FMDQ’s building
In a landmark demonstration of its steadfast commitment to advancing Nigeria’s debt capital markets, promoting sustainable finance and enabling transformative economic development, FMDQ Securities Exchange Limited has approved the listing of Lagos State government’s N14.82 billion five-year bonds.
The Series 3 fixed-rate green five-year bond is 16 per cent coupon rate. There is also N230 billion 10-year 16.25 per cent Series 4 fixed rate bond issued under its N1 trillion debt and hybrid instrument programme.
This historic dual-series approval by the Exchange’s Board Listings and Markets Committee is one of the most significant sub-national debt capital market transactions in Nigeria’s financial history, reinforcing FMDQ Exchange’s position as a reliable platform for sovereign and sub-sovereign entities seeking credible, transparent and efficient access to long-term capital.
Recognised as Nigeria’s commercial hub and one of Africa’s largest subnational economies, the Lagos State government continues to lead in financing sustainable infrastructure, urban development and public service delivery for its over 20 million residents.
Contributing approximately 30 per cent of the national gross domestic product (GDP) and hosting the largest concentration of businesses and financial institutions in the country, Lagos’ access to long-term capital is both a state priority and a national imperative, a statement by FMDQ said.
Proceeds from this dual-series issuance, sponsored by Chapel Hill Denham Advisory Limited, registration member (\listings) of FMDQ Exchange, will be deployed toward critical infrastructure development, sustainable projects and strategic programmes designed to enhance the standard of living for all Lagos residents and sustain the state’s trajectory as Africa’s premier commercial destination.
