Kwara Redeems N17b Bond

The Kwara State Government has redeemed the N17 billion bond obtained in 2009 for infrastructure development projects.
The 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 the bond.

He said the N17 biib 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 indicated that the market is excited and reinvigorated in their interest to subscribe to the Kwara State proposed N23 billion bond for the state infrastructure 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 percent fixed rate five 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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