By Abdullahi Ibrahim
Kogi State Governor, Capt Idris Wada, has disclosed that the state is to commence second tranche of N20bn bond in June
Wada made this known during a visit to the Nigerian Stock Exchange (NSE) for a Kogi State bond listing forum with the NSE and other professional parties to the transaction.
He said the first tranche of the bond (N5 billion) raised in the capital market by the state for infrastructural development has been completed and utilised in judicious manner.
The governor stated that the second tranche of another N5 billion would be issued by June 2014.
According to him, the bond issuance has given the state an opportunity for infrastructural transformation and will boost its Internal Generated Revenue (IGR).
He explained that the state government has embarked on numerous transformation activities because of the rate at which the bond was subscribed.
“When I assumed office, I found out that there is a fallen gap between our fund and what we needed to do to transform the state and this informed the decision to come to the market,” he said.
Capt Wada said the state has commenced work on seven out of the eleven projects the bond was earmarked for.
He added: “Construction work has commenced on the dualisation of a by-pass, a multi link highway, which would give the state capital a structural transformation.”
“The state had also inaugurated 500 housing units to accommodate the citizens and other people in the private sector.”
He expressed his optimism that the second tranche would be oversubscribed, assuring the capital market community that the state government would reposition some companies in the state for listing in the future.
© dARA for Royal Times of Nigeria Newspaper, 2014. |
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The post Kogi to commence second tranche of N20bn bond in June appeared first on Royal Times of Nigeria Newspaper.