The Bank of Industry (BOI) has commended President Bola Tinubu following the oversubscription of its N250 billion Series 1 fixed-rate bond within five working days.
The bond was issued through BOI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed the development in a statement on Tuesday.
BOI Chief Executive Officer, Olasupo Olusi, said the strong investor response demonstrated confidence in the bank and Nigeria’s domestic capital market.
“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 strong demand partly to the support provided by the Tinubu administration.
“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, who gave his executive approval for various incentives to encourage investors,” he said.
According to Olusi, the incentives provided leverage and sent a positive signal to investors.
“This became a leverage and a positive signal to discerning investors. Mr President deserves the honour for this feat. This is further testament to Mr President’s support for Nigeria’s productive sector,” he said.
The BOI chief executive said the ultimate objective of the transaction was to convert investor confidence into increased financing for Nigerian enterprises, with potential benefits for job creation, industrial expansion and economic competitiveness.
He also disclosed that the N100 billion fund approved for the bank by President Tinubu would be used to blend the bond’s pricing and cushion the impact of high interest rates on manufacturers and other BOI customers.
The bank said the bond represented a significant expansion of its funding architecture, complementing its experience in international capital markets with increased mobilisation of long-term domestic institutional capital.
According to BOI, the transaction also demonstrated the growing capacity of Nigeria’s domestic capital market to channel long-term institutional savings into productive sectors.
The bank and its transaction advisers cautioned against disclosing final subscription and allotment figures at this stage, noting that final allotment remained subject to approval by the Securities and Exchange Commission.
BOI said the immediate significance of the transaction was reflected in the strength and quality of investor demand, the pricing achieved and the breadth of the investor base.
The bank said the development pointed to sustained institutional appetite for high-quality, long-term domestic assets and reinforced the capacity of Nigeria’s capital market to mobilise development-oriented funding at scale.
Proceeds from the bond issuance are expected to strengthen BOI’s capacity to provide long-term financing to eligible businesses across priority sectors, supporting productive investment, local value addition, job creation and economic diversification.
The successful transaction marks another milestone in the development of Nigeria’s domestic market for long-term development capital and further strengthens BOI’s position as a major capital-markets issuer
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