Lagos N200bn bond oversubscribed by 54%

Lagos State bond has recorded a 55% oversubscription, thus making history with the conclusion of the book building for its landmark bond issuance that has recorded an overwhelming reception from the investing public. The state offered a ₦200 billion conventional bond and a ₦14.8 billion green bond, both of which were significantly oversubscribed, Commissioner for Finance Yomi Oluyomi said.

The Conventional Bond, which is the largest ever issued by a non-corporate subnational in Nigeria’s history, attracted subscriptions totalling ₦308 billion, representing a 54% oversubscription above the initial offer. Lagos State is the first subnational government to issue an impact climate bond. The Green Bond attracted ₦28.7 billion—94% more than the target.
Excited about the feats, Governor Babajide Sanwo-Olu said, “This is a reflection of the global confidence in Nigeria’s economy, fostered by the bold reforms initiated by President Bola Ahmed Tinubu GCFR, as reflected in the recent oversubscription of the Federal Government’s Eurobond. “

In Lagos, ours is a testament to our resilience and the unwavering support of our private sector partners who believe in our vision of building Africa’s model megacity that is safe, secure, and functional. We shall continue to ensure prudent financial management, accountability, and fiscal transparency as we continue to provide a conducive environment for businesses to grow. Our dream is to make Lagos a global financial hub; we will keep our eyes on the ball.”

The proceeds from these bonds are earmarked to fund critical projects across the state, directly aligned along the line of the THEMES+ Agenda of the governor, Mr. Babajide Olusola Sanwo-Olu. These projects will focus on vital areas such as transportation, healthcare, education, and environmental sustainability, all aimed at significantly improving the livelihood and well-being of all Lagosian and securing a more prosperous and resilient future for the state.”