BOI praises President Tinubu after its ₦250bn Series 1 bond was oversubscribed within five working days, boosting long-term financing prospects for Nigerian businesses.
The Bank of Industry (BOI) has praised President Bola Ahmed Tinubu for his support after its ₦250 billion Series 1 Fixed Rate Bond attracted overwhelming investor demand and was oversubscribed within five working days.
The bond was issued through BOI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme, marking a significant step in BOI’s efforts to deepen its access to long-term domestic capital.
BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, said the strong investor response demonstrated confidence not only in the development finance institution but also in Nigeria’s domestic capital market and economic prospects.
“The strength of the investor response is a vote of confidence not only in BOI, but also in the capacity of Nigeria’s domestic capital market to mobilise long-term capital for productive investment,” Olusi said.
He attributed the successful transaction partly to the support of President Tinubu, particularly the executive approval of incentives designed to encourage investors.
“As a Development Finance Institution, we could not have received the strong investor demand for the bond in five working days without the support of President Tinubu,” the BOI chief executive said.
Olusi disclosed that the ₦100 billion fund approved for BOI by President Tinubu would be deployed to blend the bond’s pricing and cushion the effect of high interest rates on manufacturers and other BOI customers.
The intervention is expected to enable the bank provide more competitive long-term financing to businesses while supporting investment in productive sectors of the Nigerian economy.
The development is consistent with BOI’s broader role as Nigeria’s leading development finance institution. The bank reported that it disbursed a record ₦636 billion to more than 7,000 businesses in 2025, its highest annual financing volume to date. The financing supported sectors including agro-allied businesses, infrastructure, manufacturing, extractive industries and services.
According to BOI, proceeds from the bond will strengthen its capacity to provide long-term financing to eligible enterprises across priority sectors.
The funding is expected to support expansion of productive capacity, local value addition, job creation, domestic supply chains and economic diversification.
Olusi said the ultimate objective was to convert investor confidence into increased financing for Nigerian enterprises and stronger economic activity.
The transaction also broadens BOI’s funding architecture by complementing its established participation in international capital markets with increased mobilisation of long-term funds from domestic institutional investors.
BOI said the strength of demand, pricing achieved and diversity of investors point to sustained institutional appetite for high-quality, long-term domestic assets.
The bank and its transaction advisers cautioned that final subscription and allotment figures should not yet be disclosed because the final allotment remains subject to approval by the Securities and Exchange Commission (SEC).
The transaction is still progressing towards completion, with the immediate significance resting on the strength and quality of investor demand and the breadth of the investor base.
BOI has separately confirmed that it secured SEC approval for the registration of its $1 billion Medium-Term Multi-Currency Instruments Programme, under which the ₦250 billion Series 1 bond is being issued.
The successful bond issuance further strengthens BOI’s position as a repeat issuer in Nigeria’s capital market and underscores the growing role of domestic institutional savings in financing long-term economic development.
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