March 4, 2012/Temple ASAJU/Proshare

Following the successful outing of Ekiti State from the capital market, the Nigerian Stock Exchange approved the listing of the states N20 billion Fixed Rate Infrastructural Development Bond under the state’s N25 billion Debt Issuance Programme on March 13, 2012.
 

In a bid to further realise the transformation of Ekiti State, the Governor, Kayode Fayemi noted that infrastructural development is a major component in the 8-Point Development Agenda for the State.

Acknowledging that the low revenue accruable to the state would not be able to achieve the high level socio-economic development vision of the Ekiti government, Governor Fayemi says some of the few accomplished projects in the state are products of the first bond issuance.

Governor Fayemi further says the proceeds from the second bond issuance will be used to fund a total of eleven road projects been awarded in the state. Others include,

-       The Ikogosi warm spring Development Company Ltd

-       Construction of ultra modern Civic Centre in Ado-Ekiti

-       Construction of ultra modern Market in Ado Ekiti

-       Construction of Lagos Liaison Office

-       Construction of new Governor’s House

-       Construction of new Governor’s office

-       Rehabilitation and Expansion of Ado Waterworks

-       Rehabilitation and Expansion of Ero Waterworks, and

-       The establishment of Ekiti School of Agriculture

Governor Fayemi disclosed that all enumerated projects have been approved by SEC and would be closely monitored and supervised by all concerned parties as Progress Report will delivered to SEC on a quarterly basis in ensuring accountability and transparency.

Expressing that the state government is divesting resources to generate revenue, Governor Fayemi divulged that the state’s Fountain Holding Company and the resuscitation of the Ekiti Clay factory underway are evidences of divestments.   

The bell ringing ceremony at the close of the previous trading session climaxed the activities of the state government sourcing funds from the capital market once again.

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