BOI’s N250bn Bond Sells Out in Five Days, Bank Credits Tinubu’s Backing
The Bank of Industry has credited President Bola Ahmed Tinubu’s support after its N250 billion Series 1 Fixed Rate Bond was oversubscribed within five working days, issued through BOI Financing SPV Plc under the bank’s one-billion-dollar Multi Currency Instruments Programme. BOI Chief Executive Officer Olasupo Olusi said the strong response reflects investor confidence not just in the bank but in Nigeria’s domestic capital market’s ability to mobilise long term capital for productive investment. He credited President Tinubu’s executive approval of investor incentives as central to attracting demand within such a short window. Olusi said the goal of the transaction is to convert investor confidence into increased financing for Nigerian businesses, supporting job creation and a healthier economy. He added that a separate N100 billion fund approved by the President for BOI would help cushion the bond’s pricing and ease the burden of high interest rates on manufacturers and other bank customers. The bank said the transaction broadens its funding base, adding deeper domestic capital mobilisation to its existing track record in international capital markets, though final subscription and allotment figures remain undisclosed pending Securities and Exchange Commission approval. Proceeds from the issuance will strengthen BOI’s capacity to provide long term financing across priority sectors, supporting local value addition, employment and economic diversification, with the bank describing the milestone as further proof of Nigeria’s growing capacity to fund development at scale. By Asiwaju Adekunle Saheed
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