We are celebrating the biggest sub-national bond ─ Sanwo-Olu

Governor of Lagos State, Babajide Sanwo-Olu signing the issuance of N100 billion Lagos State bond on Wednesday said ”we are celebrating the biggest sub-national bond issuance today”.

A total of 315 bids were submitted during the offer period for the Lagos State series three bond issuance, putting the value of the total bids at N196.48 billion.

A total of 208 bids which amounts to N100.33 billion, qualified under the terms of the offer at the clearing price of 12.25 per cent per annum.

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The governor expressed joy about the financial intervention, describing the moment as “historic and new journey” for the State to achieve its agenda to provide requisite infrastructure to catalyse its economy.

He said it was the largest bond programme ever embarked on by any sub-national entity in the country.

“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.

“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,” Sanwo-Olu said.

“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,” he added.



    The governor said the financial partners put in time and energy for the State to secure essential requirements to access the capital for the bond.

    Within a period of three months, Sanwo-Olu said the partners helped Lagos State to restructure its balance sheet and reduce the State’s interest expense by N17 billion, which gave Lagos the opportunity to raise the bond from the capital market.

    He said Lagos State been able to revert the entire borrowing of the state from very high rate to acceptable numbers, adding that the team has also “helped us to reduce interest expense by N17 billion, which made it easy for us to approach the financial market.”

    The governor promised not to betray the confidence of investors that subscribed to the bond, pledging that the funds would be disbursed strictly to finance infrastructural projects required to boost the state’s economy.

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