•Sanwo-Olu: ‘Regional Road, Lekki-Epe Expressway, healthcare top investment priorities’
All statutory instruments that will facilitate the raising of N137.328 billion bond by Lagos State Government from the capital market to deliver key infrastructure in critical sectors of the economy are now met.
Governor Babajide Sanwo-Olu, on Monday, presided over the ceremony where necessary documents required by the Securities and Exchange Commission (SEC) to facilitate the issuance of 13 per cent fixed rate bond were signed by the State’s Attorney General, issuing parties and trustees of the funds.
The event marked the third time Lagos Government would be issuing a long-tenure bond of 10 years (2021-2031), bringing to a total value of N377.715 billion bond issued from the Lagos State’s Series IV N500 Billion Debt Issuance Programme.
The State set out to raise N125 billion from the capital market but closed the bids with N137.3 billion, following oversubscription. The development, Sanwo-Olu said, demonstrated a “strong response” from the investing community and testified to confidence of investors in the State’s ability to deliver on its infrastructural and socio-economic developmental objectives, while meeting repayment obligations.
The Governor said proceeds from the bond would be used to finance key infrastructure projects in healthcare, environment and road construction, including the 10-km Regional Road in Eti Osa, six-lane Lekki-Epe Expressway, Ijeododo Road in Alimosho and Oba Sekumade Road in Ikorodu, among others.
Sanwo-Olu said the iconic projects for which the funds would be earmarked would contribute to a better quality of living for the residents, while also creating a more enabling environment for commercial and economic activities.
He said: “Lagos once again marks another milestone in the domestic debt capital markets, with the issuance of the largest bond ever by a sub-national Government in Nigeria. The signing ceremony finalises the issuance of N137.3 billion bond at 13 per cent fixed rate in our Series IV Bond Issuance under the N500 Billion Fourth Debt Issuance Programme.
“We set out to raise up to N125 billion, but we closed the book with bids totalling N137.3 billion. This is a strong response from the investing community to our administration’s debut bond issuance. This humbling achievement is a testament to continued investors’ confidence in the State’s ability to deliver on its infrastructural and socio-economic developmental objectives, and also to meet repayment obligations.
.jpg)
15 Nov 2024
15 Nov 2024
15 Nov 2024
.jpeg)
15 Nov 2024
