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ENTERPISES, SPECIAL BEST TIME SMALL, REPORT: TO BE MEDIUM & RUMBU AN SME LARGE SACKS PROMOTER VOLUME 2 NO 1 APRIL 2015 IMPACTBOI THE UNKAMMON REVOLUTIONARY INSIDE: ALL THE BUSINESS DEVELOPMENT SERVICE PROVIDERS (BDSPs) PEOPLE PERFORMANCE POSSIBILITIES Foreword BY THE MD/CEO We are driven by S.P.P.I.R.I.T it is now etched in our hearts. Our core best practices. We have a number of initia- values go by the acronym S.P.P.I.R.I.T. tives and action plans and action steps and S – Service projects in different areas. So, the different P – Professionalism departments and units are really very busy P – Passion and everybody is really working hard to I – Innovation ensure that those things are achieved with- R – Resourcefulness in the stated timelines. I – Integrity So, a lot of things are happening. Inter- T – Team Spirit national DFIs are also talking to us as part I wish to single out Resourcefulness of our strategy to diversify our funding for adumbration. I think there has been base from government to other sources. too much emphasis on “resources” here- For instance, we are talking to Brazilian abouts, whereas what we actually need Development Bank (BNDES) of Brazil; we is “resourcefulness.” So, resourcefulness are talking to Industrial Development Cor- n December 2014, the executive man- is about doing more with less. That is the poration in South Africa, we are talking to agement of the Bank of Industry (BOI) best summary I can think of. FMO of The Netherlands and so on and so locked itself within the confines of a forth. We are talking to even the customer serene environment and submitted to as Nigeria’s most respected groups, Manufacturers Association of Ni- I credit rating agency, Agusto a rigorous exercise by the global firm of Even geria (MAN), NASME, NASSI, etc. KPMG, to, as it were “cut through our com- & Co has given us a rating that shows we It’s indeed a new BOI. With eyes set on plexity.” We emerged from that retreat are sound and stable, our findings show being the best in Africa. with a set of new strategic initiatives de- that we are lowly-ranked among other On that delightful note, let me com- signed to take us from where we are today leading development banks in the devel- mend this new issue of BOIImpact to you. to where we really planned to be. oping world. Statistics from the Association Like the first one, be assured that it is a It’s my pleasure and delight to inform of African Development Banks show that collector’s item. you, through this medium, of our new we are not even amongst the top 10. It Warm regards vision, mission and core values which will was sobering enough for us to decide to guide our behaviour as a group of people. wear our thinking caps to design a Five- Rasheed Olaoluwa Our vision is “to be the leading devel- Year Strategic Plan. To make the kind of Managing Director and opment finance institutions in Africa, oper- impact we should be making, there’s no Chief Executive Officer ating under global best practices.” It is very alternative to that. This is a promise: we simple and from my interaction with staff, are going to get there; by adopting global 10 Lead AN UNKAMMON REVOLUTION 19 Look A photographic gallery of activities, personal is taking place in Ilorin, the capital of Kwara State, in the and official, by BOI people north central of Nigeria. And, the revolutionary is KAM, as 23 q&a DEVELOPING NIGERIA’S ECONOMY Kamorudeen Ibitoye Yusuf is more, er, kammonly known. IS A JOINT VENTURE Interview with Executive How did this gentleman grow a venture he started with Director, Large Enterprises, Mr Mohammed G Alkali N10,000 into a behemoth? 14 Special Report RUMBU MEANS MATS 27 q&a BIG DEAL FOR SMALL, MEDIUM Starting in 2000 with 12 machines and staff strength of ENTERPRISES interview with Executive Director, Small 30 workers, Rumbu has blossomed into Nigeria’s leading and Medium Enterprises, Mr. Waheed A Olagunju manufacturer and exporter of mats, sacks and allied 32 Directory A Directory of BOI-Accredited Business products. Development Service Providers in Nigeria contents 38 Focus HAVING BETTER EYES TO SEE Editor EDITORIAL ADMINISTRATION REGULARS Hadiza Olaosebikan Solomon Tommy Kehinde Alade Toyin Oyekanmi LEGAL Abdullahi Sadat 3 Round-Up 2 | BOI IMPACT Mrs Florence Okafor of Happinex Foam Innoson Group Chairman Mr Innocent Industries Nigeria Limited, Benin, with the Chukwuma receives firm’s plaque from BOI plaque won by the firm MD Rasheed Olaoluwa BOI at least twice and they fully repaid the loans as and when due (proving) that HONOUR, integrity is not a function of size or of the business environment. They have shown CHARACTER & considerable honour and character that we commend and applaud.” The roll: Ammasco International Limit- THE BEST 10 ed, Kano; Cement Company of Northern Nigeria, Sokoto; Cobef International Limit- hen was the last time you What qualifies a customer to become a ed, Port Harcourt; Happinex Foam Indus- visited the Corporate Of- Hall of Famer? tries Nigeria Limited, Benin and Innoson fice of the Bank of Industry Simple: consistency in honouring loan Technical and Industrial Company Limited, Wat 23 Marina, Lagos? obligations. Enugu; Nigerian Aluminium Extrusions What beckons on you as you pass On 17 October, 2014, 10 of such cus- Limited, Lagos; Nigerian Foundries Limit- through the swing doors? tomers were garlanded and serenaded at ed, Lagos; Paul B Nigeria Limited, Enugu; Yes, it is the LED screen displaying the the Corporate Office. Managing Director/ Rumbu Sacks Nigeria Limited, Kano and bank’s best customers – The Famous Ones. CEO Rasheed Olaoluwa said: “(They) Supercor Industries Limited, Bauchi. (One of them is showcased in this issue). obtained long-term credit facilities from Olaoluwa noted that their exemplary BOI IMPACT | 3 round-up – they kept on trying to find out how we were faring. We are very proud of what BOI has been doing. BOI’s support has led to increase in our capacity utilisation; it is up to almost 50% now as against 25-30% before we secured the loan from BOI. And our staff strength has grown from 150 to about 280 staff. Vassily Barberopoulos (Nigerian Foundries): We have been with BOI since 1988, and I think right now, we have taken the fifth loan. I don’t know what more to say because Nigerian Foundries today has gotten its first oil and gas cast- ED (SME) Waheed Olagunju felicitates with Cobef International ing contract and to get an international Limited’s MD Pawan Techandani oil and gas casting contract, you need to have gotten to a really high level, and this performance was crucial to the sustenance of Industry has been beneficial because could not have been possible without the of any financial intermediary, especially now, we are positing appreciable market Bank of Industry. DFIs such as BOI because “when customers performance, like our turnover which in- Enidom Paul (Paul B Nigeria Limited): default on their loans, they deprive other creased from about N242million in 2009 to The Bank of Industry is so fantastic! Be- Nigerian businesses of the much needed N324.10million in 2012. We have enjoyed cause, right from the time we submitted access to finance.” loans from BOI twice, which we paid back, our proposal, till the time we could draw Now, hear the inductees about their and we are currently on another one from the facility, it was total support. bond with BOI: which was disbursed in May 2013. We took N750million, and based on our Alhaji Mustapha Ado (Ammasco): With Chief Innocent Chukwuma (Innoson experience, there was no doubt in our the support of BOI, we started with only 45 Technical and Industrial Company Lim- minds that we were in the right organ- staff; but after receiving financial support ited): I started dealing with BOI over 18 isation determined to support indige- three times from the bank , we have been years ago. The relationship started with nous entrepreneurs. And I can say that able to create some 1,050 direct jobs. the facility I got through NAC (National what the bank has planted in Paul B has Mr. Alf Karsten (Cement Company of Automotive Council Fund). Today, my first grown, because we now have three addi- Northern Nigeria Plc): We have enjoyed factory at Enugu is now the biggest factory tional quarries outside the initial one that impactful leadership under our Chairman, in plastic manufacturing in West Africa and BOI helped to finance. Alhaji Abdulsamad Rabiu and good sup- it was sponsored by the Bank of Industry. Alhaji Ibrahim Salisu Buhari (Rumbu port from the Bank of Industry; and we I am able to expand as and when due be- Sacks): We started like 14 to 15 years ago, have grown to the stage where we have cause of BOI’s support, and this is because with mat production. With BOI’s support, 500 employees. we always pay off our loans. Now, my the company has been able to increase its Chief Christian Ohakwe (Cobef Inter- company employs over 7,000 direct and workers from 231 in 2001 to 1,163 to date national Limited): At Cobef, we produce 2,000 indirect workers. in both direct and indirect workers. PVC pipes and plastic jerry cans in Port Mr. Iyiola Ishola (NIGALEX): Our own Supercor Industries Limited:The com- Harcourt. We have a good relationship relationship is not just a bank-customer pany, owned and managed by Alhaji U. with the Bank, because we have so far en- relationship; it is a parent-child relation- A.

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