LECON Finance Company Limited, a subsidiary of the Bank of Industry (BOI) in Nigeria, has received 'B' long-term and 'B' short-term issuer credit ratings from 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' 15 September 2026 rating action.
According to S&P Global Ratings, LECON Finance is considered a core subsidiary of BOI, and its ratings are aligned with those of its parent. The rating agency expects LECON Finance's ratings to move in tandem with those of BOI. This alignment reflects the close relationship between LECON Finance and BOI, as well as the expectation of continued support from the parent company.
The 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 stated that the recognition of LECON Finance's strategic importance within the BOI Group reinforces the strength of the company's business direction and growth prospects. Ehi-Omoike also highlighted the company's focus on deepening access to productive assets for Nigerian businesses.
LECON Finance provides operating lease solutions to BOI and finance leasing solutions to Nigerian clients. 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.
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 N20bn with LECON Finance in 2025, with plans to convert the funds into equity subject to regulatory approval. This is part of a broader N50 billion recapitalisation programme aimed at strengthening LECON Finance's capacity.
The recapitalisation programme is expected to enhance LECON Finance's ability to provide flexible, asset-backed financing to businesses across Nigeria. The company plans to leverage its partnership with BOI and other stakeholders to expand access to productive assets, particularly for MSMEs. Ehi-Omoike emphasized LECON Finance's commitment to maintaining strong asset quality, disciplined risk management, and sustainable growth.
S&P Global Ratings also noted BOI's plans to leverage relationships with other development finance institutions to help LECON Finance mobilise cheaper funding. This strategic move is expected to support LECON Finance's growth plans and enhance its financial sustainability. The 'B/Stable/B' rating assigned by S&P Global Ratings reflects the company's strong position within the BOI Group and its growth prospects.
Key points
- LECON Finance receives 'B/Stable/B' credit ratings from S&P Global Ratings
- Ratings reflect strategic importance within BOI Group and expected parental support
- LECON Finance to focus on expanding access to productive assets for Nigerian businesses
