The Bank of Industry, BOI, has successfully raised €1.425 billion from the senior phase of its global loan syndication to boost financing for Nigeria’s businesses.

The deal, which received a 42.5 percent oversubscription from international financial markets, cements its position as a key player in financing Nigeria’s industrial and private sectors.

Data showed that the largest loan syndications the bank ever did were €1bn in 2020 and 2022 respectively, and successfully repaid in July 2024.

Olasupo Olusi, the managing director and chief executive officer of BOI in a statement said that the latest loan syndication shows a significant vote of confidence from foreign investors in both the BoI and Nigeria’s economic prospects.

According to DAILY POST the lenders include the Global Co-ordinations – Africa Finance Corporation and Standard Chartered Bank; The Facility Agent – Africa Export-Import Bank, other Initial Mandated Lead Arrangers and Bookrunners, as well as several other financial institutions spread across Africa, Europe and the Middle East.

Olusi explained that the syndicated loan will be instrumental in meeting the growing demand for low-interest, long-term financing for Nigeria’s private sector.

“This is a significant milestone in the bank’s history and its drive to keep achieving its mandate to drive sustainable industrialization in Nigeria.

“This transaction was launched at €1bn with an accordion of up to €1bn. The result being discussed today is the outcome of the senior phase, which was over-subscribed by 42.5 percent. The general phase is ongoing as we speak and we are optimistic of a very favorable outcome upon its close”, he said.

The Securities and Exchange Commission (SEC) on Wednesday, explained that it granted approval-in-principle to two crypto exchanges recently to give Nigerian youths the opportunity for capital market participation.

The News Agency of Nigeria (NAN) reports that SEC, on Thursday, granted Busha Digital Ltd., and Quidax Technologies Ltd., “approval-in-principle” to commence operation under the Accelerated Regulatory Incubation Program (ARIP).

The Director General of SEC, Dr Emomotimi Agama gave the clarification in a statement made available in Lagos.

Agama said that in line with the desire of President Bola Tinubu to engage with the youths, it became important to create a structure that will enhance their participation, as well as other Nigerians in the market.

“It is important that we act accordingly. We cannot be left out of the global phenomenon that is beginning to take shape.

“SEC, as a future looking institution, is poised to making sure that we are in the league of countries that do what is needed.

“As much as possible, we are building talents to be able to deal with the challenges that these asset classes could bring to our shores.

“A lot of young Nigerians are fully involved in cryptocurrencies, and we cannot shut the door against them; rather, the intention of the president is to have them included in the capital market.

“That is why SEC is ensuring that there is regulation and no one is hurt at the end of the day, which is part of our responsibility to protect investors and develop the market”, he said.

According to Agama, the commission is doing all of these cautiously to ensure that these institutions do not pose risks to the national economy and to citizens who invested in them.

President Bola Tinubu has approved the appointment of a new board of the Bank of Industry Limited

According to a statement signed by Ajuri Ngelale, Special Adviser to the President (Media & Publicity) those appointed include Dr. Mansur Muhtar, OFR, Chairman; Dr. Olasupo Olusi, Managing Director/Chief Executive Officer and Mrs. Ifeoma Uz’Okpala — Executive Director, Large Enterprises

Other board members include Mr. Shekarau Omar — Executive Director, Micro, Small & Medium Enterprises; Mr. Usen Effiong — Executive Director, Corporate Services;.Ms. Mabel Ndagi — Executive Director, Public Sector & Intervention Programmes; and Mr. Rotimi Akinde — Executive Director, Corporate Finance & Risk Management
and Mallam Tajudeen Datti Ahmed — Non-Executive Director, representing the Ministry of Finance Incorporated

Also appointed into the board are: Mr. Adedamola Olufemi Young — Non-Executive Director, representing Central Bank of Nigeria; Reverend Isaac Adefemi Agoye — Non-Executive, representing Manufacturers Association of Nigeria ; Mallam Muhammad Bala — Non-Executive, representing Federal Ministry of Industry, Trade & Investment ; Mr. Oreoluwa Adeyemi — Independent Non-Executive Director and Mr. Sulaiman Musa Kadira — Independent Non-Executive Director

According to Ngelale, Dr. Muhtar’s career spans decades in finance, international development, public service, and academia.

He served as Minister of Finance, Budget and Economic Development from 2008 to 2010 and was Vice-President, Operations of the Islamic Development Bank, before his recent appointment.

The President expects the new board of the Bank of Industry to work harmoniously, diligently, and with utmost fidelity to the nation in driving the mandate of this critical institution as a development vehicle for providing support for projects that enhance job creation, poverty alleviation, and the socio-economic conditions of Nigerian families, the presidential Spokesman said.