April 14, 2015 – Bank of Industry (BoI) in Nigeria has secured a domestic credit rating of A- from, Augusto & Co a leading Nigerian credit rating agency.
The rating confers on the bank the status of a financial institution with good financial condition and a strong capacity to repay obligations on a timely basis. The bank is also the first Nigerian development bank to be so rated.
According to the bank, the objective was to provide useful benchmarks for the Bank against global best practices. “The engagement was successfully completed and a rating of A- with a stable outlook was issued in December 2014”, BoI said.
In 2014, the bank commenced the implementation of a corporate transformation project leading to the development of a five year strategic plan which is currently being implemented.
The bank noted that key strategic issues addressed by the transformation include the diversification of the bank’s funding base, development of robust risk management systems, effective cost management, performance management system, credit process re-engineering and automation, customer service delivery, new product development, loan quality, corporate governance, national coverage, and stakeholder management.
Speaking on the rating, Managing Director of the bank, Mr. Rasheed Olaoluwa said the positive rating is an endorsement of ongoing transformation project at the BOI, and an affirmation of strategic intent of adopting global best practices in all aspect of our operation.
“We are determined to make increasing impact in our focus sectors and to continue to set the pace as Nigeria’s leading development bank”, he said.