S and P Global Ratings has assigned ‘B’ long-term and ‘B’ short-term issuer credit ratings, with a stable outlook, to LECON Finance Company Limited, a subsidiary of the Bank of Industry (BOI).
In its September 15, 2026 rating action, SandP Global Ratings identified LECON Finance as a core subsidiary of BOI, noting that its ratings are aligned with those of its parent. SandP expects LECON Finance’s ratings to move in tandem with those of BOI.
Managing Director, LECON Finance, Mrs. Ebehiriere Ehi-Omoike, said the rating was a recognition of the company’s strategic importance within the BOI Group.
She said the recognition reinforced the strength of the company’s business direction and the confidence in its growth prospects.
‘With the support of our parent, our recapitalisation programme and the continued expansion of our finance leasing business, we remain focused on deepening access to productive assets for Nigerian businesses while building a stronger and more sustainable leasing business,’ Ehi-Omoike said.
LECON Finance provides operating lease solutions to BOI and finance leasing solutions to Nigerian clients.
‘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. We will continue to leverage our partnership with BOI and other stakeholders to expand access to productive assets, particularly for MSMEs, while maintaining strong asset quality, disciplined risk management and sustainable growth,’ Ehi-Omoike said.
SandP noted that operating leases accounted for 57 per cent of LECON Finance’s total leases at year-end 2025, while the company has expanded its finance lease portfolio to Nigerian micro, small and medium-sized enterprises seeking to acquire productive assets.
SandP also highlighted LECON Finance’s close alignment with BOI’s development mandate. Although the company represented approximately 0.5 per cent of the group’s total assets at year-end 2025, the rating agency expects its business to continue expanding.
The rating agency further noted that BOI deposited N20 billion with LECON Finance in 2025, with plans to convert the funds into equity subject to regulatory approval. This forms part of a broader N50 billion recapitalisation programme aimed at strengthening LECON Finance’s capacity to expand its business. SandP also noted BOI’s plans to leverage relationships with other development finance institutions to help LECON Finance mobilise cheaper funding.
SandP expected continued growth in LECON Finance’s finance lease portfolio to further strengthen profitability, with finance leases projected to grow faster than operating leases. The agency also expects asset quality indicators to remain in check and projects continued improvement in profitability.
The Stable Outlook reflects SandP’s expectation that LECON Finance will remain a core subsidiary of BOI and receive support when needed.