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Lagos approves N137.3bn bond in capital raising for infrastructure upgrade

L-R: Dr. Obafemi Hamzat, Lagos State Deputy Governor; Governor Babajide Sanwo-Olu; Mrs. Kemi Awodein, Managing Director of Chapel Hill Denham, and Dr. Rabiu Olowo, Honourable Commissioner for Finance, during the signing of Lagos State Bond Issuance programme, in Ikeja Photo: The Guardian

*Governor Babajide Sanwo-Olu of Lagos State has signed necessary documents required by the Securities and Exchange Commission to finalise the issuance of N137.3billion Fixed Rate Bond Series IV Bond Issuance to improve infrastructure in the state

Emmanuel Akosile | ConsumerConnect

As part of measures to ensure continuity of governance and completion of projects, the Lagos State Government (LASG) has signed a N137.3billion bond for capital raising for  infrastructural upgrade in the cosmopolitan state in Nigeria.

ConsumerConnect reports Governor Babajide Sanwo-Olu Monday, December 20, 2021, signed the capital market bond with Chapel Hill Denham as the major issuing house, at the Lagos House, at Alausa, in Ikeja, the state capital.

Governor Sanwo-Olu endorsed the necessary documents required by the Securities and Exchange Commission (SEC) to finalise the issuance of Lagos State’s N137.3billion Fixed Rate Bond Series IV Bond Issuance.

Agege Pen Cinema flyover the Lagos State Government commissioned earlier this year

While signing the bond at the State House, in Ikeja, with the issuing house in attendance, the governor noted that the conclusion of the process would bring to N377.715 billion the total value of bond issued from the state’s N500billion debt issuance programme.

Sanwo-Olu further noted the funds would be used to finance projects, such as the Lagos─Badagry Expressway, Lekki regional road, health needs and stimulate socio-economic development of the state fondly called the ‘Centre of Excellence’ in the country.

According to him, in line with the state’s vision to build a ‘Greater Lagos’, the proceeds of the bond would be used to finance key infrastructure projects, primarily roads and healthcare.

The Lagos State Governor also said that the infrastructural projects would include the Lekki Regional Road, rehabilitation of Ijeododo Road and rebuilding of the alternative route to Admiralty Circle Toll Plaza.

Sanwo-Olu applauded the Federal Ministry of Finance, PENCOM and Debt Management Office, as well as SEC for their support and collaboration.

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