Quest Merchant Bank joint leads BOI’s N250bn bond issuance

Quest Merchant Bank Limited has acted as Joint Lead Issuing House for BOI Financing SPV PLC’s N250 billion Series 1 Fixed Rate Bond Issuance, strengthening its position in Nigeria’s capital markets.

The five-year bond offer, which ran from August 5 to August 11, 2026, was oversubscribed, indicating strong demand from institutional investors and confidence in the transaction.

The bond was issued under BOI Financing SPV PLC’s US$1 billion Multi-Currency Instruments Programme and attracted participation from eligible investors. It received AAA ratings from Agusto & Co. and Intelligence Africa and will be listed on FMDQ Securities Exchange Limited.

As Joint Lead Issuing House, Quest Merchant Bank provided capital markets advisory and transaction execution services, alongside its institutional investor relationships, to support the mobilisation of the long-term funding.

The transaction is expected to contribute to the availability of long-term naira capital for productive economic activities, particularly through the financing activities of the Bank of Industry (BOI).

Commenting on the transaction, Afolabi Olorode, Managing Director/CEO of Quest Merchant Bank, said the issuance demonstrated the capacity of Nigeria’s capital markets to mobilise long-term funding for productive activities.

“This transaction goes beyond raising capital. It connects institutional investors with the real economy and creates a platform that enables Nigerian businesses to grow, invest and compete,” Olorode said.

He added that Quest Merchant Bank was pleased to have served as Joint Lead Issuing House on an issuance of the scale, noting that the transaction reflected the bank’s commitment to structuring solutions that create value for issuers and investors while supporting economic development.