Former CEO of UBA Capital Plc, Olaoluwa Rasheed has been appointed the new Chief Executive Officer of Nigeria’s Bank of Industry, as outgoing CEO Evelyn Oputu retired last month.

Prior to his appointment, he was the group Director, Financial Services at Heirs Holdings, an African proprietary investment company chaired by Tony Elumelu. He will be tasked with overseeing the organisation’s robust investment portfolio within Nigeria’s industrial sector.

Bank of Industry, under the guidance of Evelyn Oputu, the bank’s first female Managing Director and CEO, has gained prominence as the leading capital provider for large, medium and small industries, particularly within key sector including agro-industries, textile, solid minerals, Polymers and ICT services.

Sustained progress

Since its establishment in 2001, the bank has embarked on a number of initiatives such as New World Nigeria, designed to facilitate the attainment of a target set for Nigeria’s manufacturing sector under the country’s national economic empowerment Development Strategy (NEEDS).

These initiatives are aimed at boosting local production within Africa’s largest economy, which is built and sustained by a solid financial backing from organisations mandated to provide needed funds and investment expertise.

The core mandate of Bank of Industry (BOI) is to provide financial assistance for the establishment of large, medium and small projects; as well as expansion, diversification and modernization of existing enterprises; and rehabilitation of ailing industries.

The Bank is considered the oldest, largest and most successful financer of developmental initiatives in Africa’s largest economy.