{"id":163597,"date":"2022-03-18T08:50:19","date_gmt":"2022-03-18T07:50:19","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=163597"},"modified":"2022-03-18T08:51:00","modified_gmt":"2022-03-18T07:51:00","slug":"buhari-reappoints-olukayode-pitan-as-md-ceo-of-boi","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/03\/18\/buhari-reappoints-olukayode-pitan-as-md-ceo-of-boi\/","title":{"rendered":"Buhari reappoints Olukayode Pitan as MD\/CEO of BOI"},"content":{"rendered":"<p>President Muhammadu Buhari has approved the renewal of the appointment of Olukayode Pitan as the managing director\/chief executive officer (CEO) of the Bank of Industry for another term of five years.<\/p>\n<p>Buhari also<span data-preserver-spaces=\"true\">\u00a0renewed the appointment of Aliyu AbdulRahman Dikko as chairman of the bank.<\/span><\/p>\n<p>The reappointment was contained in a letter signed on March 11, 2022 and conveyed by <span data-preserver-spaces=\"true\">Boss Mustapha, secretary to the government of the federation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The letter stated that the new appointments take effect from May 27, 2022.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cUnder Pitan\u2019s leadership, BOI has consistently delivered on its mandate to transform Nigeria\u2019s industrial sector by providing long-term financing and counter-cyclical loans diversified across industries such as agro-processing, gender businesses and <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/07\/nnpc-will-deepen-natural-gas-utilisation-to-reduce-energy-poverty-kyari\/\">renewable energy<\/a> among others,\u201d a statement from BOI reads.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn the last five years, BOI has promoted financial inclusion by supporting the expansion of over 3 million enterprises, thereby creating over 7 million jobs.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cTo expand its capital base to meet the needs of its customers and contribute to the economic growth of Nigeria, Pitan led BOI\u2019s successful foray into the international market and has raised about $3.8bn in the last 4 years. This includes a $750mn syndicated medium-term loan in 2018 (fully paid); a \u20ac1bn syndicated loan in March 2020; a $1bn syndicated loan in December 2020; and a\u00a0<\/span><em><span data-preserver-spaces=\"true\">\u20ac<\/span><\/em><span data-preserver-spaces=\"true\">750mn Senior Eurobond (the first by any African national DFI) in February 2022.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cInvestor confidence in BOI is reflected in its balance sheet, which has more than doubled since Pitan\u2019s appointment in 2017, growing significantly from N713billion to about N1.7trillion as of December 2021. The bank consistently demonstrates resilience in the face of macro-economic headwinds and recorded remarkable growth, even in face of the challenges posed by the COVID-19 pandemic.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cBOI\u2019s growth trajectory is also reflected in its favourable credit ratings from global rating agencies. Recently, Fitch Ratings upgraded the bank\u2019s National Long-Term Rating to \u2018AAA(nga)\u2019 from \u2018AA+(nga);\u2019 and affirmed the bank\u2019s Long-Term Issuer Default Rating (IDR) at \u2018B\u2019 with a Stable Outlook.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Pitan has over 30 years of experience across various sectors of the financial services industry.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last week, the bank received an award at the Bonds and Loans Africa Awards ceremony.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At the award ceremony in Mount Nelson, Cape Town, South Africa, BOI was presented with the award in recognition of its $1 billion syndicated term loan facility successfully raised in the international market in December 2020.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Muhammadu Buhari has approved the renewal of the appointment of Olukayode Pitan as the managing director\/chief executive officer (CEO) of the Bank of Industry for another term of five years. Buhari also\u00a0renewed the appointment of Aliyu AbdulRahman Dikko as chairman of the bank. The reappointment was contained in a letter signed on March 11, [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":163601,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[32849,10436,32848,32850],"class_list":["post-163597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-bank-of-industry","tag-muhammadu-buhari","tag-olukayode-pitan","tag-renewable-energy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Buhari reappoints Olukayode Pitan as MD\/CEO of BOI<\/title>\n<meta name=\"description\" content=\"President Muhammadu Buhari has approved the 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