LECON Finance Gets ‘B/Stable/B’ Ratings from S&P Global

LECON Finance Company Limited, a part of the Bank of Industry (BOI), has received ‘B’ long-term and ‘B’ short-term issuer credit ratings from S&P Global Ratings. This comes with a Stable Outlook, showing the leasing company's key role in the BOI Group and the expected support from its parent company.

In its latest rating, S&P Global Ratings recognized LECON Finance as a main subsidiary of BOI. They noted that LECON Finance’s ratings match those of its parent company. S&P expects that LECON Finance’s ratings will change along with BOI’s ratings.

Ebehiriere Ehi-Omoike, the Managing Director and Chief Executive Officer of LECON Finance, shared his thoughts on the rating:

"We are pleased with the ‘B/Stable/B’ rating assigned to LECON Finance by S&P Global Ratings. The recognition of our strategic importance within the BOI Group reinforces the strength of our business direction and the confidence we have in our 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."

LECON Finance offers operating lease solutions to BOI and finance leasing options to Nigerian clients. S&P pointed out that operating leases made up 57 percent of LECON Finance’s total leases by the end of 2025. The company has also grown its finance lease portfolio to help Nigerian micro, small, and medium-sized enterprises get productive assets.

S&P highlighted LECON Finance’s close fit with BOI’s development goals. Although LECON Finance represented about 0.5 percent of the Group’s total assets by the end of 2025, the rating agency believes the company will keep expanding its business.

The agency also mentioned that BOI deposited ₦20 billion with LECON Finance in 2025, intending to turn these funds into equity once they get regulatory approval. This is part of a larger ₦50 billion recapitalisation plan aimed at boosting LECON Finance’s business capacity. S&P added that BOI plans to use its connections with other development finance institutions to help LECON Finance get cheaper funds.

Mrs Ehi-Omoike stated: "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."

S&P expects LECON Finance’s finance lease portfolio to grow and boost profitability, as finance leases are expected to increase faster than operating leases. The agency also believes asset quality will remain stable and sees continued improvement in profitability.

The Stable Outlook shows S&P’s belief that LECON Finance will stay a core subsidiary of BOI and receive support when necessary.