
Investors oversubscribe Bank of Industry's N250bn bond issuance
The Bank of Industry Limited successfully closed its N250bn Series 1 Fixed Rate Bond, which was oversubscribed by investors. Issued through BOI Financing SPV Plc under the bank鈥檚 $1bn Multi-Currency Instruments Programme, the bond attracted participation from various institutional investors, including pension fund administrators, banks, development finance institutions, corporates, the Nigeria Sovereign Investment Authority, and the International Finance Corporation. This transaction provides BOI with an additional avenue to mobilize long-term funding from Nigeria鈥檚 domestic capital market. Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, stated that the strong demand reflects confidence in the bank and the domestic capital market's capacity for long-term financing. He added that the funds would support Nigerian businesses, industrial expansion, job creation, local value chains, and economic diversification. Olusi also credited President Bola Tinubu鈥檚 economic reforms and support, including executive approval for incentives that strengthened investor interest. He further disclosed that a N100bn fund approved by the President would help blend the bond鈥檚 pricing and mitigate the impact of high interest rates on manufacturers and BOI customers. The proceeds from the bond will enhance BOI's ability to finance eligible businesses across priority sectors, supporting productive capacity, local value addition, employment generation, and economic diversification. F



