BoI wins LCCI laurels for intervention fund

Bank of Industry (BoI) has won the award for Best Industry Support through Intervention Funds at the 2016 LCCI Commerce and Industry Awards organised by the Lagos Chamber of Commerce and Industry.

The annual LCCI Awards recognises and promotes deserving corporate organisations and institutions in both the public and private sectors who have exhibited the core values of best business practices, good corporate governance, sustainability, and contribution to the development of commerce and industry in different sectors of the Nigerian economy.

Among many feats attained by BoI in this regard includes project NollyFund, a creative non-oil sector scheme that has, so far, produced five films, including KunleAfolayan’s much publicized The CEO; The Three Wise Men by Opa Williams; Amina by OkeyOgunjiofor and Anyama by EmemIsong.

This is aside the bank’s current successful intervention is the N10 billion Youth Entrepreneurship Support (YES) Programme that is designed to address youth unemployment in Nigeria. The scheme has earned the bank considerable accolades both domestically and internationally. Within six weeks of the online business ideas completion, almost 40,000 entries were received, with at least 10,000 beneficiaries expected to emerge within the first year of the Programme.

Meanwhile, filmmakers have been pouring encomiums on the bank over a recent favourable review of the terms of the NollyFund loan.

“We are happy to confirm that BOI Nollyfund Product has been further reviewed:

1) Advisory Fee of N2Million has been waived. 2) Deposit of N2Million by Distribution Companies has been waived. 3) Interest rate is 10% p.a. We shall continue to work with stakeholders to build an amiable industry in Nigeria. Thank you all for the support and feedback,” announced Mrs. UcheNwuka, Head of the Creative Desk at BoI.

An industry stakeholder and Special Adviser to former Director General of National Film and Video Censors Board (NFVCB), Mr. Emeka Mba, Mr. Obiora Chukumba, says of the development: “Good step @ Uche. Anything and everything necessary to stimulate greater interest of practitioners and investors in creating bankable businesses in Nollywood is always a win-win.”

For Alex Eyengho, President of Association of Nollywood Core Producers (ANCOP), who had harped on the need for such favourable review, it is “Thanks to the BoI team (Mrs. Uche, Mr. OkeyMadu et al) for being a listening and responsive partner in progress.”

Also thanking BOI, Mr. OsezuahImobhio, president of Independent Television Practitioners of Nigeria (ITPAN) said; “On behalf of our members (ITPAN) I must say a big thank you to BoI, Uche and her amiable team for working effortlessly towards making things much better for the independent producers. More grease to your elbow.”

Giving more cheerful news, Nwukasaid BOI is already working on a single digit proposal of between one and nine percent interest rate.

“This is the best news by far of today! God keep you as you are doing the best for the industry…cheers to you and the team @BOI!” said another filmmaker, Justin Morgan, on Tuesday