Lagos State has raised a N100.33 billion bond from the capital market to fund infrastructure and pressing capital projects.
Governor Babajide Sanwo-Olu signed documents for the bond at the State House in Alausa, alongside investors and issuing parties.
The Governor, who was visibly excited by the financial intervention, declared the moment as “historic and new journey” for the State in its drive to provide requisite infrastructure to catalyse its economy.
Giving credit to the state's professional partners led by Chapel Hill Denham, Sanwo-Olu said the partners helped Lagos 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.
"All of these happened in three months," the Governor said.
Sanwo-Olu pledged that the funds would be disbursed strictly to finance infrastructural projects required to boost the State’s economy.
The bond issued and raised by the State under its N500 billion Third Bond Programme was over-subscribed.
Lagos, he said, must accelerate investment in infrastructure, adding that such would create an incredible multiplier effect on economic activities and give the State financial buoyancy @jidesanwoolu @HMOKUNOLA1 #LASG #ForAGreaterLagos pic.twitter.com/yAWnAt5O2T
— The Lagos State Govt (@followlasg) January 29, 2020
Managing Director, Chapel Hill Denham, Mr. Bolaji Balogun, described the bond as a “jumbo” for the State, stressing that the support given to Lagos Government by the capital market was unprecedented @jidesanwoolu #LASG #ForAGreaterLagos pic.twitter.com/xhfoEU7dL5
— The Lagos State Govt (@followlasg) January 29, 2020
