Bank of Industry Nigeria
BANK OF INDUSTRY
INTRODUCTION.
The Bank of Industry was created by the Federal Executive Council in January 2002 with the sole purpose of promoting and encouraging small and medium scale industries in Nigeria by providing long term financing to the industrial sector of the Nigerian economy. It was formed by the amalgamation of three already existing development financial institutions comprising: The Nigerian Bank of Commerce and Industry (NBCI), The Nigerian Industrial Development Bank (NIDB) and The National Economic Reconstruction Fund (NERFUND) (Ojo, 2011). This makes it Nigeria’s oldest, largest and most successful development financing institution (BOI, 2012).
This paper seeks to explore and identify the organization of the bank; its functions and roles as well as its performance so far.
ORGANIZATION:
In 1964, the Nigerian Industrial Development Bank (NIDB) Limited was incorporated, with an authorized share capital of 2 million (GBP). The International Finance Corporation then produced its pioneer Chief Executive; and held 75% of its equity along with a number of domestic and foreign private investors. In 2001 the bank was reconstructed and this gave rise to the establishment of the Bank of Industry Limited (BOI). Authorized share capital of the bank was initially set at N50 billion during the reconstruction into BOI; this was later increased to 250 billion in order to put the bank in a better position to address the nation's rising economic profile in line with its mandate. The current share holding structure is as follows:
Share Holding Structure Ministry of Finance Incorporated (MOFI) | 58.86% | Central Bank of Nigeria (CBN) | 41.12% | Equity held by 43 private shareholders | 0.02% | | 100% |
Source BOI (2012)
Supervisory authorities over BOI include the Central Bank of Nigeria (CBN) and the Federal Ministry of Commerce and Industry.
The bank currently has a Board of directors made up of – a Protem Chairman, a Managing Director &
INTRODUCTION.
The Bank of Industry was created by the Federal Executive Council in January 2002 with the sole purpose of promoting and encouraging small and medium scale industries in Nigeria by providing long term financing to the industrial sector of the Nigerian economy. It was formed by the amalgamation of three already existing development financial institutions comprising: The Nigerian Bank of Commerce and Industry (NBCI), The Nigerian Industrial Development Bank (NIDB) and The National Economic Reconstruction Fund (NERFUND) (Ojo, 2011). This makes it Nigeria’s oldest, largest and most successful development financing institution (BOI, 2012).
This paper seeks to explore and identify the organization of the bank; its functions and roles as well as its performance so far.
ORGANIZATION:
In 1964, the Nigerian Industrial Development Bank (NIDB) Limited was incorporated, with an authorized share capital of 2 million (GBP). The International Finance Corporation then produced its pioneer Chief Executive; and held 75% of its equity along with a number of domestic and foreign private investors. In 2001 the bank was reconstructed and this gave rise to the establishment of the Bank of Industry Limited (BOI). Authorized share capital of the bank was initially set at N50 billion during the reconstruction into BOI; this was later increased to 250 billion in order to put the bank in a better position to address the nation's rising economic profile in line with its mandate. The current share holding structure is as follows:
Share Holding Structure Ministry of Finance Incorporated (MOFI) | 58.86% | Central Bank of Nigeria (CBN) | 41.12% | Equity held by 43 private shareholders | 0.02% | | 100% |
Source BOI (2012)
Supervisory authorities over BOI include the Central Bank of Nigeria (CBN) and the Federal Ministry of Commerce and Industry.
The bank currently has a Board of directors made up of – a Protem Chairman, a Managing Director &