The Bank of Industry (BOI) announced that its €1 billion Global Syndicate Loan programme was oversubscribed by 42.5%, resulting in a total of €1.425 billion raised from international financial markets.
According to BOI, the facility includes both fully guaranteed and partially guaranteed tranches by the Africa Finance Corporation.
The bank stated:
“Previously, the Bank of Industry raised €1 billion through a term loan syndicated facility in July 2022, which was successfully repaid in July 2024. The performance of this syndication reflects the confidence of foreign investors in the bank and the Nigerian economy, signaling a bright future for the country.
“The proceeds of the loan will finance the growing demand for BOI funds across the country. According to the MD/CEO of the Bank, Dr. Olasupo Olusi, ‘This is the largest syndication in the bank’s history and is a testament to the hard work and dedication of the management of BOI in ensuring the availability of much-needed low-interest and longer-tenured funds for 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 government agencies. Dr. Olusi assured that under his leadership, the Bank of Industry will continue to collaborate with global development financial institutions to secure better loan terms for Nigeria’s private enterprises.
“The Bank of Industry Limited appointed Africa Finance Corporation and Standard Chartered Bank as the Global Coordinators of the €1 billion syndicated term loan facility (with an option for another €1 billion). Africa Finance Corporation, African Export-Import Bank, First Abu Dhabi Bank PJSC, FirstRand Bank Limited (London Branch) through its Rand Merchant Bank division, and Mashreqbank psc were appointed as the Initial Mandated Lead Arrangers and Bookrunners. Absa Bank Limited (acting through its Corporate and Investment Banking division) and its affiliates, along with Export-Import Bank of India London Branch, have also joined the facility as Initial Mandated Lead Arrangers.
“BOI looks forward to a successful conclusion of the ongoing general phase, given the high level of interest expressed by both local and international banks and investors.”
