BoI grants N10bn loan to companies, SMEs

The Bank of Industry (BoI) has granted loans totalling over N10 billion to over 80 companies and Small and Medium Enterprises (SMEs) spread across Oyo State as of March this year.

Rasheed Olaoluwa, managing director/CEO, BoI, who disclosed this on the occasion of the official commissioning of the bank’s West Regional office in Ibadan, Oyo State, said the move was part of the bank’s efforts to promote industrialisation in the state.

While noting that the bank has granted over N18 billion loan to entrepreneurs in the entire South West, outside Lagos, Olaoluwa said “Oyo State is very crucial to BoI’s strategy of ensuring that our development finance services are brought closer to the people of the state, especially in our bid to vastly improve our service delivery efficiency, while also reaching out to all parts of the entire South West Region.”

According to him, Oyo State government also signed a memorandum of understanding (MoU) with BoI in 2012, which culminated in the establishment of the OYSG/BoI Micro, Small and Medium Enterprises (MSMEs) Matching Fund Scheme to the tune of N1 billion.

The bank, Olaoluwa said had recorded a total loan approval of N375 million in respect of 68 enterprises. Of this amount, he said a total of N225 million had been disbursed to 35 enterprises.

“Also, additional disbursement to 17 other enterprises in the sum of N104 million is currently being processed while some of the new beneficiaries are being presented with their cheques at the BoI’s South West Customer Forum later in the day,” the managing director said.

Addressing the forum, Oyo State Governor Abiola Ajimobi who performed the commissioning ceremony through his deputy, Moses Alake Adeyemo, said the new BoI’s regional and state offices would deepen the bank’s developmental impact in the five states comprising Oyo, Osun, Ondo, Ekiti and Kwara states, it was out to serve.

 

REMI FEYISIPO