By InvestAdvocate

Lagos (INVESTADVOCATE)-The Quotations Committee of the Management of the Nigerian Stock Exchange (NSE) has approved the Niger State Government Offer for subscription of N9 Billion 14 percent (14%) Fixed Rate Redeemable Infrastructure Development Bond 2011/2018 of N1, 000 each at Par.

In the same vein, the Nigeria’s Exchange Quotations Committee also approved Studio Press Nigeria Plc’s application for a Special Placing of 252,104,285 Ordinary Shares of 50kobo each at N1.40 per share; amounting to N352, 945, 999.

This is coming on the heels of a reports Wednesday by Punch Newspaper that Nine State Governments have received approval of the NSE to raise N217bn in bonds from the Capital Market in a period of one year, due to inadequate allocations from the Federal Government allocations.

The Report affirmed that these State Governments approached the Nation’s Stock Exchange for Bonds in order to aid development in their respective States

The States that received the approval in the review period of between April 30, 2010 and June 30, 2011 are Lagos State Government, which has received approval to offer for subscription N57.5bn 10% fixed rate, under the N275bn debt issuance programme for the 2010/2017 (Series 2).

Also, Bayelsa State received the approval to raise N50bn from the Stock Exchange in June 30, 2010. The State issued an offer for subscription of N50bn 15.5% Fixed Rate Development Bond between 2010 and 2017.

Ebonyi State issued an offer for subscription of N20bn at 14% Fixed Rate Bonds between 2010 and 2015.

Edo State’s 14% six-year tenor fixed rate infrastructure development Bond received approval on December 31, 2010, and was admitted on July 21, 2011.

Others are Benue State Government seeking to raise N13bn at a 14% Fixed Rate Development Bond between 2010 and 2015, while Kaduna State’s offer for subscription of N10bn at 14.5% Fixed Rate Bond, under the N20bn debt issuance programme (Series 1) of between 2010 and 2015, was also approved on August 31, 2010.

It was reported also that Imo and Kwara State Governments received approvals to raise Bonds worth N18.5bn and N17bn, respectively from the Capital Market.

While, Rivers State’s N250bn bond is expected to increase the Bond Issues, when the NSE admits the State’s Bonds to be auctioned in two tranches of N100bn and N150bn.

And the latest as mentioned above is the Niger State Government Offer for subscription of N9 Billion 14 percent (14%) Fixed Rate Redeemable Infrastructure Development Bond 2011/2018 of N1, 000 each at Par.