S&P Global Ratings has assigned ‘B’ long-term and ‘B’ short-term issuer credit ratings to LECON Finance Company Ltd., a subsidiary of the Bank of Industry (BOI), with a Stable Outlook.
S&P said the ratings reflect LECON Finance’s strategic importance within the BOI Group and expectations of continued support from its parent. BOI deposited ₦20 billion with the company in 2025, with plans to convert the funds into equity, subject to regulatory approval.
The deposit is part of a broader ₦50 billion recapitalisation programme aimed at strengthening LECON Finance’s capacity to expand its business. The company provides leasing services to BOI and Nigerian clients, including MSMEs seeking productive assets.
LECON Finance said it plans to use its partnership with BOI and other stakeholders to expand access to productive assets while maintaining disciplined risk management.
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