It is perhaps a scandal that Lagos taxpayers are still paying for the misadventure called Visionscape some four years after the controversial waste management firm unceremoniously exited operations in the state.

The Lagos State Government in its capacity as the Sponsor/co-obligor on Visionscape’s N28.47 billion of 5-year bonds issued at 17.5 percent, and due in 2022, has been making monthly payments of N713.7 million into its irrevocable sinking fund accounts backing the bond.

The fund is then used to settle semi-annual coupon payments of N4.28 billion due to Visionscape bond investors such that all Visionscape debt service obligations have been met by Lagos since 2018, sources tell MoneyCentral.

The interest payments are set to continue until maturity of the bonds in September 2022, redemption of which will likely fall on the balance sheet of the Lagos State government.

That’s a great deal for the lucky high net worth individuals and investors being paid on behalf of a company that ceased operations in 2018.

Not so much for Lagos State taxpayers and residents who have endured shoddy garbage disposal and what insiders say is a corrupt deal enabled by poor governance in Lagos.

Read more: https://moneycentral.com.ng/exclusive/article/the-lagos-visionscape-garbage-scandal-and-attempts-at-a-cover-up/