LECON Finance Company Limited, a subsidiary of Nigeria's Bank of Industry (BOI), has been assigned 'B' long-term and 'B' short-term issuer credit ratings by S&P Global Ratings, with a Stable Outlook. This rating underscores the leasing company's strategic importance within the BOI Group and expectations of continued parental support. The ratings were announced in S&P Global Ratings' September 15, 2026 rating action. LECON Finance operates as a core subsidiary of BOI.
According to S&P Global Ratings, LECON Finance's ratings are aligned with those of its parent, BOI. The rating agency expects LECON Finance's ratings to move in tandem with those of BOI. This alignment reflects the close relationship between the two entities and the expectation of continued support from BOI. LECON Finance provides operating lease solutions to BOI and finance leasing solutions to Nigerian clients.
Managing Director/Chief Executive Officer of LECON Finance, Mrs. Ebehiriere Ehi-Omoike, expressed satisfaction with the 'B/Stable/B' rating assigned by S&P Global Ratings. She noted that the recognition of LECON Finance's strategic importance within the BOI Group reinforces the strength of its business direction and growth prospects. The company remains focused on deepening access to productive assets for Nigerian businesses.
At year-end 2025, operating leases accounted for 57 per cent of LECON Finance's total leases. The company has expanded its finance lease portfolio to Nigerian micro, small and medium-sized enterprises seeking to acquire productive assets. This expansion aligns with BOI's development mandate, which aims to support economic growth in Nigeria.
Despite representing approximately 0.5 per cent of the BOI Group's total assets at year-end 2025, S&P Global Ratings expects LECON Finance's business to continue expanding. The rating agency noted that BOI deposited ₦20 billion with LECON Finance in 2025, with plans to convert the funds into equity subject to regulatory approval. This development is expected to further strengthen LECON Finance's financial position.
LECON Finance's growth prospects are closely tied to its recapitalisation programme and the continued expansion of its finance leasing business. The company aims to build a stronger and more sustainable leasing business, with a focus on supporting Nigerian businesses. S&P Global Ratings' stable outlook reflects its confidence in LECON Finance's ability to achieve its growth objectives.
The 'B/Stable/B' rating assigned to LECON Finance by S&P Global Ratings is a significant milestone for the company. It underscores the company's strategic importance within the BOI Group and its potential for growth and expansion. LECON Finance is well-positioned to deepen access to productive assets for Nigerian businesses and contribute to the country's economic development.
Key points
- LECON Finance's ratings are aligned with those of its parent, BOI.
- The company provides operating lease solutions to BOI and finance leasing solutions to Nigerian clients.
- BOI deposited ₦20 billion with LECON Finance in 2025, with plans to convert the funds into equity.
