Connect with us
nairametrics
UBA ads

Business News

Bond: Lagos to raise N100 billion for infrastructural development

The Lagos State Government has announced the launch of its third series N500 billion bond issuance programme which seeks to raise N100 billion.  

Published

on

China Development Bank, Sanwo-Olu sign $629m facility to complete Lekki Deep Seaport , Lagos State Government seeks partnership with insurance operators, Bond Issue: Lagos State Government to raise N100 billion for infrastructural development, Lagos State threatens to shut down Adron, Almond, 103 other estates for lacking approval

In a bid to foster infrastructural development in the state, Lagos state government has announced the launch of its third series N500 billion bond issuance programme, which it seeks to raise N100 billion.

The offer to raise N100 billion opened on Tuesday 31st of December 2019 and will close on Monday, January 13, 2020. The funds raised are purposed to finance speedy development of physical and social infrastructural development projects in the state in line with the agenda of the current administration.

UBA ADS

FGN Bonds

Meanwhile, the senior unsecured bond issue, which has a 10-year tenor with a fixed rate, will be due for amortized redemption after the expiration of a 24-month moratorium. The offer holds a minimum subscription of N10 million with multiples of N5 million thereafter.

The bond, listed both on FMDQ Securities Exchange and the Nigerian Stock Exchange, is to pay coupon rate between 11.75% – 12.25% and the proceeds from investing in the bond exempted from tax. The bond holds an Aa rating implying that the risk of default on payment by the issuer is low.

GTBank 728 x 90

Bond Issue: Lagos State Government to raise N100 billion for infrastructural development

However, the Lagos State Government reportedly disclosed that it was pleased to continue to access the domestic debt markets, given the very strong support garnered over the last twelve (12) years from the investor community. It added that the state had been able to access much needed complementary funding, which had been used to augment the state’s revenues and provide the critical support required to accelerate and actualize the provision of physical and social infrastructure/amenities.

[READ MORE: Ekiti, Osun, Delta, Imo, 9 others raise over N500 billion bonds in 10 years)

onebank728 x 90

The ultimate goal of the Lagos State Government for embarking on this Bond Issuance Programme is to improve the overall living standards of residents in the state.

Meanwhile, the Lagos State Governor Babajide Sanwo-Olu, recently signed into law a budget of N1.168 trillion for 2020, assuring residents that there would be accountability and transparency in the implementation of the approved financial plan.

He also pledged that his administration would deploy the resources of the state responsibly to ensure that the budget is implemented up to about 100% performance.

app
GTBank 728 x 90

Patricia
Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

Evacuation: 247 Nigerians arrive home from Malaysia, Thailand 

The returnees were evacuated with a chartered Air Peace flight APK-7813.

Published

on

The Federal Government of Nigeria has safely evacuated and returned home, two hundred and forty-seven Nigerians who were stranded in Malaysia and Thailand 

The returnees were evacuated with a chartered Air Peace flight APK-7813 which arrived the Nnamdi Azikiwe International Airport, Abuja at about 11p.m. on Saturday. 

UBA ADS

According to Mr Gabriel Odu, the Head of Media and Public Relations Unit of the Nigerians in Diaspora Commission (NiDCOM) who spoke to NAN, some of the returnees disembarked in Abuja, while the others proceeded to Murtala Muhammed International Airport, Lagos. 

In line with the protocols announced by the Presidential Task Force on COVID-19, all of the returnees presented a negative COVID-19 test result before boarding the evacuation flight, and upon arriving Nigeria, are expected to proceed on a 14-day self-isolation 

GTBank 728 x 90

Since four weeks ago, from the federal government, through the ministry of Foreign Affairs announced the resumption of evacuation flights, hundreds of stranded Nigerians have been returned home to their families from different countries including the United States of America, United Kingdom, Egypt, Malaysia and Thailand.  

The returnees bear the cost of their flight tickets and are expected to self-isolate for four weeks, upon their return to Nigeria. Returnees who receive a clean bill of health after the isolation, are given their passports and allowed to go home.  

onebank728 x 90
Patricia
Continue Reading

Macro-Economic News

Katsina State records fastest growth in mobile internet subscribers in Nigeria

Nigeria has a total of 136.2 million mobile internet subscribers as at 2020 Q1.

Published

on

Katsina State recorded a massive 41.46% jump in the number of mobile internet subscribers the fastest growth by any state in the country. This is according to data from the National Bureau of Statistics. The data focus on mobile internet subscribers via GSM phones.

Katsina state recorded 3.679 million internet subscribers in the first quarter of 2020 compared to 3.17 million and 2.6 million subscribers in the 4th quarter and 1st quarter of 2019 respectively. This represents a 15.8% jump quarter on quarter and 41.5% jump year on year. No other state comes close.

UBA ADS

Edo State was however second year on year recording a growth of 36.8% to 4.3 million internet subscribers. Katsina was also recorded the fastest growth quarter on quarter followed by Sokoto State.

Nigeria’s Mobile Internet Subscribers Data

According to the data from the NBS, the total number of internet subscribers in Nigeria as at the first quarter of 2020 is 136, 203, 231. This compares to 126, 078, 999 in the 4th quarter of 2019 and 116, 310, 154 in the first quarter of 2019. This represents a QoQ growth of 8.03% and year on year growth of 17.1%.

Nigeria’s commercial cities of Lagos, Rivers State, FCT and Kano also recorded growth in internet subscribers year on year.

GTBank 728 x 90

Lagos State 

Subscribers – 17.02 million

YoY Growth – 7.16%

onebank728 x 90

Rivers State

Subscribers – 5.12 million

YoY Growth – 9.77%

app
GTBank 728 x 90

Kano

Subscribers – 8.33 million

YoY Growth – 33.19%

devland

FCT

Subscribers – 6.13 million

app

YoY Growth – 13.3%

Growth by Geopolitical Zones

We also observed the North West still retains the number one position in terms of internet subscribers per geopolitical zone with 46.9 million subscribers out of a total of 136.2 million in the country. The North-Eastern part of the country recorded the fastest growth of 23.3%. See below;

Internet Subscribers by Geo-Political Zones. Source: NBS/Nairametrics

 

Internat Subscribers by GSM Companies

MTN continues to lead with 57.2 million subscribers. They also grew the fastest YoY by 23%

MTN – 57,282,123
GLO – 33,871,456
AIRTEL – 36,827,677
9MOBILE – 7,762,068
Others – 459,907
Total – 136,203,231

Upshots: Internet subscriber’s growth in Nigeria continues to record double-digit growth and one of the fastest in the world. The competition for mobile data subscription is intense and could end up being a winner take all activity. As GSM companies move in search of growth, the North seems the area with the most potential for double-digit subscriber growth.

Patricia
Continue Reading

Energy

COVID-19: Minister of Power instructs contractors back to site as lockdown eases

The power minister gave the directive during an inspection visit to the new Gagarawa 2.

Published

on

Second largest hydropower project in Africa to finally take off after settlement of legal dispute

The Minister of Power, Sale Mamman, has asked all contractors handling power projects across the country to return back to project sites following the gradual relaxation of the lockdown by the Federal Government, due to the coronavirus pandemic.

The directive from the minister was contained in a press statement by the Special Adviser to the Minister on Media and Communications, Aaron Artimas, on Sunday, July 12, 2020, in Abuja.

UBA ADS

The power minister gave the directive during an inspection visit to the new Gagarawa 2 by 60 Mega Volt Amp (MVA) 132/33 Kilo Volt Sub-station being constructed by the Transmission Company of Nigeria (TCN) in Jigawa.

Mamman, lamented the negative impact of the coronavirus pandemic on the power sector, pointing out that the sector was among the worst affected with the entire value chain directly or indirectly counting losses.

The Minister in the statement said, ‘’I can tell you that the impact of the pandemic is huge in the power sector as a real service provider. We, however, have joined the government effort to restart the economy with the easing of the lockdown and opening of the interstate road.’’

GTBank 728 x 90

“I direct all contractors handling power projects to return to sites and work assiduously to recover from the losses recorded during this lockdown,” he said.

Mamman said the Gagarawa Sub-station project would boost power supply in over 7 local government areas including an industrial area.

On his part, the Jigawa State Governor, Abubakar Badaru, who was part of the inspection team, commended the power minister’s effort at ensuring completion of these projects that have been on for over 20 years.

onebank728 x 90

The News agency of Nigeria (NAN), reports that the sub-station is 99% completed and has been energized.

The acting Managing Director of TCN, Suleiman Abdulaziz, who was also part of the inspection asked for speedy completion of similar sub-station across the country.

 

app
GTBank 728 x 90

Patricia
Continue Reading