Africa Finance Corporation (AFC), a leading infrastructure solutions provider in Africa, has successfully led the syndication of a groundbreaking €2 billion facility for Nigeria’s Bank of Industry (BOI). As Global Coordinator, Lead Co-Arranger, Underwriter, Bookrunner, and Guarantor, AFC spearheaded the largest capital raise in BOI’s history, marking a significant milestone in Africa’s developmental finance landscape.
The facility, designed to support BOI’s corporate operations and trade-related projects for Nigerian businesses, was syndicated in two phases. An initial €1.43 billion was raised by a senior syndicate comprising major financial institutions, including Standard Chartered Bank, African Export-Import Bank, First Abu Dhabi Bank, Rand Merchant Bank, Mashreqbank, SMBC Bank International, Absa Bank, and the Export-Import Bank of India. AFC then led a general syndication that secured an additional €447 million, raising the total to €1.9 billion, with the facility expected to reach €2 billion.
This unprecedented transaction underscores Nigeria’s ability to access international capital markets during challenging global financial conditions. It reflects strong investor confidence in BOI and AFC as prominent financial institutions and showcases the power of African-led collaboration and innovation in advancing developmental finance.
"This successful syndication is a significant milestone achievement, not only for BOI but for Africa's financial landscape as a whole. We are proud to have played a central role in this historic global loan syndication, solidifying AFC’s position as a trusted bridge between global investors and infrastructure projects in Africa,” said Banji Fehintola, Executive Board member & Head of Financial Services at AFC. “Our sincere appreciation also goes to our Joint Coordinator and partner Standard Chartered Bank and all other banks that participated in making this transaction a huge success," he added.
“This financing, the sixth international capital raising for BOI, is the largest fundraising in our history and the largest syndication in the history of African development finance institutions. A key constant in achieving this success is the continued support of our international funding partners, including AFC. We are grateful for the unique role that AFC played to make this transaction a success,“ said Dr. Olasupo Olusi, the Managing Director of BOI.
As part of the syndication, AFC leveraged its A3 (stable outlook) investment-grade rating, recently affirmed by Moody’s, to bring together an international consortium of financial institutions. The transaction aligns with the Corporation’s mission to provide pragmatic solutions that close the continent's infrastructure gap, accelerate industrialisation, and enhance Africa’s economic resilience against global economic challenges.
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