President Muhammadu Buhari has approved the renewal of the appointment of Olukayode Pitan as the managing director and chief executive officer of the Bank of Industry (BoI) for a final term of five years.
The President also approved the renewal of the appointment of Alhaji Dikko Aliyu Abdulrahaman as part-time chairman of the bank.
In a statement issued on Tuesday by the Special Assistant on Media to the Minister of Industry, Trade and Investment, Ifedayo Sayo said, the new appointment which takes effect from May 27, 2022, was conveyed via a letter signed by the Secretary to the Government of the Federation, Mr Boss Mustapha and dated March 11, 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.
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 economic growth of the 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 at 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 favorable credit ratings from global ratings 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.
Mr. Pitan has over 30 years of experience across various sectors of the financial services industry.