Lagos State government on Wednesday signed issuance of N100 billion bond, the third in its series aimed at improving infrastructure in the state.
It would be recalled that the state previously issued bonds under N107.5billion and N167.5billion programmes.
It was gathered that the latest Bond, which is already oversubscribed, is under the state’s N500billion Bond issuance programme maturing in December 2023.
The governor, Mr Babajide Sanwo-Olu, while speaking at the signing ceremony which took place at the Lagos House, Ikeja, assured Lagosians of judicious use of the Bond to improve the state infrastructure, adding that prosperity of the state was paramount to his administration.
Governor Sanwo-Olu, who disclosed that the Bond had helped his government to restructure its financial balance sheet, further assured that his administration would ensure Lagosians feel the effect of this intervention in the schools, hospitals and infrastructure to be put in place.
ALSO READ: Suspected cultists allegedly kill young graduate in Benue
“We are doing things and it is about the prosperity of the state. We made a commitment to Lagosians that we will create a greater Lagos. This Bond has helped us to restructure our financial balance sheet. We want to assure Lagosians we will not put their confidence in us to shame. We will ensure Lagosians feel the effect of this intervention in the schools, hospitals and infrastructure we are going to build.
“We really appreciate the investing community, whose sustained support of Lagos State continues to spur our resolve to deliver on a Greater Lagos. Our achievement of a very solid outing in terms of the tenure, size and pricing of the Bond, positions Lagos State as a very active participant in the development of our domestic capital markets. We remain resolute to upholding our commitment to being the most responsible issuer in the Nigerian markets,” he said.
Also speaking, the state’s Commissioner for Finance, Dr Rabiu Olowo, while appreciating the support of the issuance Houses, said the Bond which is at 12.25 per cent is the largest issuance by any sub-national in Nigeria.
The commissioner equally assured Lagosians that the new funding would be applied towards the execution of key infrastructure projects across the state.
“We acknowledge the unwavering support of investors to the significant growth witnessed by Lagos State, given that the monies raised through our Bonds are being committed to the development of physical and social infrastructure, for the benefit of us all.
“Our partners, especially the issuing houses led by Chapel Hill Denham, have worked tirelessly with us to deliver another successful outcome on this landmark transaction. We also acknowledge the support received in the issuance process from the Federal Ministry of Finance, the Securities and Exchange Commission and Debt Management Office. The new funding will be applied towards the execution of key infrastructure projects across the state,” Olowo said.
and then