Moshood Adebayo
Lagos Governor, Babajide Sanwo Olu, yesterday, signed issuance of N100 billion bond series III to improve infrastructure and boost economic prosperity of the state.
The bond, which would mature in December 2023 is said to be already over-subscribed under the state’s N500 billion bond issuance.
The state third’s bond programme had been previously issued under N107.5 billion and N167.5 billion programmes respectively.
Speaking at the ceremony at the Lagos House, Ikeja, Sanwo-Olu assured Lagosians of judicious use of the bond to improve the state infrastructure.
“We are doing things and it is about prosperity of the state. We made 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 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.”
Commissioner for Finance, Dr. Rabiu Olowo, while appreciating the supprt of the issuance houses said the bond which is at 12.25 per cent is the largest issuance by any sub-national in Nigeria.
“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,” he said.