Agusto & Co. assigns an “Aa” rating to Bank of Industry Limited

Rating Release

Agusto & Co. assigns an “Aa” rating to Bank of Industry Limited

The rating expires on 30 September 2020.


The rating assigned to the Bank of Industry Limited (‘BOI’ or ‘the Bank’) reflects its strategic importance as the largest development finance institution in Nigeria with an asset base of over ₦1 trillion. The rating takes into cognisance strong support of significant shareholders (Ministry of Finance Incorporated (MOFI) and the Central Bank of Nigeria (CBN)).

MOFI (the investment arm of the Federal Ministry of Finance) facilitated a sovereign guarantee used to secure the $750 million borrowing from the African Export-Import Bank (AFREXIM) led-syndicate of multilateral financial institutions in 2018, the largest line of credit received by a Nigerian development finance institution. We consider the Bank’s good capitalisation, growing funding sources, good liquidity and experienced management team as rating positives. However, the rating is constrained by sectoral concentration in the loan book, the rising level of impaired credits and fragile macroeconomic environment in Nigeria.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.