Ebonyi State is planning to raise 9.34 billion naira ($57.32 million) in bonds to refinance its bank debt and complete some development projects.
Nigeria’s Securities and Exchange Commission (SEC) said that the state had applied for its approval to offset existing bank loans from United Bank for Africa (UBA) and fund the building of a market and a government office building.
“The Ebonyi State Government has applied seeking the approval of the Commission to raise funds through the issuance of Bond in the Nigerian Capital Market,” the SEC said in a publication on its website, without providing further details.
Source: Reuters
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