The Lagos State Commissioner for Finance, Yomi Oluyomi, says the state has set a new record with the successful conclusion of the bookbuild for its landmark bond issuance, which received an overwhelming response from investors.
In a statement on Monday, Oluyomi revealed that Lagos offered a N200bn Conventional Bond and a N14.8bn Green Bond, both of which were heavily oversubscribed.
According to him, the Conventional Bond—now the largest ever issued by a non-corporate sub-national in Nigeria’s history—attracted N308bn in subscriptions, representing a 54% oversubscription.
He added that Lagos State also became the first sub-national government to issue an impact climate bond, with the Green Bond receiving N28.7bn in subscriptions, a 94% oversubscription.
Governor Babajide Sanwo-Olu described the feat as a reflection of strong investor confidence in Nigeria’s economy, bolstered by President Bola Tinubu’s reform initiatives, as seen in the recent oversubscription of the Federal Government’s Eurobond.
“In Lagos, this achievement demonstrates our resilience and the unwavering support of private sector partners who share our vision of building a safe, secure and functional megacity,” Sanwo-Olu said.
He reaffirmed the state’s commitment to prudent financial management, accountability, and transparency, noting that Lagos will continue to create a conducive environment for businesses.
“Our dream is to make Lagos a global financial hub; we will keep our eyes on the ball,” he added.
The statement noted that proceeds from the bond issuance will fund critical projects aligned with the THEMES+ Agenda, focusing on transportation, healthcare, education, and environmental sustainability — all aimed at improving the quality of life for Lagos residents and securing a more resilient future for the state.
It further explained that the Conventional Bond is a fixed-rate, long-term debt instrument issued under Lagos State’s Debt Issuance Programme, which allows the government to raise capital through bonds, notes, and other securities to support infrastructure and social development across the state.
ADEOLA KUNLE
