BOI N250bn Bond Oversubscribed

The Bank of Industry (BOI) successfully issued its maiden N250 billion Series 1 Fixed Rate Bond, which was oversubscribed within five working days. The bond was issued through BOI Financing SPV Plc under the bank's $1 billion Multi-Currency Instruments Programme. Strong demand came from institutional investors including Pension Fund Administrators, banks, development finance institutions, corporates, and anchor investors such as the Nigeria — Nigeria Sovereign Investment Authority and the International Finance Corporation. BOI CEO Olasupo Olusi credited President Bola Tinubu's executive approval of investor incentives for the strong demand. A N100 billion fund approved by the President will be used to blend the bond's pricing and cushion high interest rates for manufacturers. The bond opened on August 5 and closed on August 11, priced at a yield range of 17.35% to 17.50%, with a five-year tenor, semi-annual coupons, and a two-year principal moratorium. It is expected to be listed on the FMDQ Securities Exchange. Final allotment figures await approval from the United States — United States Securities and Exchange Commission. Proceeds will support long-term financing for Nigerian enterprises in priority sectors, aiming to boost industrial expansion, job creation, and economic diversification.