Tinubu's Support Drives BOI N250bn Bond Oversubscription
On Tuesday, the Bank of Industry (BOI) attributed the oversubscription of its N250bn Series 1 Fixed Rate Bond to the leadership and executive support of President Bola Tinubu. The bond was issued through BOI Financing SPV Plc under a $1bn Multi-Currency Instruments Programme and saw a strong investor response within five working days, indicating confidence in the bank and Nigeria's domestic capital market.
BOI Chief Executive Officer Olasupo Olusi stated that the oversubscription was facilitated by incentives approved by President Tinubu, which served as a positive signal to investors. Additionally, a separate N100bn fund approved by the President will help mitigate high interest rates for manufacturers and other BOI customers.
The transaction aims to enhance financing for Nigerian enterprises, impacting industrial expansion, job creation, and economic competitiveness. The final subscription figures will be disclosed later, pending Securities and Exchange Commission approval.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
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