Innoson, CCNN, Aluminium Extrusions in BoI’s Hall of Fame

The Bank of Industry (BoI) has inducted 10 manufacturers in its Hall of Fame, a scheme introduced to honour some of the bank’s customers who have shown excellent performance by repaying the loans granted to them conformably.

The 10 manufacturers that were shortlisted by the development bank include, in alphabetical order, Ammasco International Limited, Kano; Cement Company of Northern Nigeria, Sokoto; Cobef International Limited, Port Harcourt; Happiness Foam Industries Nigeria Limited, Benin City, and Innoson Technical and Industrial Company Limited, Enugu.

Others are Nigerian Aluminium Extrusions Limited, Lagos; Nigerian Foundries Limited, Lagos; Paul B Nigeria Limited, Enugu; Rumbu Sacks Nigeria Limited, Kano, and Supercor Industries Limited, Bauchi.

Rasheed Olaoluwa, managing director/CEO, BoI, said the companies obtained long-term credit facilities from the bank at least twice and fully repaid same conformably. According to Olaoluwa, the companies have proven that integrity is neither a function of size nor environment but character.

“We congratulate and celebrate the inductees. We are very proud of them,” he said, saying “it is our hope that more customers will be admitted into this Hall of Fame over time as their loan performances, character and integrity merit such honour. This is, therefore, a challenge to all our existing and prospective customers,”

The development bank’s helmsman, however, revealed that a total of 24 companies had been blacklisted over shady and fraudulent practices. According to him, these are customers of shady character and questionable integrity, and customers who diverted loans meant for the acquisition of plant and machinery to other ventures outside the agreement signed by the bank.

“Some of these customers provided cloned title documents, thus committing outright frauds. A total of 24 companies have been so identified, and they will henceforth experience the ignominy of belonging to our Hall of Shame,” he said, stressing that “BoI takes loan recovery seriously because the resources so borrowed are collectively owned.”

Responding, Innocent Chukwuma, CEO, Innoson Technical and Industrial Company Limited, said the loans borrowed from the bank had made him create 7,200 job in his car assembly plant, enabling him have the biggest equipment in plastic manufacturing in West Africa.

“I have borrowed loans from BoI for about four times. There is no request I make to the bank that it will not honour, owing to my repayment system. Anybody who follows this system will benefit very well from the bank,” he said.

Vassily Barberopoulos, CEO, Nigerian Foundries Limited, said the bank’s loans had put the firm in good financial stead, having got the oil and gas casting contract from an international organisation.

Paul B is a local producer of granite and bitumen in Nnewi, Anambra State, while Rumbu Sacks makes woven sacks in Kano. Supercor produces non-metallic flat and green board roofing sheets in Bauchi, whereas Cobef manufactures PVC pipes and jerry cans in Port Harcourt, Rivers State.