LECON Finance Receives ‘B/Stable/B’ Ratings from S&P Global
LECON Finance, a subsidiary of Nigeria’s Bank of Industry, was assigned B long‑term and B short‑term credit ratings with a Stable outlook by S&P Global Ratings.
In Brief
- •LECON Finance, a subsidiary of Nigeria’s Bank of Industry, was assigned B long‑term and B short‑term credit ratings with a Stable outlook by S&P Global Ratings.
- •The ratings mirror those of its parent BOI, and S&P expects LECON’s ratings to move in tandem with BOI’s.
- •Operating leases made up 57% of LECON’s total leases at year‑end 2025, while its finance lease portfolio is expanding to serve micro, small and medium‑sized enterprises.
- •BOI deposited ₦20 billion with LECON in 2025 as part of a ₦50 billion recapitalisation programme aimed at strengthening the company’s capacity.
- •S&P foresees continued growth in LECON’s finance lease portfolio and stable asset quality indicators.
Why It Matters
The B/Stable/B rating signals that LECON Finance is a creditworthy, core subsidiary of the Bank of Industry, reinforcing investor confidence and enabling the company to secure cheaper funding for its leasing operations. This supports Nigeria’s broader development finance strategy by expanding access to productive assets for micro, small and medium‑sized enterprises, thereby fostering economic growth and job creation.
Key Details
- Long‑term rating
- B
- Short‑term rating
- B
- Outlook
- Stable
- Operating lease share
- 57%
- BOI deposit 2025
- ₦20bn
- Recapitalisation programme
- ₦50bn
Context & Background
LECON Finance is a leasing subsidiary of Nigeria’s Bank of Industry, a development finance institution that supports the country’s economic development through targeted financing.
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