Abuja:LECON Finance Company Ltd., a subsidiary of the Bank of Industry (BOI), has received ‘B’ long-term and ‘B’ short-term issuer credit ratings with a Stable Outlook from S&P Global Ratings.
According to News Agency of Nigeria, the ratings, disclosed in a BOI statement, highlight LECON Finance’s strategic importance as a core subsidiary, aligning its ratings with those of its parent company due to anticipated continued support from BOI.
S&P expects LECON Finance’s ratings to move in tandem with BOI’s, citing the leasing firm’s crucial role in the group. BOI has deposited N20 billion with LECON Finance, with plans to convert the funds into equity pending regulatory approval, as part of a broader N50 billion recapitalization program to enhance the company’s business expansion capacity.
Furthermore, S&P noted BOI’s intention to leverage relationships with other development finance institutions to help LECON Finance secure more affordable funding. LECON Finance offers operating lease
solutions to BOI and finance leasing services to Nigerian clients, including micro, small, and medium-sized enterprises (MSMEs) seeking productive assets.
Operating leases represented 57 percent of the company’s total leases by the end of 2025. Despite LECON Finance accounting for only about 0.5 percent of BOI Group’s total assets at the end of 2025, S&P anticipates the business will maintain its growth trajectory.
Mrs. Ebehiriere Ehi-Omoike, Managing Director and CEO of LECON Finance, stated that the rating affirms the company’s strategic importance within the BOI Group. She emphasized the company’s commitment to leveraging partnerships with BOI and other stakeholders to expand access to productive assets, especially for MSMEs, while upholding strong asset quality and disciplined risk management.
S&P also projects that finance leases will grow more rapidly than operating leases, enhancing profitability, and expects the company’s asset quality indicators to remain stable with continued impr
ovement in profitability. The Stable Outlook underscores the expectation that LECON Finance will continue to be a core subsidiary of BOI and receive support when necessary.