Bank of Industry oversubscribes ₦250bn Series 1 Bond

The Bank of Industry Limited (BOI) has announced that its ₦250 billion Series 1 Fixed Rate Bond was oversubscribed within five working days. The bond was issued through BOI Financing SPV Plc as part of the bank’s $1 billion Multi-Currency Instruments Programme.

BOI Chief Executive Officer Olasupo Olusi stated that the rapid investor response reflects confidence in both the bank and Nigeria’s domestic capital market’s ability to mobilize long-term capital. Olusi credited President Bola Ahmed Tinubu for providing executive approval for various incentives that encouraged investor interest.

The bank intends to use the proceeds to increase financing for Nigerian enterprises, aiming to drive industrial expansion, job creation, and economic competitiveness. Additionally, a ₦100 billion fund approved by President Tinubu will be utilized to blend bond pricing, helping to mitigate the impact of high interest rates for manufacturers and other BOI customers.