The Bank of Industry (BoI) has lauded its A-rating by Agusto & Co, a leading Nigerian credit rating agency.
The bank’s Managing Director, Rasheed Olaoluwa, was quoted in a statement as saying that “the positive rating is an endorsement of the bank’s ongoing transformation projects.
“It is also an affirmation of our strategic intent of adopting global best practices in all aspects of our operations.
“We are determined to make increasing impact in our focus sectors and to continue to set the pace as Nigeria’s leading development bank”.
The statement said by the rating, the Bank of Industry had been adjudged a financial institution with good financial condition and a strong capacity to repay obligations on a timely basis.
It would be recalled that this was the first Nigerian development bank to be so rated.
The statement said that Agusto & Co was engaged to assess the bank’s performance and to issue a credit rating for the bank, based on a multitude of qualitative and quantitative factors.
The statement said the objective was to provide useful benchmarks for BOI against global best practices.
The engagement was successfully completed and was issued in December 2014.
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