Lagos Bond Subscriptions Rise To N310bn

Lagos State has made history with the conclusion of the bookbuild for its landmark Bond Issuance, which has recorded an overwhelming reception from the investment community.

According to the state’s Commissioner for Finance, Hon. Yomi Oluyomi, the state offered a N200 billion conventional Bond and a N14.8 billion Green Bond, both of which were significantly oversubscribed.
He said, “The Conventional Bond, which is the largest ever issued by a non-corporate sub-national in Nigeria’s history, attracted subscriptions totalling N308 Billion, representing a 54% oversubscription above the initial offer.

“Lagos State is the first sub-national government to issue an impact climate bond. The Green bond attracted ₦28.7 Billion – 94% more than the target.’’

Excited about the feats, Governor Babajide Sanwo-Olu said:” This is a reflection of the global confidence in Nigeria’s economy, fostered by the bold reforms initiated by President Bola Ahmed Tinubu as reflected in the recent oversubscription of the Federal Government’s Eurobond.

“In Lagos, ours is a testament to our resilience and the unwavering support of our private sector partners who believe in our vision of building Africa’s model megacity that is safe, secure and functional.

“We shall continue to ensure prudent financial management, accountability and fiscal transparency as we continue to provide a conducive environment for businesses to grow.
Our dream is to make Lagos a global financial hub; we will keep our eyes on the ball.”

The governor maintained that the proceeds from the Bonds are earmarked to fund critical projects across the state, directly aligned with the THEMES+ Agenda of his administration.

“These projects will focus on vital areas such as transportation, healthcare, education, and environmental sustainability, all aimed at significantly improving the livelihood and well-being of all Lagosians and securing a more prosperous and resilient future for the state,” he said.