Lagos state gets SEC node to issue N87bn bond

Lagos state on has said it had obtained the approval of the Securities and Exchange Commission (SEC) to issue N87.5 billion bond maturing in 2020 to fund infrastructure projects. The debt, which will be opened with a book build, is the second and final tranche of a N167 billion bond issuance programme launched last November. “The bond … will contribute to the completion of on-going infrastructure projects to enhance the provision of social services aimed at improving the living standards of Lagosians,” said state commissioner for finance Ayo Gbeleyi in a statement.