Bank of Industry Limited (BoI) said that the domestic capital market has the capacity to mobilise long-term funding for productive investment in the country.
The Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi, expressed the conviction citing the oversubscription of the bank’s maiden N250 billion Series 1 Fixed Rate Bond, by domestic institutional investors within five working days on the Nigeria Exchange (NGX) Limited.
He said that the bond, issued through BoI Financing SPV Plc under the bank’s $1 billion Multi-Currency Instruments Programme, attracted a diversified pool of investors, including Pension Fund Administrators (PFAs), banks, Development Finance Institutions (DFIs), corporates, and other institutional investors.
The transaction also received anchor support from the Nigeria Sovereign Investment Authority (NSIA), underscoring the confidence of major institutional investors in the bank’s credit quality and its growing role in the domestic capital market.
He said, “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.
The development finance institution, however, pointed out that the final subscription and allotment figures would not be disclosed yet, as the allotment remained subject to approval by Securities and Exchange Commission (SEC) and the transaction was still progressing towards completion.”
“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.
