By Ayomide Otitoju
The Bank of Industry (BOI) has announced the successful conclusion of the senior phase of its global loan syndication, raising €1.425 billiona 42.5% oversubscription from international financial markets.
In a statement, BOI emphasized that this represents another major milestone for the bank as it continues to tap into the syndicated loan market. The facility comprises both fully and partially guaranteed tranches, supported by the Africa Finance Corporation.
BOI had previously raised €1 billion in a term loan syndicated facility in July 2022, which was fully repaid by July 2024. The bank’s leadership described the syndication’s success as a strong endorsement of Nigeria’s economic prospects by foreign investors.
Managing Director and CEO Dr. Olasupo Olusi said, “This is the largest syndication in the Bank’s history and demonstrates our commitment to providing low-interest, long-term financing to Nigeria’s private sector in line with President Bola Ahmed Tinubu’s vision.”
The bank acknowledged the critical support of the Central Bank of Nigeria (CBN) and other government agencies in this effort. Key partners in the syndication included Africa Finance Corporation, Standard Chartered Bank, and other global financial institutions.
