TheCable

President Muhammadu Buhari has approved the renewal of the appointment of Olukayode Pitan as the managing director/chief executive officer (CEO) of the Bank of Industry (BOI), for another term of five years.

The president also renewed the appointment of Aliyu AbdulRahman Dikko as chairman of the bank.

Boss Mustapha, secretary to the government of the federation, conveyed the reappointment in a letter signed on March 11, 2022.

The letter stated that the new appointments take effect from May 27, 2022.

“Under Pitan’s leadership, BOI has consistently delivered on its mandate to transform Nigeria’s industrial sector by providing long-term financing and counter-cyclical loans diversified across industries such as agro-processing, gender businesses and renewable energy among others,” a statement from BOI reads.

“In the last five years, BOI has promoted financial inclusion by supporting the expansion of over 3 million enterprises, thereby creating over 7 million jobs.

“To expand its capital base to meet the needs of its customers and contribute to the economic growth of Nigeria, Pitan led BOI’s successful foray into the international market and has raised about $3.8bn in the last 4 years. This includes a $750mn syndicated medium-term loan in 2018 (fully paid); a €1bn syndicated loan in March 2020; a $1bn syndicated loan in December 2020; and a €750mn Senior Eurobond (the first by any African national DFI) in February 2022.

“Investor confidence in BOI is reflected in its balance sheet, which has more than doubled since Pitan’s appointment in 2017, growing significantly from N713billion to about N1.7trillion as of December 2021. The bank consistently demonstrates resilience in the face of macro-economic headwinds and recorded remarkable growth, even in face of the challenges posed by the COVID-19 pandemic. 

“BOI’s growth trajectory is also reflected in its favourable credit ratings from global rating agencies. Recently, Fitch Ratings upgraded the bank’s National Long-Term Rating to ‘AAA(nga)’ from ‘AA+(nga);’ and affirmed the bank’s Long-Term Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook.”

Pitan has over 30 years of experience across various sectors of the financial services industry.

Last week, the bank received an award at the Bonds and Loans Africa Awards ceremony.

At the award ceremony in Mount Nelson, Cape Town, South Africa, BOI was presented with the award in recognition of its $1 billion syndicated term loan facility successfully raised in the international market in December 2020.