Lagos State Government Series IV Bond Issuance of up to N125bn Coming Soon


Thursday, November 18, 2021 / 11:11 AM / by FSDH Capital / Header Image Credit: Ecographics

FSDH Capital Limited is pleased to inform you of the upcoming launch of the Lagos State Government ("Lagos State" or "the State") Series IV Bonds of up to N125 billion ("the Issuance" or "the Offer") under the State's N500 billion Bond Issuance Programme.


Lagos State is a Category A State among the state governments in Nigeria. It is the most developed State in Nigeria and is the country's economic and commercial hub, accounting for more than 25% of Nigeria's GDP. The State is also a Top 5 economy in Africa and continues to attract a wide range of regional and global businesses. Underpinning the State's strong economy is its robust Internally Generated Revenue ("IGR") which continues to grow year-on-year and remains resilient despite the macroeconomic headwinds and disruptions caused by the global pandemic. The State's IGR accounts for c.65% of its revenue.


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Lagos State respectfully and responsibly continues to access the domestic debt capital markets, and is very grateful of the strong support garnered over the last thirteen (13) years from the investor community. The State has been able to access much needed complementary funding, which augments the State's revenues and provides the critical support required to accelerate and actualize the provision of physical and social infrastructure/amenities, thus improving the overall living standards of residents in the State. The proceeds of the Issuance will enable Lagos State further accelerate the development of physical and social infrastructure in the State in line with the State's THEME Agenda.

Summary of the indicative terms of the proposed Offer is indicated below:

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In the interim, kindly access supporting offer documents via  LASG Series IV Offer Docs link for your review and consideration

  1. The Series IV Bond Rating Report by Agusto & Co ("Agusto")
  2. The Issuer's Rating Report by Agusto and Global Credit Rating Co. ("GCR")
  3. The Issuer's PENCOM Clearance Letter

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