Lagos signs N100bn bond to bridge infrastructure deficit
The Lagos state government on Wednesday signed the issuance of a N100 billion bond series III to improve infrastructure in the state. The signing ceremony took place at the Lagos House, Ikeja.
The bond is the state third’s bond programme, having previously issued bonds under N107.5 billion and N167.5 billion programmes.
The latest bond, which is already over-subscribed, is under the state’s N500 billion bond issuance programme.
Speaking at the ceremony, an elated Governor Babajide Sanwo-Olu, assured Lagosians of judicious use of the bond to improve the state infrastructure, adding that the prosperity of the state is paramount to his administration.
“We are doing things that are about prosperity. We made a commitment to Lagosians that we will create a greater Lagos. This bond has helped us to restructure our financial balanced 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,” he said.
The governor added: “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 solid outing in terms of the tenor, size and pricing of the bond positions Lagos state as a very active participant in the domestic debt market and we remain resolute to upholding our commitment to being the most responsible issuer in the Nigerian market.”
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While appreciating the support of the issuing houses, the state Commissioner for Finance, Dr. Rabiu Olowo, said the bond which is at 12.25 per cent is the largest bond issuance by any sub-national in Nigeria.
Our correspondent reports 15 issuing houses are involved in the current transaction.
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