The Kogi State Government has signed a memoranda of understanding (MoU) to authorize for subscription of N5billion bond for fixed rate infrastructures development in the State .
The MoU was signed today at the completion meeting of Kogi State Government N5billion 15% series first bonds due December 2020 under the N20billion bond issuance programme held in Abuja.
The MoU was signed by the State Government in conjunction with AFRINVEST, the Lead Issuing House and the four joint issuing houses, made up of BGL, Greenwich Trust Limited, Sterling Capital Markets Limited and REDIX Capital partners Limited.
Capt Idris Wada the Kogi State Governor at the signing ceremony, reiterated his administrations commitment to improve the lives of the people, assured of the judicious use of the bond in the development of key infrastructures.
The funds the Governor maintained would be channeled into the Housing, Roads, Water Sector and development of other infrastructures that have direct bearing on the lives of the people of the State in the first phase.
The Governor restated his administrations commitment to due process, transparency, accountability and prudent use of resources, assured that investors confidence in the state will not be misplaced.
Earlier in his remarks, Iyke Chioke, head of the lead issuing house, AFRINVEST, said the state has met all the requirement for the bond, commended the confidence the State Government has placed on investors
The signing of the MoU was attended by the State Deputy Governor, Yomi Awoniyi, and all the members of the State Executive Council along side the Accountant General and Auditor General of the State.
Others present at the signing included the officials of Security and Exchange Commission, the Stock Exchange and other parties and all the representatives of the issuing houses.
Others in attendance at the meeting were the receiving houses made up of UBA, Skye Bank and Sterling Bank among others.
