Lagos Issues N47 Billion Bond

The Lagos State Government on Friday issued its N47bn Series 1 Bond maturing in December, 2023 under its N500bn Third Debt Issuance Programme.

Governor Akinwunmi Ambode, at the signing ceremony held at the Lagos House, Ikeja, said that the programme was targeted at improving the physical and social infrastructure base of the state.

He said, “The book keeping was concluded on Dec. 23 with the first issuance priced at 16.5 per cent.

“Despite the continued challenges in the economy and difficult market conditions which have seen the last three Federal Government Bond auctions under-subscribed by an average 32 per cent, the state has sold some 80 per cent of the bonds it offered at a 57bps spread to the sovereign.”

He expressed appreciation for the confidence investors had reposed in the state government, saying that it was an eloquent testimony of the state government’s credit worthiness.

He said, “We are truly humbled by the confidence investors have once again demonstrated in the Lagos State credit story.

“The Lagos State Government remains committed to improving the physical and social infrastructure base of the state.

“It is proud of its reputation as a most responsible issuer in the Nigerian capital markets.”

Also, the Chief Executive Officer, Chapel Hill Denham, Financial Advisers and Lead Book Runners, Mr. Bolaji Balogun, said that state was leading from the front in the issuance of bond in spite of the prevailing market dynamics.

He said, “We are deeply honoured to work with the Lagos State Government.

“It has again affirmed its peerless credit reputation in tricky market conditions right at the end of the year to issue the only bond by a state in Nigeria, in 2016.

“I thank all of our colleagues in the issuing party for working with us to deliver a successful outcome.”

NAN

Lagos Hold First Black Tie Gala

Lagos State has held its first black tie event. See pictures after.

Chief Bisi Akande, Gov. Ambode, Gov. Aregbesola

Governor State of Osun, Ogbeni Rauf Aregbesola (right), Governor Lagos
State, Mr. Akinwumi Ambode (middle),and Chiarman Tristate Heart
Foundation, Chief Bisi Akande (left),at the 1st Annual Black Tie Gala
organised by Tristate Heart Foundation in support of Cardiovascular
Care in Nigeria, at Oriental Hotel, Lekki, Lagos state, on 29/11/2016.

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Governor State of Osun, Ogbeni Rauf Aregbesola (4th left), Chiarman
Tristate Heart Foundation, Chief Bisi Akande (4th right), Minister for
health Osun, Prof Isaac Adewole (3rd left), Board Member of Tristate
Heart Foundation, Prof. Kamar Adeleke (right), Oyo State Governor,
Senator Abiola Ajimobi (2nd left), Lagos State Governor, Mr, Akinwumi
Ambode (5th left), Ogun State Governor, Senator Ibikunle Amosun (3rd
right), Vice Chiarman Tristate Heart Foundation, Mr. John Momoh (2nd
right), and othersat the 1st Annual Black Tie Gala organised by
Tristate Heart Foundation in support of Cardiovascular Care in
Nigeria, at Oriental Hotel, Lekki, Lagos state, on 29/11/2016.

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Governor State of Osun, Ogbeni Rauf Aregbesola (right), Governor Lagos
State, Mr. Akinwumi Ambode (middle),and Chiarman Tristate Heart
Foundation, Chief Bisi Akande (left),at the 1st Annual Black Tie Gala
organised by Tristate Heart Foundation in support of Cardiovascular
Care in Nigeria, at Oriental Hotel, Lekki, Lagos state, on 29/11/2016.

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Governor State of Osun, Ogbeni Rauf Aregbesola (right) in a warmth
handshake with Board Member of Tristate Heart Foundation, Prof. Kamar
Adeleke, Oyo State Governor, Senator Abiola Ajimobi (2nd right), Lagos
State Governor, Mr. Akinwumi Ambode (2nd left) and Ogun State
Governor, Senator Ibikunle Amosun (left), at the 1st Annual Black Tie
Gala organised by Tristate Heart Foundation in support of
Cardiovascular Care in Nigeria, at Oriental Hotel, Lekki, Lagos state,
on 29/11/2016.