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Kogi’s N5bn bond oversubscribed – Wada

By on April 5, 2014

The Kogi State Governor, Capt. Idris Wada, has said that the N5bn the state government raised as the first tranche of its N20bn bond has been oversubscribed.

Wada said this when he paid a courtesy visit to the Nigerian Stock Exchange in Lagos on Thursday.

He said that the first tranche of the bond, which was raised for infrastructural development in the state, had been completed, adding that the funds were disbursed to the various sectors for project execution.

According to Wada, the bond issuance has given the state an opportunity for infrastructural transformation and will boost its Internal Generated Revenue.

He explained that the state government had embarked on numerous transformation activities because of the rate at which the bond was subscribed.

He said, “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.”

According to him, the state has commenced work on seven out of the 11 projects the bond was earmarked.

For instance, Wada said construction work had commenced on the dualisation of a by-pass, a multi link highway, which would give the state capital a structural transformation.

The governor added that the state had also inaugurated 500 housing units to accommodate the citizens and other people in the private sector, noting that the state would experience a major transformation in the next two years.

He also said that the N5bn second tranche of the bond would be issued by June 2014.

Meanwhile, equities trading activities closed on a positive note on Thursday as major market indicators recorded marginal appreciation.

 

 

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