LECON Financial Services formerly Leasing Company of Nigeria Limited was established as a wholly owned subsidiary of Bank of Industry Limited (BOI), formerly Nigerian Industrial Development Bank Limited, (NIDB ) in 1989, when BOI changed the name from Commonwealth Development Corporation ( Nigeria) Limited, which it acquired during the indigenization exercise of 1977.
The main aim of establishing LECON then was to augment the activities of BOI by providing ancillary facilities to loan beneficiaries of the bank. The Nigerian Maritime Administration & Safety Agency (NIMASA) came in as shareholder in order for LECON to participate in the ship building and ship acquisition fund.
Over the last 19 years of operation, LECON has provided support facilities through leasing to a number of existing BOI projects. The lease portfolio rose from 2 projects valued at N23.3 million in 1989 to 230 projects valued at over N4.5 billion as at date.
The Portfolio covers areas of manufacturing (textiles, plastics etc), Agriculture and Services (farm implements, hotel and office equipment), Marine (trawling, dredging etc). Telecommunications (cable satellite) and Transportation and Haulage (Mass transit
buses and road haulage trucks for dry and wet cargo).
Our main purpose is to be fully committed to the nation’s economic development by the financing of capital assets through lease options best suited to the needs of our lessees while employing broad based highly qualified motivated professionals, a competent management team and modern systems and technology.
Our vision is to achieve high yield from operations and satisfying high
returns to our shareholders
The authorized share capital of the company is N2 billion of which N332.15 million is fully paid up. The shares are held by: Bank of Industry Limited (81.67%), National Maritime Authority (14.81%) and others (3.52%)