The Kwara State Government has redeemed the N17 Billion Bond
obtained in 2009 for infrastructural development projects. State Governor,
Alhaji Abdulfatah Ahmed, who announced the redemption during a meeting with
stakeholders in Ilorin, expressed satisfaction that the state had meet all its
obligations under bond.
He said the N17b was utilised for the Kwara State University, Malete, the
International Aviation College, Harmony Advanced Diagnostic Centre, the Ilorin
Township Stadium, Ilorin Water Reticulation Project (Phase One) as well road
and electrification projects across the state.
Governor Ahmed said information from the Nigerian Capital Market indicate
that the market is excited and reinvigorated in their interest to subscribe to
the Kwara State proposed N23 Billion Bond for the state infrastructural
development. He expressed confidence that the new facility when obtained will
also be judiciously utilised and serviced by the state government in line with
established tradition.
Also speaking at the occasion, the Senior Special Assistant to the Governor
on Investment Promotion and Strategy, Mr. Yomi Ogunshola, said over the
life of the bond, the State Government never defaulted in the payment of
coupons to bond holders on June 15th and December 15th of
every year.
Ogunsola said the 14% fixed rate 5 year bond maintained an issue
rating of A and issuer rating of Bbb issued by Agusto and Co rating, a
pan-African rating agency. According to him, this signifies the superior
quality credit profile of the Kwara state government.
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