Bank of Industry Raises €1.43bn in Global Loan Syndication Drive

*Offer oversubscribed by 42.5%

James Emejo in Abuja

The Bank of Industry (BOI), yesterday announced that it received €1.43 billion and recorded 142.5 per cent subscription from the senior phase of its global loan syndication.
The landmark transaction also represented a 42.5 per cent oversubscription as the bank takes advantage of the syndicated loan market. The facility includes a fully guaranteed and a partially guaranteed tranche by Africa Finance Corporation (AFC).

The development finance institution had raised €1 billion via a term loan syndicated facility in July 2022, which was successfully repaid in July 2024.
The performance represented a mark of confidence in the bank and the Nigerian economy by foreign investors who perceive a bright future for the country.
In a statement, Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi, said the proceeds of the loan will help finance a growing demand for BoI funds across the country.

Olusi is a distinguished economist and seasoned development finance expert, with a remarkable over two-decade career dedicated to shaping economic policies, fostering fiscal sustainability, and driving private and financial sector development on a global scale. He brings a wealth of expertise to BOI, honed through his extensive tenure with prestigious institutions such as the World Bank and the International Finance Corporation (IFC).

He said, “This is the largest syndication in the bank’s history and is testament to the hard work and dedication of the management of BoI to ensuring that much needed low interest and longer tenured funds are available to Nigeria’s growing private sector in line with the vision of His Excellency President Bola Ahmed Tinubu.

“We are grateful for the support received from the CBN and other agencies of government.”
Olusi further assured that the bank under his leadership will continue to work with global development financial institutions to ensure better loan terms for Nigeria’s private enterprises.

The bank appointed the AFC and Standard Chartered Bank as the Global Coordinators of a
€1bn syndicated term loan facility (with accordion of another €1 billion).
Also, AFC, African Export-Import Bank, First Abu Dhabi Bank PJSC, FirstRand Bank Limited (London Branch), acting through its Rand Merchant Bank division, Mashreqbank psc, SMBC Bank International plc, and Standard Chartered Bank were appointed as the Initial Mandated Lead Arrangers and Bookrunners.

In addition, Absa Bank Limited (acting through its Corporate and Investment Banking division) and its affiliates and Export-Import Bank of India London Branch have also joined the facility as Initial Mandated Lead Arrangers.
BOI is looking forward to a successful conclusion of the ongoing general phase, given the level of interest expressed by the local and international banks and investors.