Ogun State plans to issue infrastructure bond

Governor Ibikunle Amosun of Ogun State has said the state will soon access the capital market to raise funds to finance some major infrastructure in the state.

Amosun spoke on Thursday when he led a delegation from the state to the Nigerian Stock Exchange (NSE). The delegation included Hon. Suraj Ishola Adekunbi, Speaker, Ogun State House of Assembly and Abayomi Shobande, Head of Service, Ogun State during.

He said the capital raising would enable the government to extend its infrastructure development to many other areas of the state.

Read Also : Multi-national brewer merges Nigerian businesses as Int’l Breweries lists 5.3bn shares

Amosun, who was given the privilege of beating the closing gong for the market, said the initial reluctance of the state to raise bonds was due to the low internally generated revenue at the inception of his administration adding that the internally generated revenue has increased significantly to between N6 billion and N7 billion.

“It is now I know the state can fulfill the obligation of raising bond. We need long term funds to develop infrastructure and we know you are the one to help us, I know when we come, you will help us,” Amosun said.

Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, said the Exchange is looking forward to collaborating with the state on many fronts.

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now