CBN LICENSES BANK OF INDUSTRY AS A DFI

The Bank of Industry (BoI) has secured the Central Bank of Nigeria’s (CBN) licence to operate as a full-fledged Development Finance Institution (DFI). The approval was in line with the apex bank guidelines that “all existing DFIs whether established directly by an Act of the National Assembly, incorporated under Companies and Allied Matters Act (CAMA) or any other law shall be required to obtain licence from the CBN.” A statement by the BoI noted that based on its plans to drive industrialisation, it has embarked on strategic and tactical initiatives to reposition its operations. “BoI wishes to reiterate our readiness to continue to provide financial support to SMEs and large enterprises with good business propositions.”