Business

BoI's Loan disbursements hit N780 Bn in 2014

The Managing Director of the Bank of Industry (BoI), on Thursday, disclosed that disbursements of intervention funds and loans from the Bank to the nation’s real sector and other key sectors have hit N780 billion as at the end of 2014.

Speaking at the yearly conference of the Nigerian Institute of Estate Surveyors and Valuers in Osogbo, Osun State, Olaoluwa explained that the bank has increased its intervention to critical sectors of the economy within the last five years between 2010 and 2014.

He said: “BoI has become impactful within the last five years and at least 1.8 million jobs have created through such efforts.  Before 2009, 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 judgment.  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.

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Ihesiulo Grace

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