S&P Global Ratings has assigned LECON Finance Company Limited, a subsidiary of the Bank of Industry (BOI), ‘B’ long-term and ‘B’ short-term issuer credit ratings with a stable outlook, as the leasing company moves ahead with a ₦50 billion recapitalisation programme to expand financing for Nigerian businesses.
BOI disclosed the rating in a statement on Monday, September 21, 2026, while S&P’s rating action was dated September 15, 2026. The global rating agency classified LECON Finance as a core subsidiary of BOI and said it expected the company to continue receiving support from its parent when necessary.
S&P said LECON Finance’s ratings were aligned with those of BOI and expected the leasing company’s credit ratings to move in tandem with those of the parent bank.
The rating comes as BOI works to strengthen LECON Finance’s capacity to provide asset-backed financing to businesses, including micro, small and medium-sized enterprises (MSMEs).
According to S&P, BOI deposited ₦20 billion with LECON Finance in 2025 and plans to convert the funds into equity, subject to regulatory approval. The deposit forms part of the wider ₦50 billion recapitalisation programme approved for the company.
S&P also said BOI planned to use its relationships with other development finance institutions to help LECON Finance mobilise cheaper funding as it expands its business.
Ebehiriere Ehi-Omoike, Managing Director and Chief Executive Officer of LECON Finance, said on September 21, 2026 that the rating recognised the company’s strategic importance within the BOI Group.
She said LECON would use the support of BOI, its recapitalisation programme and the expansion of its finance leasing business to deepen access to productive assets for Nigerian businesses.
“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,” Ehi-Omoike said.
S&P said LECON Finance provides operating lease solutions to BOI and finance leasing services to Nigerian clients. It noted that operating leases accounted for 57% of LECON’s total leases at the end of 2025, while the company has continued to expand finance leasing for MSMEs seeking to acquire productive assets.
The agency expects finance leases to grow faster than operating leases, supporting further improvement in LECON Finance’s profitability. It also expects the company’s asset quality indicators to remain under control.
Although LECON Finance accounted for about 0.5% of BOI Group’s total assets at the end of 2025, S&P said it expects the company’s business to continue expanding.
The stable outlook reflects S&P’s expectation that LECON Finance will remain a core BOI subsidiary and receive support from its parent when required.
