2795, rasheed olaoluwa

A strange feeling of excitement filled most staff working at Marina head office of Bank of Industry(BOI) on Monday as they praised the sack of Rasheed Olaoluwa as MD/CEO in hushed tones.

Olaoluwa hitherto was mired in various allegations of corporate malpractices and confidence crisis, resulting mainly from the unauthorized sales of WAMCO shares, properties of the bank and other insider abuses related issues.

OrijoReporters correspondent interactions with most of the staff revealed that though the news came to them as a pleasant surprise, Rasheed Olaoluwa’s sack was a welcome development.

And in direct response to the directive that the most senior management staff runs the affairs of the institution pending the appointment of a substantive Head, interestingly, the Executive Director, Small & Medium Enterprise directorate of BOI, Mr. Waheed Olagunju, who handed over to Rasheed Olaoluwa in 2014, has taken over from him(Olaoluwa) in acting capacity.

Read Rasheed Olaoliwa’s valedictory message to all staff:

Dear all,

It gives me great pleasure to write this short and final email to you‎ as your Managing Director / CEO.

I have just been advised of my immediate replacement by the Honourable Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah.

Working with you these past 21 months has been both fruitful and exciting. Together, we crafted a medium term plan for the Bank of Industry. You will recall that the plan was anchored on two broad strategic objectives:

I) to adopt global best practices in all aspects of our operations, and

II) to make a significant developmental impact in the financing of real sector projects, thus helping Nigeria to create jobs and economic value.

We have recorded important milestones ‎along the two paths. 2015 was a particularly ‎successful year for our Bank.

On the first objective, we upgraded our banking application and automated our operations. We reduced our NPL ratio from 18% in May 2014 to 4% in December 2015. We received ISO 9001:2008 Quality Management System Certification. And we received our initial international credit ratings from both Fitch and Moody’s.

With respect to developmental impact, we successfully de-risked our SME portfolio through an innovative SME Cluster approach. About 40 clusters have been identified thus far. In 2015, we disbursed a total of N5.6 billion to SMEs, in addition to N77 billion to Large Enterprises. We helped to create thousands of jobs across the key sectors of Nigeria’s economy. We also commissioned two of the six rural micro grids solar projects ‎we financed in Niger and Osun states.

Our financial performance has also improved considerably, based on efficient cost management and portfolio growth. From 2013 to 2014, our PBT increased from N2bn to N6bn. Our operating profit doubled to N12bn in 2015, besides the exceptional income of N37bn earned from the sale of our WAMCO shares.

Gain Control Over Your School

The foregoing was achieved only with your cooperation and support and hard work, for which I will remain very grateful. I have no doubt that you will carry on successfully and keep BOI’s flag flying high under the incoming MD/CEO.

Our country is far behind on the industrialisation index and BOI has a major role to play in implementing catch up strategies required to achieve economic convergence.

As for me, I depart in good faith, knowing that Almighty God is in full control. He knows the end even before the beginning. There was life before BOI for me. And by God’s grace, there will continue to be life.

I leave with fond memories of my interactions with you, one on one, at ALCO meetings, at ‎NPL and QPIP Sessions and at EMC meetings. I will stay in touch with practically everyone. And I’m sure our paths will cross from time to time. Please remember that it’s always been about the issues, there’s nothing personal.

Please keep up the SPPIRIT!

Thanks and God bless.
Rasheed Olaoluwa

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