The Bank of Industry, through BOI Financing SPV Plc, has opened subscriptions for its first Series 1 Fixed Rate Bond, offering up to N250bn under its $1bn multi-currency instruments programme to raise long-term funding for businesses in Nigeria’s key sectors.
The offer opened on August 5 and will close on August 11. Chapel Hill Denham is the lead issuing house for the five-year bond, which carries a yield range of 17.35 per cent to 17.50 per cent. It will be listed on the FMDQ Securities Exchange.
According to the offer document, the funds will support eligible businesses and projects in agriculture and food processing, healthcare, engineering and technology, renewable energy, petrochemicals, oil and gas, creative industries and solid minerals, in line with BOI’s development finance goals.
BOI said the funding will improve access to medium and long-term finance, increase production, create and protect jobs, grow local value addition, support import substitution, boost exports and strengthen domestic value chains.
The bank said it has financed more than one million businesses nationwide and disbursed over N1.27tn between 2023 and 2025. It operates in 34 states and the Federal Capital Territory and is jointly owned by the Ministry of Finance Incorporated and the Central Bank of Nigeria.
BOI also reported a 36 per cent compound annual growth rate in gross earnings between 2021 and 2025. Interest income rose from N538bn to N884bn in 2025, while its capital adequacy ratio reached 39 per cent. Its non-performing loan ratio stood at 1.7 per cent.
The bond received AAA ratings from Agusto & Co. and Intelligence Africa. It is open to institutional and qualified investors with a minimum subscription of N5m, pays fixed interest every six months, begins principal repayment in the third year and is exempt from tax.
