Confidence in the Bank of Industry Limited (BOI) and the ability of Nigeria’s domestic capital market to finance long-term economic development received a significant boost as BOI’s maiden N250 billion Series 1 Fixed Rate Bond closed oversubscribed.
The landmark transaction was issued through BOI Financing SPV Plc under the Bank’s US$1 billion Multi-Currency Instruments Programme, following strong demand from a diverse pool of institutional investors.
Pension Fund Administrators, banks, Development Finance Institutions, corporates and other institutional investors participated in the offer, while strong institutional anchors, including the Nigeria Sovereign Investment Authority further strengthened the transaction.
For BOI, the significance of the transaction goes beyond the successful mobilisation of capital. It demonstrates growing capacity within Nigeria’s domestic financial system to convert institutional savings into long-term funding for businesses and productive economic activity.
Commenting on the outcome, BOI Managing Director/Chief Executive Officer, Olasupo Olusi, said the investor response was a strong endorsement of the Bank and the domestic capital market.
