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Jonathan directs Okonjo-Iweala, Sanusi to recapitalise Bank of Industry

Published by Punch on Fri, 23 Dec 2011

President Goodluck Jonathan on Thursday directed the Minister of Finance, Dr. Ngozi Okonjo-Iweala, and the Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, to recapitalise the Bank of Industry.Jonathan, who gave the directive during the inauguration of the BoI office in Abuja, said the move would enable the bank return the nations economy to the path of industrialisation.Present at the inauguration were the Minister of Trade and Investment, Mr. Olusegun Aganga; Kaduna State Governor, Mr. Patrick Yakowa; and Managing Director, BoI, Ms Evelyn Oputu; among others.While declaring the building open, Jonathan charged the Ministry of Finance to accelerate the recapitalisation of BoI and open up its equity to development-focussed foreign institutional investors, who would maintain its developmental mandate.The President said, It is satisfying to note that the BoI has evolved into a strong and dynamic financial institution over the last 10 years. The statement made by the Managing Director of the bank is a testimony that they can do so much in building a great economy when we collectively act in the best interest of our country.I have already directed the Minister of Finance and the Central Bank governor to work with the Minister of Trade and Investment to make sure that BoI is truly capitalised because we have no choice if our vision and hopes that Nigeria can compete globally by 2020 must be realised.In this regard, we shall accelerate the recapitalisation of BoI and open up its equity to development-focussed foreign institutional investors, who will maintain the banks developmental mandate.We need the bank that will be so dedicated to fund the industrial sector, especially agriculture.Jonathan commended the board of the bank for transforming it within a short period of time, adding that from the 2012 fiscal year, the Federal Government would make sure that its budget was fully implemented.He said, In the light of the concept and purpose of the project and in view of the diligent and timely completion of the project, and the cost effective management, I am persuaded of the can do spirit that we have what it takes to achieve a rapid transformation of the economy.
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