The Bank of Industry (BOI) has recorded a milestone in Nigeria’s domestic capital market after its maiden N250 billion Series 1 fixed-rate bond was oversubscribed within five working days, reflecting strong institutional confidence in the bank and the country’s capacity to mobilise long-term capital for economic development.
The transaction was issued through BOI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme and attracted strong demand from a diverse group of institutional investors.
Participants in the offer included Pension Fund Administrators, banks, Development Finance Institutions, corporates and other institutional investors. The transaction also received support from key institutional anchors, including the Nigeria Sovereign Investment Authority and the International Finance Corporation.
Olasupo Olusi, BOI managing director and chief executive officer, described the investor response as a strong endorsement of both 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 said the confidence demonstrated by investors would ultimately be channelled into financing Nigerian businesses, supporting industrial expansion, job creation, stronger domestic value chains and a more competitive economy.
Olusi also credited President Bola Ahmed Tinubu’s intervention for helping to…
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