The Bank of Industry (BOI) has commended President Bola Ahmed Tinubu for his leadership and support following the strong investor demand for its ₦250 billion Series 1 Fixed Rate Bond.
The bond, issued through BOI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme, was oversubscribed within five working days.
BOI Chief Executive Officer, Olasupo Olusi, said the strong investor response reflected confidence in both the bank and Nigeria’s domestic capital market.
Olusi attributed the success partly to President Tinubu’s executive approval of incentives aimed at encouraging investors, saying the support helped strengthen investor confidence in the transaction.
He said the ₦100 billion fund approved for BOI by the President would be used to blend the bond’s pricing and cushion the impact of high interest rates on manufacturers and other BOI customers.
According to him, the ultimate objective of the transaction is to convert investor confidence into increased long-term financing for Nigerian businesses, with expected benefits including industrial expansion, job creation, stronger domestic value chains and economic diversification.
BOI said proceeds from the bond would enhance its capacity to provide long-term financing to eligible enterprises across priority sectors.
The bank noted that final subscription and allotment figures would not be disclosed at this stage, as the process remains subject to approval by the Securities and Exchange Commission.
