Aluko & Oyebode (the “Firm”) is pleased to have advised Bank of Industry Limited (“BOI”) in connection with the establishment of a US$1 billion Medium-Term Multi-Currency Instruments Programme (the “Programme”) and the successful issuance of its debut N274,186,800,000 (Two Hundred and Seventy-Four Billion, One Hundred and Eighty-Six Million, Eight Hundred Thousand Naira) 5-year Fixed Rate Naira Bond due 2031 (the “Series 1 Bond”) through BOI Financing SPV Plc (the “Issuer”).

The Programme provides a flexible, multi-currency, multi-instrument framework through which the Issuer may raise financing by issuing conventional bonds, sukuk and other medium-term securities. This structure provides BOI with enhanced funding flexibility and access to longer-term capital, aligned with the tenor and asset profile of its development finance activities.

The Series 1 Bond represents the largest non-Government bond issuance in Nigeria and the largest debt issuance by a Nigerian development finance institution, underscoring the significance of the transaction within Nigeria’s capital markets.

The Series 1 Bond forms part of BOI’s broader strategy to diversify its funding sources and mobilise long-term financing in support of its mandate to promote sustainable economic development and investment across Nigeria.

This transaction demonstrates the Firm’s depth of expertise in capital markets and structured finance, as well as its commitment to supporting innovative financing solutions and transformative transactions that contribute to Nigeria’s economic development.

The Firm’s transaction team was led by Partner Ayodeji Oyetunde, with support from Associates Emediong Essien, Oluwadamilola Oniyire, and Grace Lomuwagun.