Fitch Ratings affirmed Nigeria-based Bank of Industry Limited’s (BOI) Long-Term Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook. Fitch also upgraded BOI’s National Long-Term Rating to ‘AAA (nga)’ from ‘AA+(nga)’.
Commenting on the announcement that Fitch, one of the world’s “big three” ratings agencies had upgraded the bank’s ratings. Mr. Olukayode Pitan, MD/CEO of BOI said the upgrade would help the bank attract additional funds:
He stated that the upgrade opens up BOI to greater foreign investment despite the aftereffects of the COVID-19 Pandemic. It would also allow the bank to intensify its efforts to catalyze sustainable economic growth for Nigeria and the continent at large by continuing to leverage its strategic alliances, operating in line with global best practices, and maintaining extensive risk management and compliance frameworks as foundations of its growth strategy.