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SEC Approves N87.5 Billion 7 Year Bond Issuance for Lagos

Babatunde Fashola, Former Governor of Lagos state

Ayo Balogun, Lagos

The Lagos State Government has received clearance from the Securities and Exchange Commission (SEC) to open a 7-year N87.5 billion bond, maturing in November 2020.

Gov. Fashola of Lagos state, South-West Nigeria

Gov. Fashola of Lagos state, South-West Nigeria

The bond is rated A+ by Agusto & Co. and AA- by Global Credit Ratings. It is the second and final tranche of the Lagos State Government’s N167.5 billion 2nd Debt Issuance Programme, launched in November 2012.

Commissioner for Finance, Mr. Ayo Gbeleyi said “the bond, which is consistent with the State’s policy thrust that focuses on poverty eradication and sustainable economic growth through infrastructure renewal and development, will contribute to the completion of on-going infrastructure projects to enhance the provision of social services aimed at improving the living standards of Lagosians.”

The proceeds will be utilized as additional funding for various projects, including but not limited to the Lagos-Badagry Expressway, the Blue Line Metro Rail, the Adiyan Water Works, Ayinke House (one of the many dedicated Mother and Child Care Centres), to buy back the entire shareholding of the Lekki Concession Company, concessionaire of the Lekki-Epe Expressway and the Shoreline Protection Works.

Speaking further, the commissioner said “the bond issuance was another milestone in the State’s drive towards its vision of “Making Lagos State Africa’s model megacity and global economic and financial hub, that is safe, secure, functional and productive”.

The bond will be issued by way of a book build, opening next week to qualified investors, including Pension Funds, Banks, Fund Managers, Insurance Companies, other Institutional Investors and High Net worth Individuals, with Chapel Hill Denham as lead book runner. Afrinvest, Radix Capital, FBN Capital, FCMB Capital Markets, Marina Securities, Skye Financial Services, Stanbic IBTC Capital, Vetiva Capital Management and Zenith Capital, are acting as joint book runners.

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