BOI declares N612m dividend for 2014

THE Bank of Industry (BoI) has declared a dividend of N612million for the year ended 31st December 2014 even as the bank stated that it had created over 500,000 direct and indirect jobs from the N127bn loans disbursed to Medium and Small Scale Enterprises within the year under review.

A statement made available to journalists from the financial institution also stated that th‎e dividend payment approved by its shareholders at its yearly general meeting held in Abuja, represents 10 per cent of the Bank’s profit after tax of N6.12 billion for the year ended 31st December, 2014.

The Bank’s major Shareholders are the Federal Ministry of Finance Incorporated (MOFI) and the Central Bank of Nigeria (CBN).

According to the bank, there are 42 other private corporate and individual shareholders.

The Chairman, Board of Directors, BoI, Abdulsamad Rabiu, stated that despite the harsh economic situation in the country, the bank was still able to achieve loans and advances of N544.3bn in 2014.

The loans and advances of N544.3bn, he noted represents a nine per cent growth when compared to the 2013 figure of N498.2bn.

He said, “In the year under review, our bank disbursed loans worth about N127bn to enterprises, while over 500,000 jobs were created directly and indirectly through our business activities.

“The group achieved loans and advances of N544.3bn.3bn in 2014 compared to N498.2bn in 2013.