Nigeria’s Lagos State Gets SEC Approval to Issue $552mn  7-Year  Bond

Lagos state on Tuesday (5th November 2013) said it had obtained the approval of the Securities and Exchange Commission (SEC) to issue N87.5 billion ($552.05 million) 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 debt 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 finance commissioner Ayo Gbeleyi in a statement. 

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