By Ibrahim Mohammed
#TrackNigeria- Bank of Industry (BoI) the oldest and largest Development Finance Institution (DFI) currently operating in the country, has won the prize for Financial Inclusion at the 2019 edition of the African Banker Awards.
The prestigious prize according to African Press Organisation (APO), was announced at a Gala Dinner in Malabo, Equatorial Guinea, on the sidelines of the Annual Meetings of the African Development Bank (AfDB).
In line with the Industrial Revolution Plan and Economic Recovery and Growth Plan (ERGP), the Nigerian government BoI focuses on financing industrial projects in key sectors of the economy such as: Agriculture and Food Processing, Light Manufacturing, Gas and Petrochemicals, Engineering and Technology, Solid Minerals and Creative Industries (arts and entertainment).
The BoI is promoting youth entrepreneurship, women-owned businesses and renewable energy projects in Africa’s largest economy.
It would be recalled that the BoI began operations in 1959 as the Investment Corporation of Nigeria (ICON) Limited. In 1964, ICON Limited was reconstituted to become the Nigerian Industrial Development Bank (NIDB) Limited under the guidance of the World Bank. Initially, International Finance Corporation (IFC) held 75% equity in NIDB and produced the first Managing Director.
However, the equity structure was diluted in 1976 as a result of the indigenization decree.[5]
Besides, in the year 2001, BoI was reconstructed out of the merger of the Nigerian Industrial Development Bank (NIDB), Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND). Although the bank’s share capital was initially set at ₦50 billion in the wake of NIDB’s reconstruction, it was increased to ₦250 billion in 2007 with a view to positioning it for better result.
APO noted that ‘‘no one region dominated this year’s awards although there was a call from the organisers for greater effort to ensure banking was more inclusive, both in terms of gender representation across senior management in banks and lending to the small and medium sized enterprises.
‘‘This call was echoed by the two main sponsors of the awards, the African Guarantee Fund and the Bank of Industry, both of whom have created a number of innovative instruments and mechanisms to lend to the SME sector.’’
Commenting on the 2019 awards, APO quoted Omar Ben Yedder, Publisher of African Banker said: “We’ve been following the work of the financial services industry for many years. The sector over the years has seen great returns, and 2018 was another strong year for banks. Undoubtedly FinTech was the most buoyant sector in terms of tech investments and we are yet to truly see the transformative impact it can have. Despite the positive stories from the banking sector, the words of the winner of our Banker of the Year still resonate when he said last year at the Africa Investment Forum: we need to speed up, scale up and synergise. ”
THE 2019 AFRICAN BANKER AWARD WINNERS
African Banker of the Year
Admassu Tadesse, TDB
Lifetime Achievement Award
Sizwe Nxasana, former CEO, First Rand Group
African Banker Icon
Mitchell Elegbe, Founder, Interswitch Group
African Bank of the Year
Afreximbank
Minister of Finance of the Year
Romuald Wadagni, République du Benin
Central Bank Governor of the Year
Tarek Amer, Central Bank Governor, Egypt
Best Retail Bank in Africa
Ecobank
Investment Bank of the Year
Absa Capital
Award for Financial Inclusion
Bank of Industry, Nigeria
Special Commendation for their contribution to the development and financing of the Rural Sector: Banco Nacional de Guinea Ecuatorial (BANGE)
Socially Responsible Bank of the Year
Equity Bank, Kenya
Innovation in Banking
KCB, Kenya
Special Commendation: JUMO, South Africa
Deal of the Year – Equity
Vivo IPO
Standard Bank & Rand Merchant Bank (South Africa)
Deal of the Year – Debt
$2.2bn Senegal Eurobond
Rothschild
Infrastructure Deal of the Year
Mozambique Floating LNG
TDB & Credit Agricole
Regional Bank of the Year
East Africa – KCB, Kenya
West Africa – Orabank
North Africa – Banque de l’Habitat (Tunisia)
Southern Africa – Mauritius Commercial Bank
Central Africa – BGFI, Gabon
