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Regional News of Tuesday, 21 December 2021


Lagos raises N137.3bn bond to address infrastructural deficit

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

Lagos has signed a N137.3 billion bond to raise funds to address infrastructural deficit in the state.

It was signed yesterday at the State House, Alausa, Ikeja, with Chapel Hill Denham as the major issuing house.

Governor Babajide Sanwo-Olu disclosed the key infrastructural projects that would be executed with the bond issuance include the Lagos-Badagry Expressway, the 10 kilometres regional roads in Lekki, Eleko junction to Epe six kilometres road, drainage and flooding issues as well as execution of projects in the health sector.

At the signing of the bond, which is adjudged to be the largest single bond by a sub-national in the domestic markets, Governor Sanwo-Olu, assured that the bond would be used for the purposes to impact positively on the well being of all residents in the state.

Commissioner for Finance, Rabiu Olowo, said the state sought for N125 billion bond but got over subscription which signifies the trust and confidence of the investing communities in the present administration. He expressed confidence that the 10 years bond from 2021 to 2031 at an interest rate of 13 percent would save the state government of wastage.

Representatives of the investing communities, Ms Kemi Awodehin, thanked the state government for trusting them to finance key projects in the state for the benefit of the over 22 million Lagos residents.

The event was attended by all members of the state cabinet, representatives of issuing houses, Trustees, Rating agents, stock brokers, receiving banks and solicitors to the state government and issuers among others.