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Lagos raises N137bn bond to finance six-lane Lekki-Epe expressway, Ikorodu roads

Published

3 years ago

December 21, 2021

Lagos State Governor, Babajide Sanwo-Olu

Babajide Sanwo-Olu, governor of Lagos, signed N137.3 billion 10-year bond to raise funds to finance key infrastructural projects.

The governor presided over the ceremony on Monday where necessary documents required by the Securities and Exchange Commission (SEC) to facilitate the issuance of 13 percent fixed-rate bond were signed by the state’s attorney general, issuing parties, and trustees of the funds.

The event also marked the third time the Lagos Government would be issuing a long-tenure bond of 10 years (2021-2031), bringing to a total value of N377.715 billion bond issued from the Lagos State’s Series IV N500 Billion Debt Issuance Programme.

The state set out to raise N125 billion from the capital market but closed the bids with N137.3 billion, following oversubscription.

“Lagos once again marks another milestone in the domestic debt capital markets, with the issuance of the largest bond ever by a sub-national Government in Nigeria,” the governor said.

“The signing ceremony finalises the issuance of N137.3 billion bond at 13 percent fixed rate in our Series IV Bond Issuance under the N500 Billion Fourth Debt Issuance Programme.

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“We set out to raise up to N125 billion, but we closed the book with bids totalling N137.3 billion. This is a strong response from the investing community to our administration’s debut bond issuance.

“This humbling achievement is a testament to continued investors’ confidence in the State’s ability to deliver on its infrastructural and socio-economic developmental objectives, and also to meet repayment obligations.”

According to the governor, this demonstrated a “strong response” from the investing community and testified to the confidence of investors in the state’s ability to deliver on its infrastructural and socio-economic developmental objectives, while meeting repayment obligations.

The governor explained that the bond would be used to finance infrastructure projects in healthcare, environment, and road construction.

Sanwo-Olu said the projects would contribute to a better quality of living for the residents and create enabling environment for commercial and economic activities.

“In line with our vision to build a Greater Lagos, proceeds from this bond will be used to finance infrastructure projects, primarily in roads, environment, and healthcare,” he added.

“These projects include 10-km regional road in Eti Osa, six-lane Lekki-Epe expressway, Ijeododo Road in Alimosho, and Oba Sekumade Road in Ikorodu.

“These will contribute to a better quality of living for our people, while also creating a more enabling environment for commercial and economic activity.”

The Cable

Related Topics:bond Expressway Finance Ikorodu Lagos Lekki-Epe

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Inspector killed after fight in Lagos police barracks

Published

6 minutes ago

April 27, 2025

Trends Admin

A Lagos police station (File photo)

Inspector killed after fight in Lagos police barracks

An Inspector, Ibrahim Usman, has reportedly died following a physical altercation involving a fellow resident and her children at the Queen Barracks, Apapa, Lagos.

According to a report by security analyst, Zagozola Makama’, on Sunday, sources said that the incident occurred on Friday at about 11:10 a.m. after a misunderstanding between a W/Inspector , Gumbo Yusuf, and the wife of the deceased, both occupants of the barracks.

“In the course of the altercation, Yusuf and her children allegedly assaulted Inspector Usman, knocking him to the ground where he lost consciousness.

“He was immediately rushed to the General Hospital, Apapa, where he was confirmed dead by the doctor on duty.

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“A team of detectives visited the scene of the incident and the hospital, where the body was inspected and photographed before being deposited at the morgue for preservation and autopsy,” the report said.

It added that Yusuf and her children have been taken into custody and are being investigated over the incident.

“The Commissioner of Police, Lagos State Command, has ordered a thorough investigation to ensure that justice is served,” said the sources.

Inspector killed after fight in Lagos police barracks

metro

Osun monarch, pastor plead guilty to $4.2m COVID-19 US fraud

Published

17 minutes ago

April 27, 2025

Trends Admin

Joseph Oloyede the Apetu of Ipetumodu and Pastor Edward Oluwasanmi

Osun monarch, pastor plead guilty to $4.2m COVID-19 US fraud

Joseph Oloyede, the Apetu of Ipetumodu in Osun state, and Edward Oluwasanmi, a pastor, have pleaded guilty to defrauding the United States government of $4.2 million in COVID-19 relief funds.

Citing court records, a Punch report said Oluwasanmi reportedly used his companies – Dayspring Transportation Limited, Dayspring Holding Incorporated, and Dayspring Property Incorporated – to obtain millions of dollars, which he later diverted for personal expenses in violation of US federal laws.

The two men were charged to court on 13 counts, including conspiracy to commit wire fraud, conspiracy to defraud, money laundering, and engaging in monetary transactions with criminally derived property.

On April 10, Oluwasanmi, represented by Henry Hilow, a counsel, pleaded guilty to counts one, 11, and 12 of the indictment.

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The counts accused him of using fraud proceeds to purchase commercial property at 422 South Green Road, South Euclid, Ohio, through wire transfer, and transferring money into a Dayspring transportation brokerage account.

According to the report, Oloyede submitted his guilty plea on Monday.

With a sentencing set for July 2, both men face potential prison terms.

Oloyede was crowned as the monarch of Ipetumodu in 2019 but frequently travelled between Nigeria and the US for “royal and personal engagements”.

Indigenes began raising concerns after his throne was vacant for nearly a year.

Oloyede and Oluwasanmi were arrested on April 5, 2024, according to a statement issued by the US department of transportation earlier this month, revealing the monarch’s whereabouts.

Osun monarch, pastor plead guilty to $4.2m COVID-19 US fraud

metro

Nigerian varsity student hospitalised after hot water attack

Published

6 hours ago

April 27, 2025

Trends Admin

Chinedu Nwagbuo

Nigerian varsity student hospitalised after hot water attack

A female student of Abia State University (ABSU), Uturu, Chinedu Nwagbuo, has been hospitalized in Umuahia following an attack by another student who poured hot water on her.

Nwagbuo, a 200-level student, was reportedly scalded during an altercation with a 100-level female student.Although specific details surrounding the incident remain unclear, it was gathered that the hot water caused burns to the upper part of her body.

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According to a report by Daily Post, the suspect has been taken into custody by the police to aid ongoing investigations, while friends, relatives, and fellow students have continued to visit Nwagbuo at the hospital.

The university management is yet to officially comment on the incident.