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Ondo State Bond Oversubscribed by N 2.71 billion

By on February 24, 2012

After just one week, the Ondo State N 27 billion bond offering has been oversubscribed to the tune of N 2.1 billion.

The governor of Ondo, Olusegun Mimiko, disclosed this yesterday in Akure whilst signing into law the N 156 billion 2012 budget themed, “Caring Heart Budget III”.

Commenting on the oversubscription of the bond, Mimiko stated, “Within just one week of the bond of Ondo State in the capital market, it has recorded a huge success to the extent that it has been oversubscribed by N2.1bn.

“This is an indication of the confidence of the economic communities in the economy of the state”.

The Securities and Exchange Commission (SEC) granted the Bond Issuance approval last year after the State achieved compliance with the regulations laid down in section 224 of the Investment and Securities Act 2007 and Rule 307 of the Securities and Exchange Commission’s Rules and Regulations.