L-R: Head, Debts Capital Markets, RMB Nigeria, Laju Atake; Executive Director and Treasurer, RMB Nigeria; Yetunde Ogunremi; Executive Secretary, Bank of Industry, Olufunlola Salami; Executive Director, Corporate Finance, Sustainability & Investments, Bank of Industry, Rotimi Akinde; Executive Director, Public Sector and Intervention Program, Bank of Industry, Mabel Ndagi; General Manager/Divisional Head, Corporate Finance and Advisory Services, Bank of Industry, Ayo Bajomo; Legal Advisor, Bank of Industry, IretiOluwa Daramola; Executive Director, RMB Nigeria, Head of Investment Banking, Broader Africa, Chidi Iwuchukwu; Senior Relationship Manager, RMB Nigeria, Titilope Olatunji and, Group Head, Debt Capital Markets, Bank of Industry, Faruk Hamidu at the signing ceremony of Bank of Industry’s Landmark N274.18 Billon Inaugural Domestic Bond Issuance.
Rand Merchant Bank (RMB) Nigeria acted as Joint Issuing House on the successful issuance of the Bank of Industry’s (BOI) inaugural domestic Naira-denominated ₦274.18 billion 5-Year Fixed Rate Bond due 2031, marking the largest debt capital markets issuance by a Development Finance Institution (DFI) in Nigeria, based on publicly available market data.
The transaction was oversubscribed, with BOI initially seeking to raise ₦250 billion. Strong investor demand enabled the Bank to upsize the issuance to ₦274.18 billion, reflecting market confidence in BOI’s mandate, financial strength, and role in supporting Nigeria’s industrial and economic development.
The bond attracted participation from a broad spectrum of institutional investors, including pension fund administrators, banks, insurance companies, asset managers, development finance institutions, and other institutional investors.
The outcome reflects the depth of liquidity in Nigeria’s domestic capital markets and the capacity of local investors to support large-scale, long-term financing transactions.
The transaction further strengthens RMB’s longstanding relationship with BOI. RMB previously acted as Financial Adviser on BOI’s inaugural Eurobond issuance and supported the establishment of its domestic bond programme, reinforcing its role as a trusted adviser on significant capital raising transactions.
“This transaction demonstrates the ability of Nigeria’s capital markets to mobilise long-term capital at scale,” said Chidi Iwuchukwu, Executive Director and Head of Investment Banking, Broader Africa, RMB Nigeria. “BOI plays an important role in advancing industrialisation, enterprise growth, and job creation. We are pleased to have partnered with the Bank on this issuance and remain focused on delivering financing solutions that support sustainable economic growth in Nigeria and across the broader African continent.”
“Supporting inaugural issuers and significant capital markets transactions is a core strength of RMB’s debt capital markets franchise,” said Laju Atake, Head of Debt Capital Markets, RMB Nigeria. “Over the past nine months, we have advised five distinct issuers on their debut debt capital markets transactions in Nigeria. BOI’s domestic bond issuance reflects the continued development of Nigeria’s capital markets and the importance of efficient access to long-term capital for leading institutions.”
RMB extended its appreciation to the Securities and Exchange Commission, the Central Bank of Nigeria, professional advisers, transaction parties, investors, and other market participants whose support contributed to the successful execution of the issuance.
The Bank also congratulated the Board, Management, and staff of the Bank of Industry on the successful transaction and thanked BOI for its continued trust in RMB.
The transaction adds to RMB’s work with BOI across both international and domestic capital markets and supports the continued mobilisation of long-term capital for sustainable economic development.
About RMB Nigeria Limited
RMB Nigeria Limited, a member of the FirstRand Group, is a leading African Corporate and Investment Bank. RMB Nigeria provides clients with innovative, value-added solutions across advisory, funding, trading, corporate banking, and principal investing.
