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The Bank of Industry (BOI) has commended President Bola Tinubu for his support after the bank’s N250 billion Series 1 Fixed Rate Bond was oversubscribed within five working days.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this in a statement on Tuesday.
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 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.
He attributed the investor response partly to incentives Tinubu approved to encourage investment.
“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.
“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,” Olusi added.
The BOI CEO said the transaction intends to convert investor confidence into increased financing for Nigerian businesses, with potential benefits for industrial expansion, job creation and economic diversification.
“The ultimate objective of the transaction is to translate investor confidence into increased financing for Nigerian enterprises, with potential impact on industrial expansion, job creation, domestic value chains and economic competitiveness,” he said.
Olusi also said the N100 billion fund approved for BOI by Tinubu would be used to support bond pricing and reduce the effect of high interest rates on manufacturers and other BOI customers.
The bank said the bond proceeds would strengthen its capacity to provide long-term financing to eligible businesses in priority sectors.
It said the funds would support productive capacity, local value addition, employment creation and economic diversification.
According to the bank, the transaction also expands its funding sources, complementing its experience in international capital markets with increased mobilisation of long-term domestic institutional capital.
BOI said the transaction demonstrated Nigeria’s domestic capital market’s capacity to channel long-term institutional savings into productive sectors.
However, the bank and its transaction advisers said they would not disclose final subscription and allotment figures yet because the allotment remains subject to approval by the Securities and Exchange Commission.
“The immediate significance of the transaction lies in the strength and quality of investor demand, the pricing achieved and the breadth of the investor base,” the bank said.
“These factors point to sustained institutional appetite for high-quality, long-term domestic assets and reinforce the Nigerian capital market’s capacity to mobilise development-oriented funding at scale,” it added.
The bank described the successful issuance as another milestone in developing Nigeria’s domestic market for long-term development capital and said it further strengthened BOI’s position as a repeat capital-markets issuer.
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BOI credits President Tinubu for success of N250 billion bond
The Bank of Industry Limited (BOI) has praised President Bola Ahmed Tinubu for his leadership and support after its ₦250 billion Series 1 Fixed Rate Bond was oversubscribed within five…
— Bayo Onanuga, OON, CON (@aonanuga1956) August 18, 2026
