By Agency Reporter

Monday, 3 Jan 2011

Edo State Government has secured the necessary approval for a N25bn bond from the capital market for infrastructural development.

The offer for subscription of fixed rate infrastructural development bond is restricted to qualified institutional investors and high networth individuals as defined by rule 78(c)(2) of the Securities Exchange Commission.

The bond, which was issued to the state government for N1, 000 per unit at a fixed rate of 14 per cent will be due in the year 2017.

The State Executive Council and representatives of the issuing houses agreed during a Completion Board Meeting held on Friday at the Government House, Benin City, that all the requirements had been met by the state government for the bond.

The state Deputy Governor, Dr. Pius Odubu, who represented the State Governor, Mr. Adams Oshiomhole, presided over the meeting to approve the bond.

In an interview with newsmen, the State Attorney-General and Commissioner for Justice, Mr. Osagie Obayuwana, said that the state was assessed by the relevant institutions and given a clean bill of health to go ahead.

 

Source: Punch