The Bank of Industry has announced that it has reported profit after tax of N12 billion at the end of the Financial Year ended December 2015. The Government owned bank also reported that it posted an exceptional income of N37 billion from the sale of shares in WAMCO, the owners of Peak Milk.
The controversy surrounding the sale of shares in WAMCO reared its head last year after the CEO was accused of complicity in the sale of the shares. According to an online publication, the sale was consummated through the embattled BGL Securities costing BOI Investment Trust, a subsidiary of the Bank around N400m. The report also claimed that the sale did not follow due process.
BOI owned about 127, 184, 030 units of WAMCO as at year end December 2014 and sold all of it to FrieslandCampina Nigeria Holdings (Parent company of WAMCO) in a deal worth 182 million Euros thus giving Friesland a 67.8% equity stake in WAMCO. WAMCO has about 976.3 million ordinary shares and traded at N111 at the NASD valuing it at over N109 billion. Bank of Industry says it also disbursed loans worth N83.5billion to 776 enterprises during the year out of which 729 were SMEs.
The CEO of BOI, Rasheed Olaoluwa was on Monday sacked by President Buhari in a major sweep of all heads of government agencies and parastatals.