BOI Credits Tinubu for N250bn Bond Oversubscription Success

On Tuesday, the Bank of Industry (BOI) praised President Bola Tinubu’s leadership for the oversubscription of its N250bn Series 1 Fixed Rate Bond, which occurred within five working days. The bank characterized the strong investor response as a vote of confidence in BOI and Nigeria’s domestic capital market.

The bond was issued through BOI Financing SPV Plc under its $1bn Multi-Currency Instruments Programme. Bayo Onanuga, Special Adviser to the President on Information and Strategy, released a statement titled ‘Bank of Industry Lauds President Tinubu over N250bn Series 1 Bond Oversubscription.’ BOI CEO Olasupo Olusi noted that the swift oversubscription was facilitated by incentives approved by President Tinubu, which encouraged investor participation.

He emphasized that the transaction aims to translate investor confidence into increased financing for Nigerian enterprises, impacting industrial expansion and job creation. The transaction is pending final allotment figures subject to Securities and Exchange Commission approval.