After giving N11.6bn loans in Kwara, BOI unveils Ilorin office

The Bank of Industry (BOI) has unveiled its office in Ilorin, the Kwara state capital, after lending N11.6 billion to businesses in the state.

Waheed Olagunju, acting managing director of the Bank of Industry (BOI), who spoke to the activities of the bank in the state, said the decision to create a strong presence in the state was to “deepen BOI’s credit delivery process”.

“It is noteworthy that the Kwara State Office is coming up as one of the twenty-two (22) State Offices established by BOI across the country,” he said.

“It is our hope and expectation that the establishment of the State Office will further strengthen the existing partnership between BOI and the Kwara State Government by way of enhancing financial inclusion for entrepreneurs in Kwara State, as well as greatly improving our service Turn-Around-Time to our customers.

“This is better appreciated when viewed against the fact that entrepreneurs in Kwara State were previously served by BOI Offices in Abuja, Akure and until last week Osogbo.”

Olagunju said “to date, BOI has recorded a total loan approval of N11.6 billion to 66 projects, including large enterprises (LE) as well as , medium, small and micro enterprises (MSMEs) in Kwara State of which about N365,254,402.61 is in respect of 42 MSMEs under the Matching Fund Scheme”.

“In terms of developmental impact, more than 5,018 direct and indirect jobs have been created. Some of the enterprises that BOI has assisted in Kwara State include: Kam Industries Nigeria Limited, Lubcon Limited, Tranquil Mazab, Gbose Quarries Limited, Wahan Foods Limited, Foodpro Limited, Mount Olive Nigeria Limited, Biomedical Limited”.

Olagunju appreciated the efforts of Abdulfatah Ahmed, governor of Kwara state for his support in setting up the bank.