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Business News of Wednesday, 29 January 2020

Source: www.mynigeria.com

LASG raise N100 billion to fund infrastructure

Lagos State Governor, Babajide Sanwo-Olu Lagos State Governor, Babajide Sanwo-Olu

Lagos State has raised a N100.33 billion bond from the capital market to fund infrastructure and pressing capital projects.

Governor Babajide Sanwo-Olu signed documents for the bond at the State House in Alausa, alongside investors and issuing parties.

The Governor, who was visibly excited by the financial intervention, declared the moment as “historic and new journey” for the State in its drive to provide requisite infrastructure to catalyse its economy.

Giving credit to the state's professional partners led by Chapel Hill Denham, Sanwo-Olu said the partners helped Lagos to restructure its balance sheet and reduce the State’s interest expense by N17 billion, which gave Lagos the opportunity to raise the bond from the capital market.

"All of these happened in three months," the Governor said.

Sanwo-Olu pledged that the funds would be disbursed strictly to finance infrastructural projects required to boost the State’s economy.

The bond issued and raised by the State under its N500 billion Third Bond Programme was over-subscribed.