New Chairman Of Bank of Industry Appointed.

Abdulsamad Rabiu has been Appointed New Chairman Of BOI.This is the strategy to reconstitute the board of the bank with seasoned private-sector technocrats.BOI was established in October 2001 following the reconstruction of the first Nigerian development finance institution (DFI), the Nigerian Industrial Development Bank Limited (NIDB).
NIDB was established in 1964 under the guidance of the World Bank with the International Finance Corporation (IFC) holding 75 per cent equity and producing the first managing director. The equity structure was diluted in 1976 as part of the indigenization Decree.

BOI’s vision is to be a leading self-sustaining development finance institution, operating under sound management and banking principles that would promote the emergence and development of a virile competitive industrial sector in Nigeria.

The core mandate of BOI is to provide financial assistance for the establishment of large, medium and small projects as well as expansion, diversification and modernization of existing enterprises, and rehabilitation of ailing industries.