S&P Global assigns BOI’s LECON Finance ‘B/Stable/B’ credit ratings

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LECON Finance Company Limited, a subsidiary of the Bank of Industry (BOI), has been assigned ‘B’ long-term and ‘B’ short-term issuer credit ratings by S&P Global Ratings, with a Stable Outlook, underscoring the leasing company’s strategic importance within the BOI Group and expectations of continued parental support.

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In its 15 September, 2026 rating action, S&P Global Ratings identified LECON Finance as a core subsidiary of BOI, noting that its ratings are aligned with those of its parent. S&P expects LECON Finance’s ratings to move in tandem with those of BOI.

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Commenting on the rating, the Managing Director/Chief Executive Officer of LECON Finance, Mrs. Ebehiriere Ehi-Omoike, said:

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“We are pleased with the ‘B/Stable/B’ rating assigned to LECON Finance by S&P Global Ratings. The recognition of our strategic importance within the BOI Group reinforces the strength of our business direction and the confidence we have in our growth prospects.

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With the support of our parent, our recapitalisation programme and the continued expansion of our finance leasing business, we remain focused on deepening access to productive assets for Nigerian businesses while building a stronger and more sustainable leasing business.”

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LECON Finance provides operating lease solutions to BOI and finance leasing solutions to Nigerian clients. S&P noted that operating leases accounted for 57 per cent of LECON Finance’s total leases at year-end 2025, while the company has expanded its finance lease portfolio to Nigerian micro, small and medium-sized enterprises seeking to acquire productive assets.

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S&P also highlighted LECON Finance’s close alignment with BOI’s development mandate. Although the company represented approximately 0.5 per cent of the Group’s total assets at year-end 2025, the rating agency expects its business to continue expanding.

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The agency further noted that BOI deposited N20bn with LECON Finance in 2025, with plans to convert the funds into equity subject to regulatory approval. This forms part of a broader N50 billion recapitalisation programme aimed at strengthening LECON Finance’s capacity to expand its business. S&P also noted BOI’s plans to leverage relationships with other development finance institutions to help LECON Finance mobilise cheaper funding.

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Ehi-Omoike added: “For us at LECON, this rating is particularly meaningful because it comes at a time when we are scaling our capacity to provide flexible, asset-backed financing to businesses across Nigeria. We will continue to leverage our partnership with BOI and other stakeholders to expand access to productive assets, particularly for MSMEs, while maintaining strong asset quality, disciplined risk management and sustainable growth.”

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