The Bank of Industry on Tuesday credited President Bola Tinubu’s leadership and executive support for the oversubscription of its N250bn Series 1 Fixed Rate Bond within five working days.

It described the strong investor response as a vote of confidence in both the bank and Nigeria’s domestic capital market.

The bank issued the bond through its BOI Financing SPV Plc under its $1bn Multi-Currency Instruments Programme.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed this in a statement he signed Tuesday titled ‘Bank of Industry Lauds President Tinubu over N250bn Series 1 Bond Oversubscription.’

BOI Chief Executive Officer, Olasupo Olusi, said the swift oversubscription would not have been possible without incentives personally approved by the President.

Olusi 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.”

“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.

“This became a leverage and a positive signal to discerning investors. Mr President deserves the honour for this feat,” he added.

Olusi disclosed that a separate N100bn fund approved by the President for the bank would be used to blend the bond’s pricing and cushion the impact of high interest rates for manufacturers and other BOI customers.

He also described the intervention as further testament to the President’s support for Nigeria’s productive sector.

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

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

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

BOI and its transaction advisers said final subscription and allotment figures would not be disclosed at this stage, as the final allotment remains subject to Securities and Exchange Commission approval, with the transaction still progressing toward completion.

According to the bank, 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 said these factors point to sustained institutional appetite for high-quality, long-term domestic assets.

“Proceeds from the issuance will enhance BOI’s capacity to provide long-term financing to eligible enterprises across priority sectors, supporting investments in productive capacity, local value addition, employment creation and economic diversification,” the statement read.

The bank described the successful transaction as another milestone in developing Nigeria’s domestic market for long-term development capital, further strengthening its position as a credible and repeat capital markets issuer.