Senate seeks more revenue from BOI after N8 billion dividends

Senate President Lawan
By Henry Umoru

THE Senate has asked the Bank of Industry(BOI) to increase the quantum of dividend it pays to the Federal Government after it was disclosed that the company has paid N8.2 billion as dividends to Central Bank of Nigeria, CBN and Federal Ministry of Finance between 2014 and 2019.

Giving the directive in Abuja during an investigative hearing on revenue remittances by Ministries, Departments and Agencies, MDAs and remittances of 1% Stamp Duty on all contracts, Chairman, Senate Committee on Finance, Senator Solomon Adeola, APC, Lagos West stated that the 7% – 10% used by the Board of Directors of the bank to determine dividend on the net profit of the bank is too low and the bank should look at increasing the percentage to 20% or more.

Adeola said, “While I want to commend BOI for running an efficient bank that is adding value to our industrial production as well as earning revenue for the Federal…

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