Rating Release

Agusto & Co. affirms the ‘Aaa_(NG)’ long term and ‘A1+’ short term ratings assigned to Bank of Industry Limited, with a stable outlook 

The rating expires on 30 September 2026. 

Agusto & Co. affirms the “Aaa_(NG)” (long term) and “A1+_(NG)” (short term) ratings assigned to Bank of Industry Limited (‘BOI’ or ‘the Bank’) on the back of the strong support of the significant shareholders (the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MoFI)). The shareholders facilitate sovereign guarantees and provide currency hedges for BOI’s foreign currency borrowings, in addition to the financial and governance support. The assigned ratings also took cognisance of the Bank’s good capitalisation, decent profitability, diversified funding base and a robust liquidity profile. However, constraining these positive factors are the sectoral concentration in the loan portfolio and the prevailing macroeconomic headwinds. We have attached a ‘2’ ESG score to the ratings, which denotes that environmental, social and governance issues have minimal contribution to BOI’s credit risk.