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Sanwo-Olu Signs N115bn Bond, Vows To Be Prudent With It

Lagos State Governor, Babajide Sanwo-Olu, has signed a N115 billion 10-year bond with a promise to residents of the state that he will be prudent with it to accelerate infrastructural developments and economic growth.

According to  Sanwo-Olu, proceeds from the bond will be used to finance critical projects to improve the state’s infrastructure and foster economic growth, in line with the state’s ‘THEMES’ Agenda.

The governor stated this during the signing of the N115 billion 10-year 15.25 per cent Series 1 Bond issuance due 2033, and the N19.815 million seven-year 14.675 per cent Fixed Return Forward-Ijarah Lease Sukuk due 2030, under the N1 trillion debt and hybrid issuance, held at Lagos House, Alausa, Ikeja.

This Is another significant day in Lagos State, with us reaching another milestone in our commitment to deliver infrastructural, economic, and societal progress to the people of our excellent State. As I renew my mandate in the coming days, these two issuances – which we will be allotted today – will provide the impetus for my administration to further drive our THEMES agenda.

“Proceeds from the Bond and Sukuk will enable various MDAs – including the Ministry of Energy and Mineral Resources, the Ministry of Agriculture, and the Office of Drainage and Water Resources – to execute respective projects that have been pre-inspected by the Securities and Exchange Commission,’’ the governor said.

Sanwo-Olu, who added that the issuances will also allow them to promote economic growth, create jobs, and improve the quality of life for all residents, explained that “Our objective is to create an environment that attracts local and foreign investors, spurring economic activities that will benefit every citizen of Lagos State.”

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