Bank of Industry now to focus on job and wealth creation

The new managing director, Bank of Industry, Mr Rasheed Olaoluwa, on Tuesday promised to improve on the bank’s service delivery to enable it create wealth and jobs for the citizens.

This is contained in a statement signed by Mrs Hadiza Olaosebikan of the Media Unit of the bank, in Abuja.

The statement quoted Olaoluwa as making the promise when the former acting MD, Mr Waheed Olagunju, handed over to him at BoI’s head office in Lagos.

It said that Olagunju, alongside other members of the bank’s Executive Management Committee, received the new CEO.

The statement quoted Olaoluwa as saying “urgent steps will  be taken to improve on BoI’s service delivery to enable it meet the unemployment challenges facing the country, especially in the areas of wealth and job creation”.

The new managing director solicited the cooperation of the bank’s management team to strengthen the operation of the bank for global competitiveness.

Olaoluwa also tasked the management and staff to ensure that the bank was at par with some of the world’s leading development finance institutions.

He said that the task of increasing the contribution of the manufacturing sector to Nigeria’s gross domestic product could not be undertaken by BoI alone.

“For the bank to effectively deliver on its mandate, the institution would have to work closely with other relevant stakeholders toward addressing the non-financial issues facing the manufacturing sector and Micro Small and Medium Enterprises,” he said.

Olaoluwa was the group CEO of UBA Capital Plc, a pan-African asset management and investment banking group from January 2013 to May 2014.

He was an executive director at the UBA between March 2008 and December 2012.

He was reported to have played a key role in the expansion of UBA’s operations into 18 countries in sub-Saharan Africa within three years, recording exponential growth in the bank’s deposit base and profitability during his tenure.

Olaoluwa started his career in the financial services industry with Arthur Andersen and held various senior roles in marketing and relationship management.

He took over from Mrs Evelyn Oputu.