LECON Finance Records 215% Profit Growth, Expands Assets to N33.1 Billion and Earns Top-Tier Credit Ratings

LECON Finance Company Limited, a development-focused leasing company and subsidiary of the Bank of Industry Limited (BOI), has announced a strong financial performance for the year ended December 31, 2025, recording a 215% increase in Profit After Tax (PAT) from N757.7 million in 2024 to N2.39 billion in 2025.

The company’s performance reflects sustained growth in its core leasing business, improved operational efficiency, and its continued commitment to supporting businesses with access to productive assets that drive economic growth.

During the year under review, LECON recorded significant improvements across key financial indicators. Total revenue increased by 63.4% to N8.31 billion, compared to N5.09 billion in the previous year, driven largely by growth in lease rental income. Gross income also rose by 66.4% year-on-year to N10.84 billion, while Profit Before Tax (PBT) increased by 172.7% to N3.39 billion.

Despite operating within a challenging macroeconomic environment, LECON maintained strong cost discipline and improved financial efficiency. This contributed to a reduction in finance costs and supported stronger profitability, with Basic Earnings Per Share increasing from N0.11 in 2024 to N0.24 in 2025.

LECON’s financial position strengthened significantly during the year, with total assets increasing by 52.2% to N33.14 billion, reflecting the company’s continued expansion and growing market presence.

Advances under Finance Lease grew by 54.8% to N10.29 billion, demonstrating increased demand from businesses seeking flexible financing solutions to acquire essential assets and expand their operations. Operating lease assets also increased to N13.26 billion, further reinforcing LECON’s role in enabling businesses to access equipment and infrastructure needed for productivity and growth.

The company’s equity position also recorded substantial improvement, growing by 110.6% from N4.10 billion to N8.63 billion. The strengthened capital base provides LECON with greater capacity to expand its leasing interventions and deliver on its mandate of supporting productive sectors of the economy.

Beyond its financial achievements, LECON continues to focus on creating measurable economic impact through its leasing activities.

As of December 2025, the company’s total lease portfolio stood at N23.55 billion, with 38.3% allocated to climate and green energy initiatives. Through these investments, LECON is supporting businesses adopting sustainable solutions while contributing to broader national energy transition objectives.

The company also maintained its commitment to inclusive growth, with 15.74% of financing directed towards women- and youth-led businesses. In addition, LECON continues to support critical sectors such as food production and agro-processing, helping businesses improve capacity, create employment opportunities, and contribute to economic development.

LECON’s financial strength and operational resilience have been further recognised through the latest credit ratings assigned by Agusto & Co.

The company received a long-term rating of Aa-, reflecting its very strong capacity to meet financial obligations and a highly resilient credit profile with minimal risk. It also received a short-term rating of A1+, indicating superior capacity to meet short-term obligations, supported by strong liquidity and effective cash flow management.

Commenting on the performance, Ebehiriere Ehi-Omoike, Managing Director of LECON Finance Company Limited, said:

“Our 2025 performance demonstrates the strength of our business model and the confidence businesses place in our leasing solutions. We remain focused on providing access to productive assets that enable businesses to grow, while supporting sustainable investments and inclusive economic development. As we continue to expand our reach, our priority remains creating lasting value for our customers, partners, and the wider economy.”

With its strengthened financial position, expanding leasing portfolio, and commitment to sustainable development, LECON Finance remains positioned to deepen its contribution to Nigeria’s business ecosystem by enabling enterprises to access the assets they need to thrive.