LECON Finance receives ‘B/Stable/B’ ratings from S&P Global

LECON Finance Company Limited, a subsidiary of Nigeria’s Bank of Industry (BOI), has been assigned ‘B’ long-term and ‘B’ short-term issuer credit ratings by S&P Global Ratings, with a Stable Outlook.

S&P Global Ratings identified LECON Finance as a core subsidiary of BOI, noting that its ratings are aligned with its parent and are expected to move in tandem with BOI’s. The agency highlighted the company’s strategic importance within the BOI Group and the expectation of continued parental support. At year-end 2025, operating leases accounted for 57 per cent of LECON Finance’s total leases, while the company has also expanded its finance lease portfolio to Nigerian micro, small, and medium-sized enterprises.

LECON Finance Managing Director and CEO, Ebehiriere Ehi-Omoike, stated that the rating reinforces the company’s business direction and growth prospects. She noted that the firm remains focused on deepening access to productive assets for Nigerian businesses through its recapitalization programme and the expansion of its finance leasing business.