A’Ibom Gov. Urges BO Not To Grant Loans Based On Recommendations

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Umo Eno, the governor of Akwa Ibom State, has directed the Bank of Industry’s management to grant loans to borrowers who fulfill the requirements, rather than relying on referrals from senior government officials.

He gave the management the assurance that he wouldn’t overburden the managing director and his staff in the state.

Eno made this declaration in Uyo, the state capital, on Tuesday during the opening of the state’s new BOI Office complex. He also added that he would not suggest anyone for the distribution of loans.

Declaring that the money he was going to give today was an investment for Akwa Ibom, the governor said, “Let me assure you, the MD and your management team that I will not bring pressure to your office and please do not take recommendations from people from any quarter that do not meet your criteria.”

As you are aware, you will reimburse us for the grant we have given you. Therefore, I beg of you up front: please do not lend money to anyone who does not fit your requirements. I want to be clear about the truth I want to share. Don’t listen to anyone, and I won’t suggest anyone to you.

Since I am currently the state’s governor, no one should put pressure on you if I tell you that I won’t. Make sure to evaluate the individuals who can fulfill your needs and distribute them among the state’s 31 local governments.

The governor welcomed BOI to the state and said that the bank’s founding is a brave step toward achieving the ambitious objectives of the second and fourth aspirations of the ARISE Agenda, which include the creation of jobs, economic prosperity, and the encouragement of industry and entrepreneurship in addition to long-term, sustainable economic growth among Akwa Ibom people.

Prior to this, Dr. Olasupo Olusi, the Managing Director and CEO of BOI, praised Eno for its dedication to fostering entrepreneurship in the region.

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He claimed that the governor’s remarks at the 28th United Nations Climate Change Conference (COP28) in the United Arab Emirate in December 2023, where the bank was forced to establish its 32nd Nigeria branch in the state in order to bring its operations closer to the Akwa Ibom people, demonstrated this commitment.

Olusi insisted that BOI was happy to collaborate with the government of Akwa Ibom State on its operations and pledged to support small, medium, and large-scale businesses by providing them with resources that aren’t available through the standard commercial banking system.

The governor of Akwa Ibom State’s economic blueprints, as well as President Bola Tinubu’s Renewed Hope Agenda, are all in line with our mandate to create development impact and to transform the social and economic landscapes of Akwa Ibom through sustainable economic growth and job creation.

“BOI is prepared to support private investment that will bring about transformation in the oil and gas, tourism, hospitality, and aviation sectors in recognition of this.”

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