Tinubu support boosts BOI N250bn bond oversubscription

The Bank of Industry (BOI) has announced that President Bola Tinubu's leadership significantly contributed to the oversubscription of its N250 billion Series 1 Fixed Rate Bond within just five working days. This strong investor response is viewed as a vote of confidence in both the bank and the nation's domestic capital market. The bond was issued through BOI Financing SPV Plc under the $1 billion Multi-Currency Instruments Programme.

BOI's CEO, Olasupo Olusi, revealed in a statement that the swift oversubscription would not have been possible without incentives approved personally by the President. According to Olusi, Tinubu's executive approval for various incentives served as leverage and a positive signal to discerning investors. The additional N100 billion fund approved by the President will be used to adjust the bond's pricing and alleviate the impact of high interest rates on manufacturers and other BOI customers.

The transaction is expected to translate investor confidence into increased financing for Nigerian enterprises, potentially impacting industrial expansion, job creation, domestic value chains, and economic competitiveness.