The Kwara State government has redeemed the N17 billion bond it issued in 2009 for infrastructural development projects.
The State Governor, Alhaji Abdulfatah Ahmed, who disclosed this during a meeting with stakeholders in Ilorin yesterday expressed satisfaction that the state had meet all its obligations in terms of the fixed income instrument.
He said the N17 billion was utilised for the Kwara State University, Malete; the International Aviation College; Harmony Advanced Diagnostic Centre; the Ilorin Township Stadium; Ilorin Water Reticulation Project (Phase One) as well as road and electrification projects across the state.
Ahmed said indications have emerged that the capital market is excited about the Kwara State proposed N23 billion bond for the state infrastructural development.
He expressed confidence that the fund, when obtained would also be judiciously utilised and serviced by the state government in line with established tradition.
Also speaking at the occasion, the Senior Special Assistant to the Governor on Investment Promotion and Strategy, Mr. Yomi Ogunshola, said over the life of the bond, the State Government never defaulted in the payment of coupons to bond holders on June 15th and December 15th of every year.
Ogunsola said the 14 per cent 5-year bond maintained an issue rating of A and issuer rating of Bbb issued by Agusto and Co rating, a pan-African rating agency.
He added: “This signifies the superior quality credit profile of the Kwara state government.”