RMB Facilitates BOI's Record N274.18bn Bond Issuance

Rand Merchant Bank (RMB) Nigeria served as Joint Issuing House for the Bank of Industry’s (BOI) N274.18 billion inaugural domestic bond, marking the largest debt capital market issuance by a Nigerian development finance institution. The bond issuance surpassed its initial target of N250 billion due to robust investor demand.

The transaction, supported by the Securities and Exchange Commission and the Central Bank of Nigeria, attracted participation from various institutional investors, including pension fund administrators, banks, insurers, and asset managers. The fixed-rate bond, due in 2031, underscores the capacity of Nigeria’s capital markets to mobilize long-term capital.

Chidi Iwuchukwu, Executive Director and Head of Investment Banking, Broader Africa at RMB Nigeria, emphasized the significance of BOI’s role in supporting industrialization and job creation. Laju Atake, Head of Debt Capital Markets at RMB Nigeria, noted the importance of supporting inaugural issuers, reflecting the ongoing development of Nigeria’s capital markets and the need for efficient long-term funding access.