BOI Embarks On Aggressive Loan Recovery

The Managing Director, Bank of Industry (BoI), Mr. Rasheed Olaoluwa has said that the bank is looking
beyond government funding and has therefore initiated more aggressive steps to access other funding options to sustain its operations.
Olaoluwa who stated this at a one day workshop for business editors and industry journalists in Lagos disclosed that the BoI authorised capital currently stands at N250bn, of which the paid up capital is N146bn.
He also said that the government is considering the privatization of the BoI and that the BPE has opened a financial bid for the appointment of advisers.
“We don’t know the percentage that will be sold. All we know is that it is going to be partial privatisation. We do not know what the position of the new administration will be on the whole process.
“Beyond recapitalisation, our capital has always come from the government. But we are taking steps that will enable us to look for funding from other sources, he explained.”
He said the need to get more funds for the bank’s activities had made the management to embark on an aggressive recovery of non-performing loans.