Lagos Lists N115bn Bond on Nigerian Exchamge

Kayode Tokede 

The Nigerian Exchange Limited (NGX) has admitted the listing of Lagos State Government (LASG) N115 billion series I, 10-year 15.25% fixed rate bond due 2033 under the N1 trillion debt and hybrid instruments issuance (DAHI) program on the bourse.

A total of 115,000,000 units of LASG bond is valued at N115billion were listed at issued price of N1,000 per unit. The rental on the Bond is 15.25per cent, payable bi-annually on May 23 and November 23. Maturity date is May 23, 2033.

The state governor, Mr. Babajide Sanwo Olu at the agreement signing ceremony of the N115billion 2033 Bond Issuance at 15.25% interest rate and a seven-year N19.815 billion Sukuk Issuance at 14.675% interest said the state would invest more in education, health, and roads with the proceeds from its 10 and seven years Bond and Sukuk issuance. Sanwo-Olu’s administration