BOI Praises Tinubu for ₦250bn Bond Oversubscription

The Bank of Industry Limited (BOI) commended President Bola Ahmed Tinubu for his leadership following the oversubscription of its ₦250 billion Series 1 Fixed Rate bond within five days. This bond was issued through BOI Financing SPV Plc as part of its $1 billion Multi-Currency Instruments Programme.

BOI Chief Executive Officer Olasupo Olusi stated that the oversubscription reflects strong investor confidence in both BOI and the Nigerian economy. He emphasized that the support from President Tinubu, who approved various incentives for investors, was crucial for this achievement.

The proceeds from the bond will enhance BOI’s ability to provide long-term financing to eligible enterprises, focusing on job creation and economic diversification. Additionally, the ₦100 billion fund approved by Tinubu will help mitigate the impact of high interest rates on manufacturers and other BOI clients.

Olusi reiterated that the transaction signifies a significant expansion of BOI's funding capabilities and demonstrates the potential of Nigeria's domestic capital market.