The Bank of Industry (BOI) has commended President Bola Ahmed Tinubu for his support after its N250 billion Series 1 Fixed Rate Bond attracted more subscriptions than the amount offered within five working days. The bank disclosed this in a statement issued by the Special Adviser to the President on……
The Bank of Industry (BOI) has commended President Bola Ahmed Tinubu for his support after its N250 billion Series 1 Fixed Rate Bond attracted more subscriptions than the amount offered within five working days.
The bank disclosed this in a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Tuesday, August 18, 2026.
The bond was issued through BOI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme.
BOI Chief Executive Officer, Olasupo Olusi, said the strong investor response reflected confidence in 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.
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He attributed the successful transaction partly to the support received from President Tinubu, particularly the executive approval of incentives aimed at encouraging investors.
“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,” he said.
Olusi said the presidential support provided leverage and sent a positive signal to investors.
“This became a leverage and a positive signal to discerning investors. Mr President deserves the honour for this feat. This is further testament to Mr President’s support for Nigeria’s productive sector,” he added.
According to the BOI chief executive, the ultimate objective of the transaction is to convert investor confidence into increased access to long-term financing for Nigerian businesses.
He said the funds would support industrial expansion, job creation, development of domestic value chains and economic diversification.
Olusi also disclosed that the N100 billion fund approved for BOI by President Tinubu would be used to blend the pricing of the bond and cushion the impact of high interest rates on manufacturers and other customers of the bank.
“This is further testament to Mr President’s support for Nigeria’s productive sector,” he said.
BOI said the transaction would broaden its funding base by complementing its established presence in international capital markets with increased mobilisation of long-term funds from domestic institutional investors.
The bank said the strong demand demonstrated the growing capacity of Nigeria’s domestic capital market to channel institutional savings into productive sectors of the economy.
It, however, cautioned that final subscription and allotment figures could not be disclosed yet, as the allotment remains subject to approval by the Securities and Exchange Commission (SEC).
According to the bank, the transaction is still progressing towards completion, with its immediate significance reflected in the strength and quality of investor demand, pricing achieved and breadth of the investor base.
BOI said the development points to sustained institutional appetite for high-quality, long-term domestic assets and reinforces the capacity of the Nigerian capital market to mobilise development-oriented funding at scale.
The proceeds from the bond issuance are expected to strengthen BOI’s capacity to provide long-term financing to eligible businesses across priority sectors.
The bank said the financing would support investments in productive capacity, local value addition, employment creation and economic diversification.
It described the transaction as another milestone in the development of Nigeria’s domestic market for long-term development capital, while further strengthening BOI’s position as a credible and repeat issuer in the capital market.
