Over 99% of BOI loan portfolio in Creative Industry Group is performing – Director

Uche Cynthia Nwuka reveals to Osezua Stephen-Imobhio in an exclusive interview about her journey, love, and commitment to the creative industry. The soft spoken Uche often referred to as a ‘Creative Banker’ is a recipient of the EKO STAR Award; an award given to women who have made contributions to the growth of theentertainment industry.

YOU pioneered the Creative Industry Department of the Bank of Industry and have remained its head since inception. Why are you so interested in the sector?

The industry is unique and diversified with interesting characteristics. The creativity and offerings within the different segments in the industry are very engaging and satisfying when you find yourself adding value to the projects directly and indirectly.
The demography of the population driving businesses within the sector and the multiplier effects from job opportunities created through every single project within the sector give me that self satisfaction that I have the best job and very unique opportunity to serve. These among other factors have continued to build and shape my interest in the Sector.

How have you been relating with the Creative Industry players, especially as some are mavericks who need careful handling?

We have interesting characters and personalities in the industry just like other industries. Interestingly, the players in the Creative Industry have close and intimate relationships. They have a great interpersonal relationship and a very high level of interactions at different levels and platforms which could be used positively to address any issue. Furthermore, great events bring the players together through the existing and complementary business linkages. Effectively, these are other avenues that could be used to checkmate every relationship you develop in the industry.

Can you share how much the BOI has given to the creative industry?
Performance Scorecard Summary:
1. Fully liquidated loan accounts – 25 Projects of N4.8billion value.
2.      Current Port-Folio Balance – 57 Projects of N52.1billion value.
3.      Approved Request Awaiting Disbursement – 32 Projects of N84.60billion
4.      Current Deal Flows being processed – 24 Projects of N36billion
5.      Non – Performing Loan Port-folio – 0.2%

Is there a monitoring mechanism to ensure people use the money you provide for the actual purpose? I mean, do you go to inspect projects you release cash for?

We have a standard monitoring mechanism for all projects supported by the Bank. Regular Engagement with Customers and Monthly and Quarterly On-Site and Virtual inspection and Meetings. Is the BOI’s intervention only for movie production and distribution? What of the other arms of the creative industry?

The Bank’s intervention is beyond Movie Production and Distribution. Listed as follows are segments within the Creative Industry being supported by the Bank;  Content Production – Music, Films, Series, Documentary, Stage Plays, etc., Production Infrastructure, Distribution Infrastructure, Media and Publishing, Hospitality and Culinary, Arts and Crafts, Recreational Parks, Entertainment and Business Arena, Sports Arena, Merchandising, Animation, Fashion and IT.

Some have been complaining that the fund is not easy to access. Is that true?

We have a simplified Checklist to guide documentation requirements. Many prospects have been able to access funds to support their businesses through the Bank as shown in the Performance Score Card. However, the key challenge to some prospects is the Security/Collateral requirement. This challenge could be addressed from both sides (Banks and Customers).

Have beneficiaries been repaying the loans timely?

Presently, over 99% of the loan portfolio in Creative Industry Group is performing. The less than 1% non-performing loan accounts are mainly from the initial Nollyfund Content projects which are struggling to clear all due obligations to the Bank. We are engaging closely with the Producers and working on opportunities to have the loan accounts fully regularised.

Might you be interested in movie production after your stint at the BOI?

I will rephrase your question to be in Creative Industry Sector at large and not just a Segment within the Sector.

• Stephen-Imhobio is Creator, Nollywoodetal.com
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Uche Nwuka: A Profile

MRS. Nwuka holds a Bachelor of Science degree from the University of Benin, Nigeria, majoring in Economics and Statistics. She also holds a masters degree in Business Administration (MBA) from the University of Nigeria, Nsukka with majors in Banking and Finance.

Mrs. Nwuka, presents over 23-years’ experience as a banker, spanning four (4) banks including Merchant banks, Commercial banks and Development Finance Institution, she is well exposed in all key departments and areas of banking.

As an Investment Banker with the defunct ABC Merchant Bank Limited, Mrs. Nwuka worked in the Corporate Finance Department, the Domestic Treasury and Financial Institutions Department. While in Manny Bank Plc (Merged with Fidelity Bank Plc), Mrs. Nwuka also delivered and acquired invaluable experience In Private Banking and Treasury Department, which she headed for a period of 6 years continuously. When Manny Bank Plc, then a Merchant Bank, was granted commercial banking license in 2000, Mrs. Nwuka, as the Head of Treasury Services Department was instrumental to the generation of funds from High Net-worth individuals and conglomerates which enabled the bank to meet the high liquidity demands of a commercial bank. She worked briefly in the Private Banking Group of First City Monument Bank (FCMB PLC) from August 2006 to February 2007.

Presently, a Development banker with the Bank of Industry, Mrs. Nwuka headed the Treasury and International Operations Division; she was the pioneer head of the Creative Industry Department, where she supervised the development and successful implementation of the Bank’s first non-asset based collateral arrangement for a Cinema project and other projects within the Creative Industry. She equally supervised the Gender Business and Multi-lateral Relationship Department, where she managed the African Growth and Opportunities Act (AGOA) office, project appraisal, implementation and management. She headed the Credit Risk divisions (Control, Administration, Monitoring, Remedial and Recovery) of the Risk Asset Management Group of the bank as a Principal Manager. She is presently the Group Head of the Creative Industry Group

•  Source: https://nifsummit.com/2017-speakers/finance-summit-speakers/uche-nwuka