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

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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

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Gunmen kill two soldiers in Abia checkpoint attack

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Gunmen kill two soldiers in Abia checkpoint attack

Early Wednesday morning, gunmen attacked an army checkpoint in Ekenobizi, a border community between Abia and Imo states, located in Umuopara, Umuahia South Local Government Area.

The assailants reportedly arrived around 6:18 a.m. in a white Lexus SUV (model 350/400) and launched an assault that resulted in the deaths of two soldiers.

A military source, who wished to remain anonymous, provided details of the incident but could not confirm the exact number of attackers involved.

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Confirming the incident in a press release on Wednesday, Lieutenant Colonel Jonah Unuakhalu of the Joint Task Force South East Operation UDO KA said: “In the early hours of today, 13 November 2024, troops of the Joint Task Force South East Operation UDO KA, deployed at a checkpoint along the Umuahia – Owerri Road in Umuahia South Local Government Area of Abia State, came under attack by the irredentist group Indigenous People of Biafra and its armed affiliate, the Eastern Security Network.

“During the attack, the gallant troops were able to repel the assault, forcing the attackers to retreat in disarray with gunshot wounds, abandoning one Sienna and one Lexus Jeep used in the attack. However, in the ensuing firefight, two soldiers paid the supreme price.”

The Joint Task Force appealed to residents of the South East, particularly those in Abia State, for credible information to help track down the fleeing attackers and combat criminal elements in the region.

The force reiterated its commitment to protecting lives and property in line with global best practices and the rules of engagement.

 

Gunmen kill two soldiers in Abia checkpoint attack

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94 arrested as task force raids Lagos rail corridor squatters

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94 arrested as task force raids Lagos rail corridor squatters

At least 94 illegal occupants and squatters along the railway corridor from Pen Cinema to Fagba were arrested by the Lagos State Taskforce in an early morning sting operation on Wednesday.

During the raid, substances suspected to be hard drugs—such as Indian hemp, colorado, and other harmful drugs—were seized, along with various weapons.

It was gathered that those arrested attempted to resist the task force’s actions.

In a statement, Director of Public Affairs, Gbadeyan Abdulraheem, confirmed that those arrested will face prosecution.

He added that the agency dismantled shanties and makeshift structures along the railway corridor, clearing a distance of some kilometers.

The Taskforce Chairman Adetayo Akerele explained that the eviction aimed to provide relief for residents around the Fagba, Agege, and Pen Cinema railway routes, following numerous complaints from the public about criminal activities in the area.

He noted that the squatting had violated environmental and sanitary regulations.

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Akerele also highlighted the health and safety risks posed by the presence of squatters along the rail corridor.

He warned the evicted individuals not to return and assured residents and train passengers that regular patrols and surveillance would be conducted to prevent the re-establishment of shanties in the area.

“The rail tracks are not meant for habitation or the sale of narcotics. Anyone caught converting this place into a den of criminals or an area of residence will face severe consequences according to the law,” Akerele was quoted as saying.

Speaking on the raid, Commissioner for Environment and Water Resources, Tokunbo Wahab, disclosed that a locally fabricated short gun was recovered.

“94 suspects were arrested during the midnight operation; a locally fabricated short gun and several wraps of illicit substance suspected to be indian hemp, charm and a jack knife were recovered.

“The suspects will be charged to court accordingly,” Wahab stated in a post on X.

 

94 arrested as task force raids Lagos rail corridor squatters

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Okpebholo sacks all political appointees, Board executives in Edo

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Governor Monday Okpebholo of Edo State

Okpebholo sacks all political appointees, Board executives in Edo

Governor Monday Okpebholo of Edo State has swept out all Board, Parastatal, and Agency appointees from his predecessor, Godwin Obaseki, in a decisive move to overhaul the state’s public service.

A statement released on Wednesday by the Governor’s Chief Press Secretary, Fred Itua, confirmed the immediate dismissal of all political appointees and Permanent Secretaries brought in from outside the state Civil Service.

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The statement reads:

“For the information of the general public, His Excellency, Senator Monday Okpebholo, Governor of Edo State, has approved the dissolution of Executives of all Boards, Agencies, and Parastatals in the Edo State Public Service with immediate effect.

“In addition, all Permanent Secretaries appointed from outside the State Public/Civil Service and all Political Appointees are hereby relieved of their appointments.”

Affected individuals have been directed to return all government property in their possession to the senior Public Officers in their respective Ministries, Departments, and Agencies.

 

Okpebholo sacks all political appointees, Board executives in Edo

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