BoI Secures N250bn Bond with Strong Institutional Demand

Bank of Industry Limited (BoI) has secured strong institutional demand for its maiden N250 billion Series 1 Fixed Rate Bond, which was oversubscribed within five working days. This performance highlights the domestic capital market's capacity to mobilize long-term funding for productive investments in Nigeria.

The bond was issued through BoI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme and attracted a diverse pool of investors, including Pension Fund Administrators, banks, Development Finance Institutions, corporates, and other institutional investors. The transaction received anchor support from the Nigeria Sovereign Investment Authority and the International Finance Corporation, indicating strong confidence in BoI's credit quality.

Managing Director/Chief Executive Dr. Olasupo Olusi attributed the strong demand partly to President Bola Tinubu's executive approval for incentives to encourage investor participation. He noted that a N100 billion fund approved by Tinubu would help mitigate high interest rates for manufacturers and other BoI customers.

The bond's proceeds will enhance BoI's capacity for long-term financing.