* 9-route network commissions, bridge in Kosofe

Lagos State Governor Babajide Sanwo-Olu on Monday signed the necessary documents required by the Securities & Exchange Commission (SEC) to complete the issuance of Series IV N137.3b 13% Fixed Rate Bonds Lagos State 2021/2031, as part of the State’s fourth N500b debt issuance program.

Speaking at the signing ceremony attended by the issuing houses, Sanwo-Olu said the conclusion of the process would bring the total value of bonds issued under the debt issuance program to $ 377.715 billion. Lagos State 500 billion.

The governor said that although the plan was to increase to N125b, he closed the construction of the book with bids totaling N137.3b.

This strong response from the investment community – to our administration’s first bond issue – is a lesson in humility and indeed testifies to investors’ continued confidence in the state’s ability to achieve its development goals. infrastructural and socio-economic; and to meet repayment obligations.

“Despite the significantly oversubscribed volume and the active participation of a wide range of institutional investors, including banks, pension fund administrators, asset managers and corporations, Lagos State has maintained its discipline in size and pricing. Given the current yield environment, the Series IV issuance was held at N137.3 billion and cleared at a coupon of 13% per annum. Only the offers included in the compensation offer were accepted.

Sanwo-Olu added that in line with the state’s vision of building a Greater Lagos, the proceeds from the bond will be used to fund key infrastructure projects, primarily in roads and healthcare.

He listed the projects to include the Lekki regional road, the rehabilitation of the Ijeododo road and the rehabilitation of the alternative road to the Admiralty Circle toll plaza.

“These projects will contribute to a better quality of life for our population, while creating an environment more conducive to commercial and economic activity. There is no doubt – and we have seen it in previous interventions – that the social and economic multiplier effects will justify more than the cost of the investment. “

Sanwo-Olu commended the Federal Ministry of Finance, PENCOM and the Nigeria Debt Management Bureau, as well as the Securities & Exchange Commission for their support and collaboration.

“We also thank the investment community for their continued support to Lagos State and our efforts to improve the social and economic well-being of all residents of Lagos. We don’t take your enthusiastic response to our Bond offer for granted.

“We will continue to deliver on our commitment to remain the most responsible issuer in the Nigerian capital market,” said Sanwo-Olu.

Meanwhile, Sanwo-Olu also yesterday put into operation a network of nine roads with a bridge within the Soluyi community of Kosofe local council.

The roads are Aderemi Akeju Street with Stilt Bridge, Okun Street, Femi Kufo Street, Brown Street, Adegbenro Street, Ganiyat Dawodu Street, Yetunde Brown Street, Anipole Street and Sosanya Street.

Sanwo-Olu said that the execution of the projects is a testament to the fulfillment of his administration’s promise to ensure the continuity of governance by carrying out projects inherited from the previous administration, especially those which are directly beneficial for the good. -being of our people.

“The community of Soluyi is a strategic settlement with a rapidly growing population that is in need of infrastructure renewal. This motivated our decision to prioritize the completion of this road network, with a total length of 2,840 km, including a bridge, which will serve a population of over 300,000 people, within the Soluyi communities. Araromi-Ifako-Gbagada.

“These projects exist as a testament to our administration’s determination to continue providing the infrastructure necessary for sustainable development, in every part of the state,” said Sanwo-Olu.