The Bank of Industry (BoI) has lauded its A-rating by Agusto & Co, a leading Nigerian credit rating agency.<\/p>\n
The bank\u2019s Managing Director, Rasheed Olaoluwa, was quoted in a statement as saying that \u201cthe positive rating is an endorsement of the bank\u2019s ongoing transformation projects.<\/p>\n
\u201cIt is also an affirmation of our strategic intent of adopting global best practices in all aspects of our operations. <\/p>\n
\u201cWe are determined to make increasing impact in our focus sectors and to continue to set the pace as Nigeria\u2019s leading development bank\u201d.<\/p>\n
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.<\/p>\n
It would be recalled that this was the first Nigerian development bank to be so rated.<\/p>\n
The statement said that Agusto & Co was engaged to assess the bank\u2019s performance and to issue a credit rating for the bank, based on a multitude of qualitative and quantitative factors.<\/p>\n
The statement said the objective was to provide useful benchmarks for BOI against global best practices.<\/p>\n
The engagement was successfully completed and was issued in December 2014.<\/p>\n
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