Oxidative addition represents a critical elementary step in myriad catalytic transformations. Here, the importance of thoughtful ligand design cannot be overstated. In this work, we report the intermolecular activation of iodobenzene (PhI) at a coordinatively saturated 18-electron [Ni 0 (diphosphine)2] complex bearing a Lewis acidic secondary coordination sphere. Whereas alkyl-substituted diphosphine complexes of Group 10 are known to be unreactive in such reactions, we show that [Ni 0 (P2B Cy 4)2] (P2B Cy 4 = 1,2-bis(di(3-dicyclohexylboraneyl)propylphosphino)ethane) is competent for roomtemperature PhI cleavage to give [Ni II (P2B Cy 4)(Ph)(I)]. This difference in oxidative addition reactivity has been scrutinized computationally -an outcome that is borne out in ring-opening to provide the reactive precursor -for [Ni 0 (P2B Cy 4)2], a "boron-trapped" 16-electron κ 1diphosphine Ni(0) complex. Moreover, formation of [Ni II (P2B Cy 4)(Ph)(I)] is inherent to the P2B Cy 4 secondary coordination sphere: treatment of the Lewis adduct, [Ni 0 (P2B Cy 4)2(DMAP)8] with PhI provides [Ni II (P2B Cy 4)2(DMAP)8(I)]I via iodine-atom abstraction and not a [Ni II (Ph)(I)(diphosphine)] compound -an interesting secondary sphere effect. Last, the reactivity of [Ni 0 (P2B Cy 4)2] with 4-iodopyridine was surveyed, which resulted in a pyridyl-borane linked oligomer. The implications of these outcomes are discussed in the context of designing strongly donating, and yet labile diphosphine ligands for use in a critical bond activation step relevant to catalysis.