Bank of Industry oversubscribes maiden N250bn bond

The Bank of Industry (BOI) has announced that its maiden N250 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.

Institutional investors, including Pension Fund Administrators, banks, and various corporates, participated in the offer. The Nigeria Sovereign Investment Authority (NSIA) and the International Finance Corporation (IFC) served as institutional anchors.

BOI Managing Director and CEO Olasupo Olusi stated that the investor response demonstrates confidence in both the bank and the capacity of Nigeria’s domestic capital market to mobilize long-term capital for productive investment. The funds are intended to finance Nigerian businesses, focusing on industrial expansion, job creation, and strengthening domestic value chains.

Olusi credited President Bola Tinubu for the successful transaction, noting that the president’s approval of various investor incentives was critical to meeting demand so quickly. Additionally, a N100 billion fund approved by the president will be used to blend the bond's pricing, helping to mitigate the impact of high interest rates on manufacturers and other BOI customers.