Proshare Logo
   Market Date: 23-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Lagos N50bn bond oversubscribed by N8.9bn

Category: Public Offers Private Placements

  Read (2768)
Lagos N50bn bond oversubscribed by N8.9bn

By Rasheed Bisiriyu and Sunday Ojeme


The Lagos State Commissioner for Finance, Mr. Rotimi Oyekan, has said that there is an over subscription of N8.9bn on the just concluded N50bn Lagos State Government fixed rate bond meant to transform Lagos into Africa's model mega city.


Oyekan, who disclosed this during a press briefing on Wednesday, said that the amount represented 18 per cent increase on the N50bn.


He said that government would follow due process with respect to floated bond that exceeded its initial offer through applying to the relevant authorities for approval before such excess could be touched, adding that the fund from the bond would be predominantly used to provide infrastructure in the state.


The commissioner pointed out that raising funds through bonds was one of the ways to achieve the objective of rapid rehabilitation of existing infrastructure, building new ones and putting in place those essential structures that would ensure the eradication of poverty and promotion of sustainable economic growth in the society.


He added that the over subscription of the bond was a reflection of the people's acceptance of the present administration in the state under the leadership of Mr. Babatunde Fashola, SAN, adding that the acceptance was borne out of the government's people's oriented programmes and momentum at which infrastructure were being provided in the state.


The vote of confidence by Lagosians on the bond informed the need for government to show appreciation through thanking all citizens and residents of Lagos State, he added.


Oyekan further pointed out that the over subscription of the bond was a testimony to the fact that the capital market, especially in Nigeria was still a veritable tool for investors to make profit, adding that the market would remain relevant as an avenue to raise funds for development purpose especially by reliable. punchng

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Public Offers Private Placements

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014