By FRANKLIN ALLI & FAVOUR NNABUGWU
Intervention funds being managed by the Bank of Industry (BoI) on behalf of the federal and state governments, international development partners and private sector now stands at about N1.6 trillion.
Managing Director of the bank, Ms. Evelyn Oputu, who disclosed this, also assured the business community in the country that they don’t need insider connection in the bank to access credit facility.
Fielding questions from journalists during a three day training programme for the media held in Lagos. She said that owing to confidence reposed on the management of the bank by the governments, local and international development partner, its manage funds have swelled to more than one trillion naira.
She gave the breakdown of the cumulative figure as follow: “CBN N235 billion financing fund for commercial banks, N100 billion cotton, textile and garment fund, N10 billion Rice sector Fund and N16.91 billion National Automotive Council Fund. Others are $4 million UNIDO Energy programme, $500 million AFDB fund , 500 billion Power\Aviation Fund; N5 billion Dangote Fund, N9.5 billion cement fund as well as N90 million Women Affairs fund.
“No government or development agency would give money to institution if it has been making loses. And they know the funds are secure with us, “she said.
Oputu refuted allegations from some entrepreneurs that without insider connection you can get loan from the bank. “You don’t need insider connection; rather, an entrepreneur should have a well – packaged bankable proposal before seeking funding support from the bank. The bank insists on collateral for big loans because the money is not mine; it belongs to Nigerians, and if you don’t pay back the loan I’ll sell your house and recover the loan.“
The BoI boss noted that the bank has witnessed unprecedented expansion in its credit operations, without compromising the quality of investments and posted impressive financial results.