Bank of Industry’s risk assets in South South hit N10.2bn in nine months
The Bank of Industry (BOI) has recorded risk assets of N10.2 billion in the first nine months of 2025, a feat described as huge improvement on the records of preceding years.
Pacqueens Irabor, BOI’s Head, South South and South East, made this known on the sidelines of the ‘From Classroom to Boardroom’ programme organised by the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA) in Port Harcourt on October 17, 2025.
Irabor said the bank has witnessed a drastic growth in risk assets in the region, adding that “At the beginning of the year, our total risk asset in Bank of Industry in the South South was 12 point about 2 billion (Naira). This year alone we have done 10.1 billion in one year.”
This, he said, contrasts with the N12.2 billion recorded in over three years, adding that “2020 up to December 2024 we have given out 12.2. It is more than that because people are paying back, but that was the balance of all our loans. But this year alone we have already given out 10.2 billion.”
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Irabor urged investors in the region to take advantage of the opportunities for funding available at the Bank of Industry, adding that funds are available to those that qualify for it, and not on ‘who-you-know’ basis.
He advised entrepreneurs, particularly the young and aspiring entrepreneurs, to identify social problems and channel resources towards finding solutions to them, adding that the Bank of Industry is willing to support businesses in the region.
Irabor, who was speaking on the eradication of poverty, pointed out that, “Poverty is not the lack of cash or lack of capital. Poverty is the lack of sufficient will and discipline to do that which you know is right.
He said entrepreneurs should be problem-solvers, and not crowd-chasers who follow every emerging trend and business.
He pointed out that the BOI is ready to fund the Education sector in the South South, through provision of funding for ICT hubs, learning centres for trade subjects in schools and practical application of agriculture and other sciences.
Chinyere Nwoga, President of the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture, noted that despite “the abundance of wealth, natural and human resources and extraordinary technological advancements, poverty has remained a nagging and persistent challenge that confronts the society.”
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She was speaking as the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA) extended grants to 20 women-led nano and micro businesses in Rivers State.
Nwoga pointed out that one of the most unfortunate aspect of poverty “is the loss of dignity and the drowning of potentials and talents. That is what poverty does to us. There is no dignity in poverty today.”
She said PHCCIMA is “keyed into the SDG goals. And today is a fine example of that. Creating opportunities and platforms to engage in practical solutions is our mainstay, that’s our business in the Chamber of Commerce.”
Nwoga, who is the first female president of the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA) emphasized the role of women in social development.
She noted that conversation around repositioning the society for greater development must recognise the need to empower women.
“No society can progress if more than half of the population lack access to economic independence. More than half of the population are made up of women,” she said.
