On Tuesday, May 23, Lagos State Governor Babajide Sanwo-Olu announced that his administration had raised N134.8 billion in long-term bonds to support the state’s important infrastructure projects.
He stated that the bond is “the transaction instrument for the first sets of allotment in the N1 trillion debt and hybrid issuance programme.”
On his Instagram page, Sanwo-Olu announced this and wrote, “I am excited to share exciting news that will greatly boost the short and long term development of Lagos.
“We broke another capital market funding record by raising N134.8 billion in long-term bonds.
“This investment will support important infrastructure initiatives in fields like agriculture, education, electricity, and roads.
The first sets of allotments for the N1 trillion debt and hybrid issuance program’s transaction instruments were signed today.
He continued, “This includes a shariah-compliant sukuk and a 10-year tenure bond.
The governor also said that his administration would use the bond and sukuk proceeds to carry out projects that had been “pre-inspected” by the Securities and Exchange Commission (SEC).
He emphasised that the investments would spur economic growth, create job opportunities, and improve Lagosians’ quality of life in addition to advancing the state’s infrastructure.
Sanwo-Olu declared, “We’ll be carrying out various projects that have been approved by the Securities and Exchange Commission with the proceeds from the bond and Sukuk.
This includes improving 33 public schools in Ajegunle, the Lekki-Epe corridor’s road system, drainage improvements, and more.
“The investments we’ve secured will not only speed up infrastructure development but also foster economic expansion, open up job opportunities, and improve Lagos residents’ quality of life.
“This successful bond issuance shows Lagos’ fortitude and investors’ confidence in our capacity to prudently allocate funds for development.
“I want to thank the financiers who have faith in our enormous potential.
The governor continued, “We remain committed to transparency and prudent financial management as we construct a greater Lagos for future generations.”
