the Government Enterprise and Empowerment Program (GEEP), one of a number of social intervention programmes introduced by the Federal Government of Nigeria. GEEP is a ₦140 billion fund aimed at supporting individuals in the
290:
Bank of Industry Limited began operations in 1959 as the Investment Corporation of Nigeria (ICON) Limited. In 1964, ICON Limited was reconstituted to become the Nigerian Industrial Development Bank (NIDB) Limited under the guidance of the
358:
miners while promoting the development of solid minerals potentials in Nigeria. Through the scheme, artisanal miners can access up to ₦10 million while small-scale miners can access up to ₦100 million.
421:
In view of the benefits of the SEP, BOI introduced a ₦2 billion Solar Energy commercial product in 2017 to be accessed by various categories of end users both directly through BOI and indirectly.
1119:
311:
The bank has been instrumental in administering the ₦300 billion Power and Aviation Intervention Fund and ₦50 billion Cotton, Textile and Garments Intervention Fund from the
1192:
1028:
315:, $ 200 million Nigerian Content Intervention fund (NCI Fund), ₦2.5 billion Nigerian Artisanal and Small-Scale Miners (ASM) Finance Support Fund amongst other funds.
424:
Through the Solar Energy Programme, the bank aims to power more than 100,000 off-grid households and microenterprises in rural and commercial communities by 2021.
902:
806:
703:
The BOI-Microfinance Bank Limited is a limited liability company duly incorporated in Nigeria under the 2002 Companies and Allied Matters Act and regulated by
299:
held 75% equity in NIDB and produced the first Managing Director. However, the equity structure was diluted in 1976 as a result of the indigenization decree.
993:
979:
367:
1042:
1012:
1314:
1094:
1329:
740:
1324:
296:
942:
928:
43:
275:
1269:
230:
846:
1319:
880:
966:
961:
719:
personal accident, public liability, fidelity guarantee, marine insurance and automobile (motor) insurance.
704:
691:
312:
279:
119:
781:
34:
710:
BOI-MFB is a major vehicle in delivering on the objectives of the BOI Bottom of the Pyramid Scheme (BOP).
278:
currently operating. It is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the
572:
450:
329:
1146:
1068:
807:"Moody's downgrades eight Nigerian banks following downgrade of Nigeria's government bond rating"
995:
Special Report on Bank of Industry (BoI): BOI: Driving the Engine of Nigeria's Industrial Growth
1120:"Nigeria: Mr Waheed A Olagunju Appointed Acting Managing Director/CEO, Bank of Industry (BOI)"
461:
442:
337:
115:
1046:
1007:
903:"African Bankers' Awards: BOI wins Financial Inclusion Award for driving FG's GEEP programme"
820:
320:
1016:
1257:
1030:
AfDB Approves a Financial Package of USD 500 Million for the Bank of Industry (Nigeria)
576:
1308:
411:
387:
238:
17:
541:
415:
395:
1218:
454:
407:
403:
383:
375:
324:
98:
1273:
374:
solutions were installed in 6 off-grid rural communities in 6 Nigerian States:
379:
292:
198:
146:
54:
1193:"Evelyn Ndali Oputu, a success story of breaking through the 'glass ceiling'"
1171:
391:
821:"Fitch Revises Bank of Industry's Outlook to Negative; Affirms IDR at 'B+'"
722:
BOI-IB limited also provides insurance cover for BOI loans and services.
850:
102:
1219:"Nigeria: Obasanjo Approves MD for Newly Established Bank of Industry"
981:
BoI, UNDP Sign $ 2m Agreement on Solar Energy for Off-grid Communities
571:
The Bank of Industry has 31 offices across Nigeria, a headquarters in
333:
1244:
760:
1095:"Olukayode Pitan: Bringing the midas touch to the Bank of Industry"
353:
Collaboration with Federal Ministry of Mines and Steel Development
166:
303:
NIDB's reconstruction, it was increased to ₦250 billion in 2007.
1294:
465:
446:
944:
BoI expands renewable energy funding with N1b solar fund
776:
774:
772:
770:
428:
Collaboration with African Development Bank (AfDB) Group
1009:
BOI Secures AfDB $ 100 million Facility to Support SMEs
968:
BOI unveils N1bn solar energy fund to 'light up Nigeria
258:
782:"Bank of Industry Annual Report & Accounts 2022"
332:
at the African Banker Awards ceremony which held in
930:
MMSD, BoI Call for application for ASM Support Fund
579:. The offices are located in the following states:
253:
222:
197:
184:
164:
144:
126:
108:
88:
80:
76:
Nigerian Industrial Development Bank (NIDB) Limited
68:
60:
50:
1245:"Bank of Industry Offices Locations in Nigeria"
468:of the Bank of Industry (in descending order):
731:facilities to loan beneficiaries of the bank.
323:with loans at zero percent interest rate. The
74:Nigerian Bank for Commerce and Industry (NBCI)
881:"GEEP, TraderMoni get UN, Oxford recognition"
761:"Our People | Bank of Industry, Nigeria"
449:of Bank of Industry. He was appointed by the
8:
1093:Okwumbu-Imafidon, Ruth (24 September 2022).
72:Investment Company of Nigeria (ICON) Limited
27:
1147:"Unveiling Rasheed Olaoluwa, BOI's New CEO"
1069:"Tinubu appoints Olusi MD Bank of Industry"
282:(5.19%) and private shareholders (0.01%).
42:
33:
26:
470:
752:
699:BOI-Microfinance Bank Limited (BOI-MFB)
297:International Finance Corporation (IFC)
209:BOI-Microfinance Bank Limited (BOI-MFB)
714:BOI Insurance Brokers (BOI-IB) Limited
685:BOI-Investment Trust Company (BOI-ITC)
212:BOI Insurance Brokers (BOI-IB) Limited
206:BOI Investment Trust Company (BOI-ITC)
340:, for its role in implementing GEEP.
276:Development Finance Institution (DFI)
7:
1067:Angbulu, Stephen (19 October 2023).
368:United Nations Development Programme
741:List of national development banks
274:) is Nigeria's oldest and largest
25:
441:Dr. Olasupo Olusi is the current
587:Abuja, Federal Capital Territory
173:
172:
153:
152:
460:The table below lists the past
362:BOI-UNDP Solar Energy Programme
1145:Oputah, David (May 19, 2014).
1:
847:":: Agusto & Co. Limited"
280:Central Bank of Nigeria (CBN)
55:Government Owned Corporation
1346:
1315:National development banks
883:. Chronicle. 24 April 2019
575:and a corporate office in
1330:Banks established in 1959
514:Rasheed Adejare Olaoluwa
344:in participating states.
227:National Long Term Rating
41:
32:
1325:Companies based in Lagos
1172:"Dr. Waheed A. Olagunju"
726:LECON Financial Services
268:Bank of Industry Limited
215:LECON Financial Services
28:Bank of Industry Limited
927:minesandsteel.gov.ng:
348:Strategic Partnerships
246:Agusto & Co.: Aa
132:Working Capital Loans
690:registered with the
573:Lagos State, Nigeria
554:Lawrence Osa-Afiana
457:, in October, 2023.
451:President of Nigeria
437:Corporate Governance
18:The Bank of Industry
992:sunnewsonline.com:
809:. 10 November 2017.
525:Waheed A. Olagunju
498:Waheed A. Olagunju
472:
330:Financial Inclusion
186:Number of employees
114:Dr. Olasupo Olusi (
96:Lagos Island, Lagos
29:
1015:2020-11-30 at the
827:. 15 February 2017
787:. Bank of Industry
695:related services.
471:
134:Insurance Products
64:Financial Services
978:thisdaylive.com:
608:Cross River State
564:
563:
529:
502:
462:Managing Director
443:Managing Director
402:Nigerian States:
366:In 2011, BOI and
338:Equatorial Guinea
270:(abbreviated as '
265:
264:
249:
244:
236:
193:
180:
160:
116:Managing Director
16:(Redirected from
1337:
1320:Banks of Nigeria
1299:
1298:
1291:
1285:
1284:
1282:
1281:
1272:. Archived from
1266:
1260:
1255:
1249:
1248:
1241:
1235:
1234:
1232:
1230:
1215:
1209:
1208:
1206:
1204:
1199:. 15 August 2014
1189:
1183:
1182:
1180:
1178:
1168:
1162:
1161:
1159:
1157:
1142:
1136:
1135:
1133:
1131:
1126:. April 17, 2014
1116:
1110:
1109:
1107:
1105:
1090:
1084:
1083:
1081:
1079:
1064:
1058:
1057:
1055:
1054:
1045:. Archived from
1039:
1033:
1025:
1019:
1004:
998:
990:
984:
976:
963:
956:
947:
939:
933:
925:
919:
918:
916:
914:
899:
893:
892:
890:
888:
877:
871:
868:
862:
861:
859:
858:
849:. Archived from
843:
837:
836:
834:
832:
817:
811:
810:
803:
797:
796:
794:
792:
786:
778:
765:
764:
757:
527:
500:
487:Olukayode Pitan
473:
261:
259:Bank of Industry
247:
242:
234:
191:
178:
176:
175:
169:
158:
156:
155:
138:Leasing Services
136:Trustee Services
92:23 Marina Street
46:
37:
30:
21:
1345:
1344:
1340:
1339:
1338:
1336:
1335:
1334:
1305:
1304:
1303:
1302:
1293:
1292:
1288:
1279:
1277:
1268:
1267:
1263:
1256:
1252:
1243:
1242:
1238:
1228:
1226:
1217:
1216:
1212:
1202:
1200:
1191:
1190:
1186:
1176:
1174:
1170:
1169:
1165:
1155:
1153:
1144:
1143:
1139:
1129:
1127:
1118:
1117:
1113:
1103:
1101:
1092:
1091:
1087:
1077:
1075:
1066:
1065:
1061:
1052:
1050:
1041:
1040:
1036:
1026:
1022:
1017:Wayback Machine
1005:
1001:
991:
987:
977:
973:
959:
950:
940:
936:
926:
922:
912:
910:
901:
900:
896:
886:
884:
879:
878:
874:
869:
865:
856:
854:
845:
844:
840:
830:
828:
819:
818:
814:
805:
804:
800:
790:
788:
784:
780:
779:
768:
759:
758:
754:
749:
737:
728:
716:
701:
687:
682:
677:
647:Nasarrawa State
593:Akwa Ibom State
569:
557:December 2001
546:December 2005
506:February 2016
439:
430:
364:
355:
350:
321:informal sector
309:
288:
257:
245:
237:
229:
218:
187:
165:
149:
139:
137:
135:
133:
131:
111:
101:
97:
95:
93:
75:
73:
23:
22:
15:
12:
11:
5:
1343:
1341:
1333:
1332:
1327:
1322:
1317:
1307:
1306:
1301:
1300:
1286:
1261:
1250:
1236:
1210:
1184:
1163:
1137:
1111:
1085:
1059:
1034:
1020:
999:
985:
971:
948:
934:
920:
909:. 27 June 2019
894:
872:
863:
838:
812:
798:
766:
751:
750:
748:
745:
744:
743:
736:
733:
727:
724:
715:
712:
700:
697:
686:
683:
681:
678:
676:
675:
672:
669:
666:
663:
660:
657:
654:
651:
648:
645:
642:
639:
636:
633:
630:
627:
624:
621:
618:
615:
612:
609:
606:
603:
600:
597:
594:
591:
588:
585:
581:
577:Abuja, Nigeria
568:
565:
562:
561:
560:December 2005
558:
555:
551:
550:
547:
544:
538:
537:
534:
531:
522:
521:
520:February 2016
518:
515:
511:
510:
507:
504:
495:
494:
491:
488:
484:
483:
480:
477:
438:
435:
429:
426:
363:
360:
354:
351:
349:
346:
308:
305:
287:
284:
263:
262:
255:
251:
250:
224:
220:
219:
217:
216:
213:
210:
207:
203:
201:
195:
194:
188:
185:
182:
181:
170:
162:
161:
150:
145:
142:
141:
128:
124:
123:
112:
109:
106:
105:
90:
86:
85:
82:
78:
77:
70:
66:
65:
62:
58:
57:
52:
48:
47:
39:
38:
24:
14:
13:
10:
9:
6:
4:
3:
2:
1342:
1331:
1328:
1326:
1323:
1321:
1318:
1316:
1313:
1312:
1310:
1296:
1290:
1287:
1276:on 2021-05-18
1275:
1271:
1265:
1262:
1259:
1254:
1251:
1246:
1240:
1237:
1225:. Daily Trust
1224:
1220:
1214:
1211:
1198:
1194:
1188:
1185:
1173:
1167:
1164:
1152:
1148:
1141:
1138:
1125:
1124:Business Wire
1121:
1115:
1112:
1100:
1096:
1089:
1086:
1074:
1070:
1063:
1060:
1049:on 2020-11-30
1048:
1044:
1038:
1035:
1032:
1031:
1024:
1021:
1018:
1014:
1011:
1010:
1003:
1000:
997:
996:
989:
986:
983:
982:
975:
972:
970:
969:
965:
964:
962:
960:thecable.ng:
955:
954:
949:
946:
945:
941:guardian.ng:
938:
935:
932:
931:
924:
921:
908:
904:
898:
895:
882:
876:
873:
867:
864:
853:on 2018-09-18
852:
848:
842:
839:
826:
825:Fitch Ratings
822:
816:
813:
808:
802:
799:
783:
777:
775:
773:
771:
767:
762:
756:
753:
746:
742:
739:
738:
734:
732:
725:
723:
720:
713:
711:
708:
706:
698:
696:
693:
684:
679:
673:
670:
667:
665:Plateau State
664:
661:
658:
655:
652:
649:
646:
643:
640:
637:
635:Katsina State
634:
631:
628:
625:
622:
619:
616:
613:
610:
607:
604:
601:
598:
596:Anambra State
595:
592:
590:Adamawa State
589:
586:
583:
582:
580:
578:
574:
566:
559:
556:
553:
552:
548:
545:
543:
540:
539:
535:
532:
530:
524:
523:
519:
516:
513:
512:
508:
505:
503:
497:
496:
493:October 2023
492:
489:
486:
485:
481:
478:
475:
474:
469:
467:
463:
458:
456:
452:
448:
444:
436:
434:
427:
425:
422:
419:
417:
413:
412:Anambra State
409:
405:
399:
397:
393:
389:
388:Anambra State
385:
381:
377:
371:
369:
361:
359:
352:
347:
345:
341:
339:
335:
331:
326:
322:
316:
314:
306:
304:
300:
298:
295:. Initially,
294:
285:
283:
281:
277:
273:
269:
260:
256:
252:
240:
232:
228:
225:
221:
214:
211:
208:
205:
204:
202:
200:
196:
189:
183:
171:
168:
163:
151:
148:
143:
129:
125:
121:
117:
113:
107:
104:
100:
91:
87:
83:
79:
71:
67:
63:
59:
56:
53:
49:
45:
40:
36:
31:
19:
1289:
1278:. Retrieved
1274:the original
1264:
1253:
1239:
1227:. Retrieved
1222:
1213:
1201:. Retrieved
1197:Business Day
1196:
1187:
1175:. Retrieved
1166:
1154:. Retrieved
1150:
1140:
1128:. Retrieved
1123:
1114:
1102:. Retrieved
1099:Nairametrics
1098:
1088:
1076:. Retrieved
1072:
1062:
1051:. Retrieved
1047:the original
1037:
1029:
1023:
1008:
1002:
994:
988:
980:
974:
967:
958:
957:
953:
952:
943:
937:
929:
923:
911:. Retrieved
907:The Guardian
906:
897:
885:. Retrieved
875:
866:
855:. Retrieved
851:the original
841:
829:. Retrieved
824:
815:
801:
789:. Retrieved
755:
729:
721:
717:
709:
702:
688:
680:Subsidiaries
674:Taraba State
671:Sokoto State
668:Rivers State
629:Kaduna State
614:Ebonyi State
599:Bauchi State
570:
542:Evelyn Oputu
533:April 2014
526:
499:
459:
453:, President
440:
431:
423:
420:
416:Kaduna State
400:
396:Kaduna State
372:
365:
356:
342:
317:
310:
301:
289:
271:
267:
266:
226:
199:Subsidiaries
167:Total assets
89:Headquarters
51:Company type
1295:"StackPath"
650:Niger State
644:Lagos State
641:Kwara State
638:Kebbi State
626:Gombe State
623:Enugu State
620:Ekiti State
611:Delta State
605:Borno State
602:Benue State
549:April 2014
479:Term Start
455:Bola Tinubu
408:Gombe State
404:Niger State
384:Gombe State
376:Niger State
325:microcredit
99:Lagos State
94:P.M.B 12855
69:Predecessor
1309:Categories
1280:2018-03-02
1053:2018-03-02
1027:afdb.org:
857:2018-03-02
747:References
659:Osun State
656:Ondo State
653:Ogun State
632:Kano State
584:Abia State
517:May 2014
490:May 2017
380:Osun State
307:Operations
293:World Bank
177:₦2.37tn
147:Net income
130:Term Loans
110:Key people
1229:4 January
1223:AllAfrica
1203:4 January
1177:4 January
1156:4 January
1151:The Cable
1130:4 January
1104:4 January
1078:4 January
913:4 January
887:4 January
831:3 October
791:4 January
662:Oyo State
617:Edo State
536:May 2014
509:May 2017
482:Term End
392:Edo State
235:(11/2017)
1270:"boi.ng"
1043:"boi.ng"
1013:Archived
1006:boi.ng:
735:See also
567:Branches
528:(Acting)
501:(Acting)
157:₦52.9bn
127:Products
61:Industry
870:boi.ong
286:History
254:Website
231:Moody's
140:Savings
103:Nigeria
81:Founded
1258:boi.ng
334:Malabo
248:(2017)
243:(2017)
241:: AA+
223:Rating
192:(2022)
179:(2022)
159:(2022)
1073:PUNCH
785:(PDF)
476:Name
239:Fitch
233:: Aa3
1231:2024
1205:2024
1179:2024
1158:2024
1132:2024
1106:2024
1080:2024
915:2024
889:2024
833:2023
793:2024
466:CEOs
414:and
394:and
272:BOI'
190:619
84:1959
705:CBN
692:CBN
447:CEO
313:CBN
120:CEO
1311::
1221:.
1195:.
1149:.
1122:.
1097:.
1071:.
905:.
823:.
769:^
418:.
410:,
406:,
390:,
386:,
382:,
378:,
336:,
122:)
1297:.
1283:.
1247:.
1233:.
1207:.
1181:.
1160:.
1134:.
1108:.
1082:.
1056:.
951:'
917:.
891:.
860:.
835:.
795:.
763:.
464:/
445:/
118:/
20:)
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