Kogi to begin second tranche of N20bn Bond in June

[contextly_auto_sidebar id=”NDIiZZRCADcgys8GWkkUIryGKdFYX2dM”]

Kogi state governor, Captain Idris Wada has announced that they state government will commence the processing of the second tranche of 20billion

Governor Capt. Idris Wada made this known during a visit to the Nigerian Stock Exchange (NSE) for a Kogi State bond listing forum with the NSE and other professional parties to the transaction.

Wada said the first tranche of the bond (N5 billion) raised in the capital market by the state for infrastructural development has been completed and utilised in judicious manner.

He stated that the second tranche of another N5 billion would be issued by June 2014.

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

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

“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,” he said.

He said the state has commenced work on seven out of the 11 projects the bond was earmarked for.

He added: “Construction work has commenced on the dualisation of a by-pass, a multi link highway, which would give the state capital a structural transformation.”

The state had also inaugurated 500 housing units to accommodate the citizens and other people in the private sector.”

He expressed his optimism that the second tranche would be oversubscribed, assuring the capital market community that the state government would reposition some companies in the state for listing in the future.