The Bank of Industry (BOI) Financing SPV Plc has successfully closed its series 1 N250bn fixed-rate bond after achieving full oversubscription within five working days. Issued under the bank’s $1bn multi-currency instruments programme, the landmark transaction was driven by significant demand from a broad range of local institutional investors.
Strong institutional anchors, such as the Nigeria Sovereign Investment Authority and the International Finance Corporation, backed the issuance alongside pension fund administrators, commercial banks, and corporate entities. The outcome reflects expanding capacity within the domestic financial framework to convert institutional savings into patient, long-term capital.
Commenting on the results, Olasupo Olusi the BOI Managing Director noted that the response serves as a firm endorsement of the institution and the national financial market. He emphasised that the capital raised will be directed towards supporting industrial expansion, strengthening local value chains, and fostering job creation.
Olusi acknowledged executive intervention as a key catalyst, noting that President Bola Ahmed Tinubu granted specific incentives to stimulate investor participation. Additionally, an approved N100bn fund allocation will be utilised to blend pricing on the bond, effectively cushioning high prevailing interest rates for commercial borrowers and manufacturers.
This successful transaction signals a strategic pivot in the bank’s long-term capitalisation model. While BOI maintains an established footprint across international capital markets, this domestic offering establishes a repeatable mechanism for securing long-term local funding.
Proceeds from the issuance will expand BOI’s capacity to assist eligible enterprises operating in high-priority economic sectors. Though final allotment figures remain subject to regulatory approval, the competitive pricing and quality of participating investors confirm deep liquidity for robust domestic assets.
