MD/CEO Lauds President Bola Ahmed Tinubu for the New Direction
Lagos, Nigeria – August 17, 2026
The Bank of Industry Limited (BOI) has recorded a strong debut in Nigeria’s domestic capital markets, closing the bookbuild for its ₦250 billion Series 1 Fixed Rate Bond oversubscribed.
The Bond was issued through BOI Financing SPV Plc under the Bank’s US$1 billion Multi-Currency Instruments Programme, providing a strong price-discovery outcome amid robust institutional demand.
The investor book was diversified across corporates and other institutional investors signaling confidence in BOI’s credit quality and its position as a credible domestic capital-market issuer.
According to the Bank’s Managing Director/Chief Executive Officer, Dr. Olasupo Olusi, the outcome demonstrates the potential of the domestic market to support development financing at scale.
“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.”
He added that the ultimate objective of the transaction was to translate investor confidence into increased financing for Nigerian enterprises, with potential impact on industrial expansion, job creation, domestic value chains and economic competitiveness.
Speaking further on the feat, Olusi praised President Bola Ahmed Tinubu for his intervention, saying, “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. This became a leverage and a positive signal to discerning investors. Mr. President deserves the honour for this feat”. The MD/CEO also notes that a 100 billion fund approved for BOI by President Tinubu will be used to blend the pricing of the bond and cushion the high interest rates for the benefit of manufacturers and other customers of BOI. “This is further testament of Mr President’s support for Nigeria’s productive sector”, Olusi acknowledges.
The transaction represents a significant broadening of BOI’s funding architecture. Having established a track record in international capital markets, the Bank is now complementing those external funding channels with deeper mobilisation from domestic institutional investors.
Importantly, BOI and its Transaction Advisers have advised that the final subscription and allotment figures will be disclosed at a later stage, subject to the to Securities and Exchange Commission’s approval.
The immediate significance of the transaction, therefore, lies in the strength and quality of demand, the relatively low pricing achieved and the breadth of the investor base. These factors point to sustained institutional appetite for high-quality long-term domestic assets and reinforce the capacity of the Nigerian capital market to mobilise development-oriented funding at scale.
Proceeds from the issuance will enhance BOI’s capacity to provide long-term financing to eligible enterprises across priority sectors, supporting investments in productive capacity, local value addition, employment creation and economic diversification.
The transaction consequently represents more than a successful bond issue. It marks another step in the maturation of Nigeria’s domestic market for long-term development capital and strengthens BOI’s credentials as a repeat capital-markets issuer.
About Bank of Industry
The Bank of Industry Limited is Nigeria’s foremost development finance institution, with a mandate to transform the industrial sector through financial and business support to enterprises. Its financing supports the establishment, expansion, diversification, modernisation and rehabilitation of enterprises, with development outcomes including import substitution, poverty alleviation, job creation and economic diversification.