LECON Finance Receives ‘B/Stable/B’ Ratings from S&P Global Ratings

LECON Finance Company Limited, a subsidiary of the Bank of Industry (BOI), has received a 'B' rating in both long-term and short-term issuer credit ratings from S&P Global Ratings, with a Stable Outlook. This rating underscores the leasing company's strategic importance within the BOI Group and signals expectations of continued support from its parent company.

According to S&P Global Ratings, LECON Finance is considered a core subsidiary of BOI, with their ratings being aligned. The company's Managing Director/Chief Executive Officer, Mrs. Ebehiriere Ehi-Omoike, expressed satisfaction with the 'B/Stable/B' rating, emphasizing the recognition of their strategic importance within the BOI Group and confidence in their growth prospects.

With the backing of their parent company, LECON Finance is committed to expanding access to productive assets for Nigerian businesses while strengthening their leasing business. As of year-end 2025, operating leases accounted for 57% of LECON Finance's total leases, and the company has expanded its finance lease portfolio to include Nigerian micro, small, and medium-sized enterprises seeking to acquire productive assets.

Notably, LECON Finance represents approximately 0.5% of the Group's total assets as of year-end 2025, but S&P Global Ratings anticipates continued expansion of the company's business. Additionally, BOI deposited ₦20 billion with LECON Finance in 2025, with plans to potentially convert the funds into equity, pending regulatory approval.