BoI’s loan disbursements hit N780 billion in 2014

THE disbursements of intervention funds and loans from the Bank of Industry (BoI) to the key sectors of the nation’s economy have hit N780 billion as at the end of 2014.

The Managing Director of the bank, Rasheed Olaoluwa made this disclosure yesterday, while speaking at the yearly conference of the Nigerian Institute of Estate Surveyors and Valuers in Oshogbo, Osun State.

Olaoluwa explained that the bank has increased its intervention to critical sectors of the economy within the last five years.

He said: “BoI has become impactful within the last five years and at least 1.8million jobs have created through such efforts. Before now, the level of intervention was below N30 billion, but we have been able to improve access of customers to the funds as well as increase their capacity in the utilisation of such facilities.

“We are doing a lot of things to ensure that we can provide that comprehensive support to our small and medium enterprises. We are reviewing our regional status to state offices in order to be able to serve our customers better”.

He also tasked members of the institute on the need to adhere to strict professional ethics adding that valuation of assets remain a critical aspect of financial intermediation that is often fraught with malpractice.

According to him, it is often times discovered that false values are placed on assets and this practice is prevalent in an industry where professionals have decided not to adhere to ethical guidelines.

“Development and financial institutions most times discover that the value placed on some assets does not represent the reality and this is affecting financial intermediation by development finance institutions.

“Estate valuers play a critical role in the society as they are at the centre in placing value on assets. As a bank, we depend on their judgement. The institute needs to task its members on the need to embrace fair and ethical practice while performing their duties.

“Similarly, professionals in the estate valuation industry cannot afford to ignore the place of technology in the discharge of their duties in other to be globally recognised and competitive”, he added.