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Lagos raises N80bn bond to complete infrastructural projects

By OLUWOLE FAROTIMI

Lagos State Government has signed another financial deal raising another N80 billion through bond, with Chapel Hill Limited as lead book runner/issuing house to fast track infrastructural development in the state.

The N80 billion, representing the first tranche of the total N167.5 billion the state was sourced under its second bond series (by way of a book build) between now and 2019 represented the highest bond issuance ever floated by any state government.

The state government development index showed that successes of previous bond transactions, which had seen it undertake major infrastructural projects in the last five years encouraged the state government for the fourth time to raise funds via bond issuance to drive its infrastructural development It was gathered that the total sum would be invested in infrastructural development, which remained the thrust of Governor Babatunde Fashola-led administration.

To benefit from the fund are such ongoing projects like expansion and reconstruction of the Lagos-Badagry Expressway, Blue line rail corridor, ferry terminals in parts of the state to boost water transportation, construction and completion of health institutions such as Ayinke House within the Lagos State University Teaching Hospital (LASUTH) and maternal healthcare centres, among others.

Speaking at the completion board meeting for the deal at Lagos House, Ikeja, which attracted all participating financial houses and stock broking firms, Governor Fashola said the money would be tied to specific projects that would add value to the state economy.

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5 Comments

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  3. AGOM November 23, 2012 at 11:45 am

    WHAT IS LAGOS STATE GOVERNMENT DOING WITH ALL THE MONEY THEY ARE COLLECTING LOOK AT ALL THE ROADS IN OSHODI AND ALIMOSHO IT IS VERY SHAME FULL TO ACN. FASHOLA SHOULD MONITOR ALL THE LAGOS STATE CHAIRMEN SOME ARE NOT DOING ANY THING OSHODI AND ALIMOSHO ARE THE WORST. IT IS ONLY GOD THAT CAN SAVE US IN THE HANDS OF SO CALLED CRIMINALS RULING US.

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  5. kingsley November 23, 2012 at 10:02 pm

    fashola is realy breaking new grounds every day with his innovative thinking approach to governance not like many nigerian leaders who are dormant and does not explore any new strategy to add value to governance.but the only problem i see in lagos under fashola is this very slow pace of projects under construction and seeming abandonment of d projects in the rural areas of lagos.often time it looks as if the rural areas like oshodi isolo and Alimosho areas of lagos are realy not part and parcel of lagos that are not supposed to spoil.this areas are really spoiling beyond imagination,people coming to lagos from other parts visiting this areas will surely doubt if they ar still in lagos.take d case of the jakande estate bucknor isheri osun ijegun link road as an example, this road awarded to hi tech engineering about 5yrs ago for which about 200 lives was lost when the contractor busted an oil pipeline at ijegun end of d road,about 5yrs ago.up till today no meaningful work had been done on this rd with the attending nightmare residents of this areas have been encountering on this very important road.such roads as this should attract immediate attention from fashola now that funding is about to improve based on this bond offer .eko oni bajeooo

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