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.