August 14, 2017

Lagos State Government raises N85bn in Bond Issuance to Fund Infrastructure Projects

Dolapo Omidire

The Lagos State Government has announced the closure of the N85,140,000,000 Series 2 Bond Issuance geared towards improving the physical and social infrastructure in the State. Commissioner for Finance, Mr. Akinyemi Ashade in a statement, said the Bond was issued in two tranches of N46,370,000,000 16.75% Tranche 1 maturing August 2024 and the N38,770,000,000 17.25% Tranche 2 maturing August 2027, under the N500bn Third Debt Issuance Programme.

Lagos State Governor Akinwunmi Ambode said:

 “In challenging market conditions, we are encouraged by the sustained support that the Lagos State credit story has received from investors for which we are grateful.”

Most of the proceeds will be used to fund projects that are centred around improvement of security and CCTV infrastructure, road construction and the upgrade of transport networks across the city.

The Commissioner said that Chapel Hill Denham acted as Lead Issuing House and Bookrunner and led an issuing party including 10 other Bookrunners, on what he described as a landmark transaction.

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