Federal Government has approved plans by the Bank of
Industry (BOI) to shore up its capital base by N750 billion.
Speaking at a training programme for media practitioners in
Lagos, Joseph Babatunde, General Manager, BOI, explained that when the N750
billion recapitalisation is achieved, the fortunes of the bank would be turned
around.
Babatunde stated that under-capitalisation of the bank has
hindered its ability to deepen developmental impact and attract the needed long
term funds from international and multilateral agencies.
Speaking further, Evelyn Oputu, Managing Director, BOI,
disclosed that the bank has disbursed N238 billion to Small and Medium
Enterprises (SMEs) across the country since she assumed office in 2006 to date.
Oputu noted that the bank had developed a model that allows
state governments to also contribute to the intervention fund for small and
medium scale entrepreneurs, noting that 20 states had bought into the
programme.
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