BOI credits Tinubu’s support for oversubscription of N250bn bond

By Adebola Muili

The Bank of Industry (BOI) has attributed the successful oversubscription of its N250 billion Series 1 Fixed Rate Bond to the support and leadership of President Bola Ahmed Tinubu.

The bond, issued through BOI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme, was oversubscribed within five working days.

In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Tuesday, August 18, 2026, BOI Chief Executive Officer, Olasupo Olusi, said the strong investor response demonstrated confidence in both the bank and Nigeria’s domestic capital market.

Olusi said the bank could not have recorded the level of investor demand without the support of President Tinubu, particularly his executive approval of incentives aimed at encouraging investors.

“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,” he said.

According to him, the President’s support provided leverage and sent a positive signal to investors, adding that the development was further evidence of Tinubu’s commitment to Nigeria’s productive sector.

Olusi disclosed that the N100 billion fund approved for BOI by the President would be used to blend the bond’s pricing and cushion the impact of high interest rates on manufacturers and other BOI customers.

He said the ultimate objective was to translate investor confidence into increased financing for Nigerian enterprises, with the potential to drive industrial expansion, job creation, stronger domestic value chains and economic competitiveness.

The bank said proceeds from the bond issuance would enhance its capacity to provide long-term financing to eligible enterprises in priority sectors, supporting productive capacity, local value addition, employment creation and economic diversification.

BOI described the transaction as a significant broadening of its funding architecture, complementing its established record in international capital markets with deeper mobilisation of long-term capital from domestic institutional investors.

The bank said the development also demonstrated the growing capacity of Nigeria’s domestic capital market to channel long-term institutional savings into productive sectors of the economy.

However, BOI and its transaction advisers advised that final subscription and allotment figures should not be disclosed at this stage, as the final allotment remains subject to approval by the Securities and Exchange Commission (SEC).

The bank said 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.

It added that the development points to sustained institutional appetite for high-quality, long-term domestic assets and reinforces the capacity of Nigeria’s capital market to mobilise development-oriented funding at scale.

The successful transaction, BOI said, marks another milestone in the development of Nigeria’s domestic market for long-term development capital and further strengthens its position as a credible and repeat capital-markets issuer.