“INTERVENTION FUNDS: THE JOURNEY SO FAR” PRESENTED BY MR. WAHEED OLAGUNJU THE ACTING MANAGING DIRECTOR/CEO. BANK OF INDUSTRY LIMITED AT THE FINANCIAL SERVICES GROUP’S SEMINAR ORGANIZED BY THE LAGOS CHAMBER OF COMMERCE & INDUSTRY (LCCI) APRL 17, 2014. BACKGROUND.
“INTERVENTION FUNDS: THE JOURNEY SO FAR”
MR. WAHEED OLAGUNJU
THE ACTING MANAGING DIRECTOR/CEO.
BANK OF INDUSTRY LIMITED
FINANCIAL SERVICES GROUP’S SEMINAR
ORGANIZED BY THE LAGOS CHAMBER OF COMMERCE & INDUSTRY (LCCI)
APRL 17, 2014
Challenges faced by Airlines and inconsistent power supply such as the under listed necessitated the bail out Fund:
of fund in the acquisition of operating assets. i.e. Fund mismatch – using short
term loan to finance long term assets.
due to increase in various taxes and price of aviation fuel.
Without the intervention , the aviation sector would have become comatose with obvious risk of considerable job loss and far reaching negative impact on the economy.
Breakdown of Disbursement in terms of sector is as follows:.
Challenges faced by manufacturing/SME sector such as the under listed necessitated the bail out Fund:
the acquisition of operating assets. i.e. Fund mismatch – using short term loan to
finance long term assets.
With the intervention, more than 500 projects benefitted from the Fund with the following status:
Breakdown of approvals in terms of sector:
Cotton Growing & Ginning17
CTG Support Services (LPFO) 1
Break-down of Approvals in terms of Sector:
Vehicle assembly 8
Cycle/ two/three wheelers 12
Components manufacture 24
No of participating MFBs for On-lending to Auto-technicians 17
No of participating DMBs for Vehicle Purchase Scheme 8
BOI supported a mega rice plant with a capacity to do 24,000 tonnes of rice /annum,
under the Rice Intervention Fund in Ebonyi State.
There are also numerous small scale rice millers within the state.
Also in collaboration with the Ebonyi State Government, the rice millers and UNIDO, BOI is
supporting the establishment of Abakaliki Power Plant Limited with the following initiatives:
CENTRAL PACKAGING CO. LTD.
The company recently commissioned an Ultra Modern Hi-tech Packaging factory which
was hitherto a Federal Government Enterprise, managed by Nigeria Paper Mill.
In 2006, it was slated for privatization as a result of the near collapse of the enterprise.
Gobesh (West Africa) Ltd was declared the preferred bidder for 100% net asset acquisition
after a keenly contested bidding.
INNOSONS NIGERIA LIMITED
Demand for financial services
Different financial requirements and services
Calf to Cow
Palm Oil Value Chain
Cosmetics and personal care
Margarines and spread
Deep Frying oil
Lubricants and grease
Bakery fat (Shortening)
Cocoa butter alternative fats
Ice cream fats
Infants nutrition fats
Other food applications
Paints and lacquers