President Bola Tinubu has appointed a new board for the Bank of Industry (BOI), bringing in a blend of seasoned professionals to steer the institution towards its developmental goals.
This is according to a press statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Monday.
At the helm of the newly appointed board is Dr. Mansur Muhtar, a former Minister of Finance, Budget and Economic Development, who has been named the Chairman.
Dr. Muhtar, whose career spans decades in finance, international development, public service, and academia, served as Minister of Finance from 2008 to 2010. His extensive experience also includes his role as Vice-President of Operations at the Islamic Development Bank.
With his appointment as Chairman of the BOI, Dr. Muhtar is expected to leverage his vast expertise to drive the bank’s mandate of supporting projects that foster job creation, poverty alleviation, and the socio-economic upliftment of Nigerian families.
Other board members
Alongside Dr. Muhtar, the President has also appointed Dr. Olasupo Olusi as the Managing Director and Chief Executive Officer of the BOI. Dr. Olusi will be joined by Mrs. Ifeoma Uz’Okpala as Executive Director of Large Enterprises, Mr. Shekarau Omar as Executive Director of Micro, Small & Medium Enterprises, and Mr. Usen Effiong as Executive Director of Corporate Services.
Also, Ms. Mabel Ndagi has been named Executive Director of Public Sector & Intervention Programmes, and Mr. Rotimi Akinde will serve as Executive Director of Corporate Finance & Risk Management.
The board also includes several Non-Executive Directors, representing key sectors and stakeholders. Mallam Tajudeen Datti Ahmed will represent the Ministry of Finance Incorporated, while Mr. Adedamola Olufemi Young will represent the Central Bank of Nigeria.
Reverend Isaac Adefemi Agoye has been appointed to represent the Manufacturers Association of Nigeria, and Mallam Muhammad Bala will represent the Federal Ministry of Industry, Trade & Investment.
Also, Mr. Oreoluwa Adeyemi and Mr. Sulaiman Musa Kadira will serve as Independent Non-Executive Directors.
Tinubu has charged the new board members with the responsibility of working harmoniously and diligently, emphasizing the importance of their role in driving the BOI’s mission.
According to the statement, the president expects the board to operate with the utmost fidelity to the nation, ensuring that the bank continues to serve as a critical development vehicle in Nigeria’s economic landscape.
What you should know
The Bank of Industry (BOI) recently announced a profit before tax (PBT) of N153.81 billion for 2023, marking a 117.69% increase from the previous year’s N70.7 billion. This is the highest PBT in the bank’s history.
The Bank’s total assets surged by 64.6%, rising from N2.37 trillion to N3.91 trillion. This increase is indicative of BOI’s strengthened financial foundation and expanded capacity to support Nigeria’s industrial sector.
BOI’s total equity experienced a substantial boost, growing by 57.7% from N427 billion to N678 billion. This increase further reinforces the institution’s financial stability and capacity for future investments.
In 2023, BOI advanced N496.717 billion in credit to 75,809 beneficiaries across large, medium, small, and micro enterprises.
These disbursements were pivotal in creating approximately 2,198,953 direct and indirect jobs nationwide, contributing significantly to job creation and economic stability.
The Bank’s loans and advances also saw a remarkable increase of 41.5%, growing from N803.6 billion to N1.14 trillion. This growth reflects BOI’s continued efforts to provide essential financial support to businesses across various sectors, reinforcing its role as a key driver of industrial development in Nigeria.
