Lagos Raises ₦100 Billion Infrastructure Bond

Lagos State Governor Babajide Sanwo-Olu yesterday signed documents for the issuance of N100.33 billion bond, which the State raised from capital market “to fund infrastructure and pressing capital projects.”

The documents were signed at the State House in Alausa with investors and issuing parties. Daily Trust reports that the Series Three Bond Issuance of N100 billion was issued and raised by the State under its N500 billion Third Bond Programme approved four years ago. The bond is already over-subscribed. The governor said the signing was a “historic and new journey” for the State in its drive to provide requisite infrastructure to boost its economy.

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He said bond was the largest bond programme ever embarked on by any sub-national entity in the country. Sanwo-Olu said: “We have embarked on a new journey that is not meant to serve our personal interest, but to activate more prosperity for our dear Lagos and give our people the hope for better tomorrow we all dreamed. When we came into Government, we made commitment to all Lagosians that we are coming to pursue and implement an agenda that will build our capacity to achieve ‘Greater Lagos’ we all will be proud of.

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“Today, I am standing in from you all to say we are writing the financial history of Lagos in another chapter and it will bring good dividends to all residents. With this N100 billion bond, we will ensure that all Lagosians feel the direct impact of this intervention in their homes and on the roads. We are bringing new infrastructure and repairing the existing ones, including bridges and hospitals.

We are going to renovate schools and build new ones for our children; slums will be regenerated and pressing environmental issues will be solves. We are going to make people feel the essence of governance.” Sanwo-Olu recalled that the effort to raise the bond started some three months ago with a simple discussion with professional partners led by Chapel Hill Denham.

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He observed that the State almost missed the opportunity, as the statutory period recommended by Securities and Exchange Commission to raise such bond was closing when the State started pushing for the bond issuance.

Source:- Daily Trust

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