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BoI, Emerging Africa Group to increase collaboration on access to finance

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he Bank of Industry (BoI) and Emerging Africa Group have reiterated their commitments to enhancing access to finance to Nigerians through increased collaborations between the two companies.

At a business relationship meeting in Lagos, directors of the companies agreed that they shared the common vision of helping to unleash the potential of Nigerian economy through provision of amenable finance.

The meeting identified various areas of increased collaboration to include micro-financing, trusts, financial technology and infrastructure financing among others.

Group Chairman, Emerging Africa Group, Chief Nike Akande, said the business visit to BoI was in furtherance of the group’s goal to strengthen its footprints as an Environmental, Social and Governance (ESG)-led and impact focused investments and financial services group.

Akande, a former Minister of Industry, commended the growth of BoI over the years noting that as a former non-executive director of BoI, then known as Nigerian Industrial Development Bank, and as former supervising minister, she has seen the bank growing over the years with commendable milestones.

She commended the bank’s leadership on its multiple accomplishments including raising over $5 billion of additional capital, deploying N1.36 trillion to over 4.3 million enterprises in the last seven years and creating 9.6 million jobs.

According to her, several awards won by BoI such as Best Development Bank, Africa 2022 Award, Most Sustainable Bank 2022, Nigeria, Best SME Partner Bank of the Year and CEO of the Year awards were pointers to the success of the bank.

Akande pointed out that Emerging Africa Group has since inception in 2018 have helped to raise more than $1.0 billion for its clients and grow its business to over $90 million in total assets.

Executive Vice-Chair, Emerging Africa Group, Toyin  Sanni said the group was ready for a stronger partnership with BoI.

She commended the Olukayode Pitan-led management for its commitments to excellence and support for Nigerian businesses.

She explained that Emerging Africa Group was established by institutional and private domestic and international investors with the aim of addressing Africa’s huge financial access gap and advancing Africa’s Sustainable Development Goals (SDGs).

According to her, the group provides financing and investing solutions to public and private sector projects, through its various subsidiaries and has since inception, helped to raise over $ billion for the governments and companies.

“Our business has evolved from pure investment banking at commencement into an Environmental, Social and Governance focused Investments Group with equity and debt interests across investment banking, financial technology, microfinance banking, capacity building and energy and road infrastructure.

“Our company services ranges from investment and financing transactions leveraging strong and stable partnerships with domestic and international partners such as local and regional public and private sector issuers, sovereign and sub-national governments, public and private companies, development finance institutions, local, regional and international banks and high net-worth individuals. covering investment services to HNIs, corporates and governments,” Sanni said.

Managing Director, Bank of Industry (BoI), Mr. Olukayode Pitan, said the bank was willing to partner with well-managed institutions like Emerging Africa Group to foster national economic development.

He said BoI has remained the leading development-finance institution in Nigeria, providing supports across the various sectors of the economy.

Emerging Africa Group’s delegation included Chairman, Emerging Africa Trustees Limited, Mallam Mohammed Bintube, who was a former board member of BoI; Director, EACL, Dr. Joe Mekiliuwa; Director, Treasures MFB, Dr. Tunde Ayeye; Managing Director, Emerging Africa Asset Management, Adaku Ijara; Managing Director, Fundall Technology Solutions, Abimbola Shopeju; Managing Director, Emerging Africa Trustees Limited, Felicia Shonubi and Executive Director, Emerging Africa Capacity Building, Funmbi Akinluyi.

The BoI team included its Executive Directors, Simon Aranonu, Usen Effiong; Chief Risk Officer, Dr. Ezekiel Oseni, Divisional Head, Corporate Finance, Leonard Kange; Ayo Bajomo, Divisional Head, Treasury and Financial Institutions and Funsho Odewoye, Technical Adviser to the Managing Director.

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