SEC approves N87.5b Lagos bond issuance

The Securities and Exchange Commission(SEC) has approved N87.5 billion seven year bond for Lagos State Government (LASG).
The development forms the last tranche of its N275 billion fixed bonds issuance programme which the state government launched in 2008.
The government had in about five years ago, issued a N50billion in the first series, N57.5billion and N80billion in the second and third.
The Commissioner for Finance, Mr. Ayo Gbeleyi who disclosed this said the new approval from SEC yesterday for the N87.5 billion bond will be final tranche of the Lagos State Government's bond issuance.
He said: "The bond, which is consistent with the state's policy thrust that focuses on poverty eradication and sustainable economic growth through infrastructure renewal and development, will contribute to the completion of on-going infrastructure projects to enhance the provision of social services aimed at improving the living standards of Lagosians.
"The proceeds will be utilised as additional funding for various projects, including but not limited to the Lagos-Badagry Expressway, the Blue Line Metro Rail, the Adiyan Water Works, Ayinke House (one of the many dedicated Mother and Child Care Centres), to buy back the entire shareholding of the Lekki Concession Company, concessionaire of the Lekki-Epe Expressway and the Shoreline Protection Works."
According to him, the bond issuance was another milestone in the state's drive towards its vision of making Lagos State Africa's model megacity and global economic and financial hub that is safe, secure, functional and productive.
The commissioner explained that the bond will be issued by way of, "a book build, opening next week to qualified investors including Pension Funds, Banks, Fund Managers, Insurance Companies, other Institutional Investors and High Net worth Individuals, with Chapel Hill Denham as lead book runner.
"Afrinvest, Radix Capital, FBN Capital, FCMB Capital Markets, Marina Securities, Skye Financial Services, Stanbic IBTC Capital, Vetiva Capital Management and Zenith Capital, are acting as joint book runners."
He said the bond will mature in November 2020, adding that it is rated A+ by Agusto & Co. and AA- by Global Credit Ratings.

From: http://thenationonlineng.net/new/sec...bond-issuance/

musiwa112: .

musiwa112: .

taharqa: Space booked. I dey come...

manny4life: Fashola is on a mission: piling up debts for Lagos with the hopes that miracle money will fall from the heavens and pay up later. A government that can't make do with $40million annual revenue + FAAC Allocation and all other unaccounted "revenue", has finally completed an almost $2billion debt financing. This is fiscal irresponsibility, where is the financial prudence and government oversight? They say "to whom much is given, MUCH IS EXPECTED", the expectation has fallen below margin, then again, I'll mind my business and focus on my village.

khamas19: ..Lagosi ma rogo lai de cele...

..why does lagos trouble you people like this?...them borrow money...na from your pocket?

gramci:


so Tinubu and fashole combo dont bother you.

gramci:


so Tinubu and fashole combo dont bother you.

Owo Abu ni a fi nse Abu ni alejo - Na Abu money we take dey host Abu