Business
BOI grants 3-month moratorium on loans, cuts interest rate by 2%
The Bank of Industry (BOI) has offered a three-month moratorium for all the loans it granted to borrowers to enable them deal with the impact of the coronavirus outbreak on their businesses.
In a statement released on Monday, the BOI said the loan repayment holiday conformed with the presidential directive on loan moratoriums and “advised that customers requiring more than three months can apply for a further extension, which can be up to one year (12 months).”
It said the decision had been communicated to customers and partnering commercial bank.
In a related development, the BOI said it had collaborated with its funding partners to obtain interest rate cuts on all its funded projects from 10% to 8% per annum.
Read also: Basic guidelines for day trading of highly volatile stocks
“The Bank worked with the Nigerian Content Development Management Board to reduce the interest rates on credit facilities approved under its managed fund from eight per cent pa to six per cent per annum.
“Moreover, all intervention funds granted by the Central Bank of Nigeria (CBN) and disbursed by the BoI have been covered by the CBN’s palliative measures, which include moratorium extension and interest rate reduction to five per cent per annum, which has also been communicated to the relevant customers.
“The Bank has written to all the managing directors and chief risk officers of its partnering commercial banks, officially notifying them of the bank’s position on these initiatives.”
The statement revealed that other interventions by the BOI in the campaign against COVID-19 comprised a N700 million donation to the COVID-19 fund, the Lagos State Government and the FCT Ministerial Committee on COVID-19.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...