Bank Of Industry: G.U. Ebeco Industries Limited In Perspective | News Proof

News:

Politics

Bank Of Industry: G.U. Ebeco Industries Limited In Perspective

By Terfa Naswem 

Bank of Industry Limited (abbreviated as 'BOI') is Nigeria's oldest and largest Development Finance Institution (DFI) currently operating. It is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the Central Bank of Nigeria (CBN) (5.19%) and private shareholders (0.01%).

Bank of Industry Limited began operations in 1959 as the Investment Corporation of Nigeria (ICON) Limited. In 1964, ICON Limited was reconstituted to become the Nigerian Industrial Development Bank (NIDB) Limited under the guidance of the World Bank. Initially, International Finance Corporation (IFC) held 75% equity in NIDB and produced the first Managing Director. However, the equity structure was diluted in 1976 as a result of the indigenization decree.

In 2001, the BOI was reconstructed out of the merger of the Nigerian Industrial Development Bank (NIDB), the Nigerian Bank for Commerce and Industry (NBCI) and, the National Economic Reconstruction Fund (NERFUND). Although the bank's share capital was initially set at ₦50 billion in the wake of NIDB's reconstruction, it was increased to ₦250 billion in 2007.

G.U Ebeco Industries Limited 

Established in 2012, it started as a retail and wholesale distributor of furniture and accessories within Abuja. In 2013, it ventured into furniture making, to take advantage of the Federal Government policy on Import Substitution and the growing patronage of Made-in Nigeria furniture by the growing middle class. In 2020, the business accessed a facility from the Bank of Industry to expand its factory. The factory building is on a 1.1 hectare of land in the IDU Industrial Area. The funds were utilized to purchase additional state of art equipment. As part of the Company’s expansion plan, another factory was launched in the Dei-Dei building area. Subsequently, the company secured another enhancement loan to purchase machinery from Europe. The Company currently, employs over 300 direct and indirect staff.

The company manufactures kitchen, home and office furniture of international standard for individual, private organizations and government.

The company is located at Plot 624, Idu Industrial Area, Cadastral Zone C16, Abuja, Abuja, Nigeria.

No comments


Trending

randomposts

Like Us

fb/https://www.facebook.com/newsproof
google.com, pub-6536761625640326, DIRECT, f08c47fec0942fa0