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Sanwo-Olu Pledges To Be Prudent With N115bn Bond Insurance

The Governor of Lagos State, Babajide Sanwo-Olu, has promised inhabitants of the state continuous economic growth and infrastructure improvements.

The State Governor made the promise 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 the State House, Alausa, Ikeja.

The governor claims that the bond’s profits will be applied to important projects that will advance the state’s infrastructure and promote economic development, in keeping with the state’s ‘THEMES’ Agenda.

He said: “Today 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 continued by saying that the issuances will also enable them to encourage economic growth, generate jobs, and enhance everyone’s quality of life.

“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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