JUST IN: Buhari Makes Re-appointments

JUST IN: Buhari Makes Re-appointments

President Muhammadu Buhari has approved the renewal of the appointments of Mallam Aliyu AbdulRahman Dikko as chairman and that of Mr Olukayode Pitan as managing director/CEO of the Bank of Industry for another term of five years.

The re-appointments, which take effect from May 27, 2022, were conveyed via a letter signed by the Secretary to the Government of the Federation, Mr Boss Mustapha, dated March 11, 2022.

In the last five years, BOI has promoted financial inclusion by supporting the expansion of over three million enterprises, thereby creating over seven million jobs.

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To expand its capital base to meet the needs of its customers and contribute to the economic growth of Nigeria, the Pitan-led BOI made successful forays into the international market raising about $3.8bn in the last four years.

This includes a $750mn syndicated medium-term loan in 2018 (fully paid); a euro 1bn syndicated loan in March 2020; a $1bn syndicated loan in December 2020; and a euro 750mn Senior Eurobond (the first by any African national DFI) in February 2022.

The BOI balance sheet has more than doubled since Pitan’s appointment in 2017 growing significantly from N713 billion to about N1.7 trillion as of December 2021.

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