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Lagos raises N137.3bn bond for key infrastructural projects

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Determined to bridge the infrastructural deficit in the state, Lagos State Government on Monday signed a N137.3 billion 10-year bond to raise funds to finance key infrastructural projects.

The 13 per cent Fixed Rate Series IV Bond Issuance, under the N500 billion Fourth Debt Issuance Programme, is adjudged to be the largest single bond in the Nigerian domestic market.

Governor Babajide Sanwo-Olu signed the bond at the State House, Alausa, Ikeja, with Chapel Hill Denham as the major issuing house.

In all, there were 24 issuing houses, 18 trustees, six solicitors, eight banks and two rating firms. They were all involved in the signing process.

According to the governor, the funds would be used to finance projects in the transportation, environment and health sectors, including the Lagos-Badagry Expressway, the Lekki Regional road, Epe Highway, Ijedodo road in Alimosho, Oba Sekumade road in Ikorodu, Demurin, Kosofe, Soluyi Shomolu, Iwaya, as well as drainage systems to curb flooding.

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Sanwo-Olu assured that the projects would be visible and impactful.

He said his administration would continue to uphold its commitment to remain the most responsible issuer in the Nigerian capital market.

Sanwo-Olu added that his government would continue to raise the bar, live within the tenets of its promise to the citizens, and continue to ensure that the greater Lagos agenda is on track and deliverable.

“The conclusion of this process will bring to 377.715 billion the total value of bond issued from the Lagos State 500 billion debt issuance programme,” he explained.

Commissioner for Finance, Dr Rabiu Olowo, stated that with the bond, Lagos has set a new record in the domestic bond market.

He said the initial amount sought by the state was oversubscribed, an indication of the state’s credibility and the leadership ability of the current administration.

According to him, the government has set out to raise N125 billion, but that at the end of the exercise, total bid represented about 117 per cent over subscription of the intended amount.

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He said the strong response from the investing community to its administration’s bond issuance is humbling, and that it was indeed a testament of the continued investors’ confidence in the state’s ability to deliver on its infrastructural and socio-economic development objectives, as well as its ability to meet its funding obligation in the medium to long term.

Also speaking, the Managing Director of Chapel Hill, Ms. Kemi Awodehin, who represented other issuing houses, thanked the government for the confidence reposed in them to raise finance for key projects in the state.

 

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: Man arrested for forcefully marrying off underage daughters in Anambra

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1. Anambra State Government has arrested one Uzochukwu Okoli for giving out his underage daughter’s hand in marriage. Okoli was apprehended after his daughter reported to the state Ministry of Women and Social Welfare about the ill-treatment being meted out to her by her father and the man he forced her to marry.

 

 

2. The Army has taken a significant step to prevent the killing of its troops through ambush by terrorists and bandits. On Thursday, Chief of Army Staff, COAS Lt-Gen. Taoreed Lagbaja, hinted at the plan to take delivery of Mine-resistant Ambush-Protected, MRAP, vehicles in the next few weeks. This is to ensure safety of its personnel in the battle against terrorists and economic saboteurs.

 

3. Lagos State contributes N41 trillion (20 per cent) to the country’s Gross Domestic Product, GDP, Commissioner for Economic Planning and Budget, Ope George, has said. According to him, despite many challenges, such as COVID-19 and EndSARS protest, the state has devised strategies to keep its economy afloat and boost investor confidence.

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4. The suspected mastermind of the March 28, 2022, Kaduna-Abuja train attack, Ibrahim Abdullahi (aka Mande), and his accomplice, Auwal Ayuba, were on Thursday paraded by the Police. Also paraded were others believed to be terrorising motorists and passengers plying the Kaduna-Abuja Highway and residents within the axis.

 

5. Former Katsina State governor, Ibrahim Shema has defected to the All Progressives Congress, APC. Alhaji Shema was governor in the Northwest State between 2007 and 2015, under the Peoples Democratic Party, PDP.

 

6. Suspected bandits have attacked Maraban Agyaro where they abducted the village heads of Kakangi and Kisaya villages, and killed eight villagers in Birnin Gwari Local Government Area of Kaduna State. The attackers invaded the area around 8 am on Thursday, during which they also abducted four farmers who were on their respective farms.

 

7. A yet to be identified police officer has gunned down a Lagos resident who prevented him from jumping queue to buy fuel at a Nigerian National Petroleum Company Limited, NNPCL, filling station at Obalende, in the Ikoyi area of Lagos State. Lagos State Police Public Relations Officer, SP Benjamin Hundeyin, confirmed that the officer who shot the victim has been identified.

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8. Vice President Kashim Shettima on Thursday said President Bola Tinubu’s economic reforms of the past one year “saved the life of the nation”. He described them as necessary given the poor state of Nigeria when he assumed office on May 29, 2023.

 

9. The Federal High Court in Warri, Delta State, on Thursday, commenced sitting on a N100bn lawsuit filed by indigenes of Okuama community in Ughelli North Local Government Area against the Nigeria Army, challenging the military invasion and destruction of the community.

 

10. Governors on Thursday sounded a note of caution to workers against unduly high expectations from the minimum wage negotiations. States will pay only implementable and sustainable wages, they said, but expressed commitment to improved salaries for workers.

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Labour gives FG May 31 deadline for new minimum wage

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The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have given the federal government a deadline of May 31 to come up with a new national minimum wage for workers.

 

The ultimatum was given despite the decision of the federal government to increase the salaries of civil servants by 35 percent.

 

The Federal Government also approved an increase in pension of between 20 percent and 28 percent for pensioners on the defined benefits scheme, with respect to the six consolidated salary structures.

 

The implementation of the new salary structure was backdated to January 1, 2024.

 

Labour has since said it wants the sum of ₦615,000 as the new minimum wage.

 

Speaking during the Workers Day Celebration in Abuja, Joe Ajaero, president of NLC, said they might not guarantee the industrial harmony of the country if the new minimum wage is not implemented.

 

“The NLC and the TUC have made it clear and emphatically that should the minimum wage negotiation continue and linger till the end of May, we can no longer guarantee industrial harmony in this country,” Ajaero said.

Also speaking, Festus Osifo, TUC president, said the N30,000 current minimum wage is insufficient for Nigerian workers due to the current economic realities.

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Osifo implored the Nigerian Electricity Regulatory Commission (NERC) and power distribution companies to immediately reverse the current increase in electricity tariff for Band A customers.

 

“The NLC and TUC hereby advise NERC and power sector operators to reverse the last increase in electricity tariff within the next one week,” the TUC president said.

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Claims of inciting Igbos against FG baseless, Obi replies Umahi

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The presidential candidate of the Labour Party in the 2023 election, Peter Obi, has responded to the allegation that he is inciting people of the south-east against the federal government.

 

The former governor of Anambra said the allegation is a “baseless distraction” designed to tarnish his character.

 

He averred that his “focus is on fostering constructive dialogue and inclusivity, rather than engaging in divisive politics”.

Obi said he would not reduce himself to the level of those who wallow in ethnic politics.

 

“Regarding allegations of incitement against the government, I firmly reject these unfounded accusations aimed at tarnishing my character,” Obi wrote on X.

 

“My focus is on fostering constructive dialogue and inclusivity, rather than engaging in divisive politics.

 

“Claims of incitement are baseless distractions. I have always advocated for unity and advancement, refusing to partake in reactionary divisive politics.

 

“Worse still, I have never and can never descend so low as to base my political aspirations on any sectional or ethnic interest.”

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THE INCITEMENT ALLEGATION

David Umahi, minister of works, on Wednesday accused Obi of inciting people of the south-east against the federal government over the Lagos-Calabar coastal road project.

Speaking during a stakeholders’ meeting in Lagos, Umahi said Obi implemented the demolition of structures for road infrastructure while he was governor of Anambra.

 

The minister condemned Obi for criticising the federal government over the project, adding that affected property owners are already being compensated.

 

Obi has repeatedly criticised the federal government for the construction, describing the project as a misplaced priority.

 

The former Anambra governor said the “insensitive” demolition of structures for the project was “heart-wrenching”.

 

Recently, the federal government commenced the construction of the 700-kilometre Lagos-Calabar coastal road, which is expected to run through the shoreline of beach resorts in Lagos, while traversing eight other states.

 

The project has elicited controversy over funding, and the businesses that would be affected during construction.

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RESPONSE ON DEMOLITIONS AS ANAMBRA GOVERNOR

Responding to Umahi on demolition of structures, Obi said while he was governor, he clearly stated that all structures obstructing existing roads and lacking approval would be removed.

 

The former Anambra governor challenged anyone to show evidence on whether the “demolished structures on existing roads or ongoing businesses were not encroaching on the road and built without government approval”.

 

He added that it amounts to false equivalence to compare his actions as governor with the current Lagos-Calabar coastal road project.

 

Obi said he “never proposed creating a new road that would disrupt existing structures”.

 

“My actions were strategic, aiming to prioritise the repair and maintenance of existing infrastructure over projects that risked disruption and destruction,” Obi added.

“This approach aimed to safeguard the livelihoods of Nigerians and ensure the efficient use of resources.”

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