Managing Director and Chief Executive Officer, Bank of Industry, Mr. Rasheed Olaoluwa has said that the bank has disbursed a total of N800 Billion to Small and Medium Enterprises in the country from 2009 till date.
Olaoluwa who spoke in Lagos at a symposium organised to mark the 50th birthday of the Chief Executive Officer, RTC Advisory Services Limited, Mr. Opeyemi Agbaje said “What we have seen in the case of the Bank of Industry is that we have a model that appears to be succeeding.
“For example, in our intervention in the Small and Medium Enterprises space, our cumulative disbursement of loans was less than N30bn up till 2009. But from 2009 till date, we are looking at about N800bn.
“An institution that will survive its chief executive officer; that can ensure that when loans are granted, they are repaid; an institution that can ensure that technologies are adopted; that can ensure that the institutions are properly run in terms of governance, compliance and so on.”
On the status of Nigerian banks, he said “Before then, domestic banks mustered the strength to finance anything close to mega transactions. But today, we find Nigerian banks facing transactions in their billions. That is a significant development. We used to rely on foreign banks to come and lead syndication in our domestic transactions. Now, we are able to do that. A lot of banks have really become very strong in terms of their institutional capacity building.”