No doubt, the Bank of Industry is one out of few Government agencies that keeps living up to expectation in the present President Muhammad Buhari led- government.
In the last four years, the Bank of Industry has raised about $3.8bn from the international financial market: This includes another syndicated loan of €1bn in March 2020; and a $750mn syndicated medium-term loan in 2018 which has been fully paid off.
The Bank of Industry said it has impacted over four million Micro, Small and Medium Enterprises (MSMEs) through its Growth Platform, unlocking productivity and rolling back poverty in the last five years.Though the successes of the bank could be attributed to the effective use of technology as well as the social network programmes put in place by the Federal Government, its Growth Platform has been a powerful generator of opportunities for young entrepreneurs. According to reports, the Olukayode Pitan led financial institution targets people aged 18 to 35 who make up 57 per cent of GEEP’s beneficiaries. The programme has also tackled the problem of women’s financial exclusion head-on, and today, the majority of its beneficiaries are female.Through GEEP alone, BOI has disbursed capital to over one million women-led MSMEs and helped over 150,000 of them to open bank accounts for the first time.The Bank sterling performances have made it clinch different awards.
A recent one was the award for the ‘International Syndicated Loan Deal of the Year’ at the Bonds & Loans Africa Awards ceremony, which took place in Mount Nelson, Cape Town.BoI was presented this award in recognition of its $1bn Syndicated Term Loan Facility successfully raised in the international market in December 2020.The Bonds & Loans Africa Awards has been recognising the most innovative and ground-breaking deals from sovereign, corporate and financial institution issuers and borrowers since 2014. The annual event brings together the industry’s most high-profile figures, thereby raising the profile of the African financial markets with the international investment community.The award comes on the back of BOI’s successful issuance of a €750mn Senior Eurobond (the first by any African national DFI) in February 2022.Little wonder, Mr President did not hesitate to approve the re-appointed of Olukayode Pitan as the Managing Director of the Bank of Industry for another term of five years.The new appointment, which takes effect from May 27, 2022, is a testimony to the Managing Director/Chief Executive Officer’s unwavering performance at the bank. The bank under his leadership has received recognitions highlighting its impact as Nigeria’s leading Development Finance Institution, committed to maximizing developmental impact by raising and deploying the funds that enhance the country’s capacity to support its customers.
Under Pitan’s control the bank has intensified its efforts to catalyze sustainable economic growth for Nigeria and the continent at large.Bearing in mind that the exhaustive selection process for the awards involves close examination of deal size, tenor, structure, and distribution; analysis and background of the borrower and their accessibility to financing; with extra credit for deals that demonstrate high-quality execution, accessing new pools of liquidity, innovative structuring, and opening-up new markets.
According to reports, Pitan acknowledged the significant role that myriad strategic partners played in the consummation of this deal in spite of the challenges posed by the COVID-19 pandemic, saying: “We are especially grateful for the support of our lead arrangers, underwriters and book runners; Afreximbank, Credit Suisse A.G, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation; and The Central Bank of Nigeria which provided a 100% currency swap that allowed us to mitigate foreign exchange rate risks.”According to the BoI, his intimidating profile says he has corporate and banking experience spanning over 25 years. He graduated with a BSc (Hons) degree in Economics as a UAC scholar from the University of Ibadan in 1982. He obtained a Master’s degree in International Management as a Rotary International Scholar from the American Graduate School of International Management, Thunderbird Campus, Glendale, Arizona. He is an alumnus of Lagos Business School (SMP 5) and London Business School (SEP 43 ). He is also an alumnus of the Haggai Institute in Singapore. He is an ordained senior pastor of the Redeemed Christian Church of God.Pitan started his banking career in 1986 at Citibank Nigeria. He subsequently joined Industrial Bank Limited (Merchant Bankers) as part of the pioneer team in the role of Head, Trade Finance. He left the Bank in 1991 to run Credit Lease Nigeria Limited, a company founded by him to pursue his dream in export business.
Mr. Pitan came back to the banking industry in 1996 by joining FSB International Bank Plc as AGM / Head of Middle Tier market and public sector. He later served as Group Head, Commercial and Consumer Banking Group. He also headed the Corporate Banking and Energy groups. He was promoted to Executive Director of the Bank and Managing Director of ENSEC (Energy division) in March 2001.
Mr. Pitan joined First Interstate Bank Plc in August 2004 as Managing Director/Chief Executive Officer. He led the Bank successfully through a merger with eight other Banks to form Unity Bank Plc. From January 2006 to February 2009 when he voluntarily retired, he served as Executive Director of Unity Bank Plc in charge of Corporate Banking and Treasury Management.Olukayode had participated in many innovative transactions in the Nigerian Capital Market. He was the Chairman of the Technical Committee that led to the merger of Centerpoint Securities Ltd and FIIST Ventures Ltd to form Unity Registrars Ltd and served as Chairman of the Unity Registrars Ltd. He was also the Chairman of the Technical Committee that merged Kapital insurance Plc, Intercontinental Assurance Company Ltd and Global Commerce and General Assurance Co Ltd into UnityKapital insurance Co Plc and also served as Director of the new entity. He was the Chairman of the Technical Committee of the landmark transaction where nine banks were merged to form Unity Bank PLC and the listing of the bank on the Nigerian Stock Exchange. He also midwifed the formation of FUG Pensions Limited by serving as the Technical Chairman for the pooling together of the interests of Futureview Financial Services Ltd, Unity Bank Plc and Glanvill Enthoven & Co Ltd to form a viable and significant player in the Pensions management industry. He subsequently served as Chairman of FUG Pensions Ltd.
Mr Pitan has also served as the alternative Director of Kakawa Discount House Limited, Director Newdevco Investments & Securities co. Limited, Director Banque Internationale Du Benin (BIBE) and currently Chairman, Habitation of Hope- An NGO set up by Pastor(Mrs) Folu Adeboye to salvage, transform and empower the abandoned, hopeless and homeless street boys and girls in our society. He was recently the MD/CEO of Caroline Properties Ltd and director of Excel E& P Ltd. E& P Ltd.
Olamide Adeniji is a member of the Editorial Team of TheScript Newspaper
