Image Credit: FSDH

Restricted to Qualified Institutional Investor

March 10, 2023/FSDH

book build for LFZC Funding SPV PLC’s (“the Issuer” or “the SPV”) Series 3, up to N25,000,000,000 (twenty-five billion naira) 20-year fixed rate senior guaranteed Bonds, under its up-scaled N61,000,000,000 (sixty-one billion naira) Bond Issuance Programme is Now Open. The Issuer is a funding vehicle incorporated by Lagos Free Zone Company (“LFZ”, “the Sponsor” or the “Company”) to access the domestic capital markets.

Lagos Free Zone Company is the licensee and operator of the Lagos Free Zone – the first privately owned economic zone in Nigeria. Integrated with a deep seaport (“the Lekki Deep Seaport”), the 850-hectare Lagos Free Zone site, which is promoted by Singapore-based Tolaram, is being developed as a “Live-Work-Play” community and equipped with built-up standard industrial and warehouse facilities. About 23 registered enterprises including some notable international brands have an operational base in the Lagos Free Zone as at year-end 2022. The Lekki Deep Seaport construction was completed in October 2022 and the first commercial vessel berthed in January 2023 while the seaport was commissioned by His Excellency, President Muhammadu Buhari on 23 January 2023.

LFZ was first incorporated as a private limited liability company on 29 January 2002 as Lekki Export Processing Zone Limited but later became Lagos Free Trade Zone in 2006, after the status of the Zone was changed from export processing to a free trade zone in line with the Nigeria Export Processing Zones Act (NEPZA) of 1992. The Company was subsequently granted a license (which is valid till 2067) to operate as a free zone and started operations in 2008. The Company’s name was eventually changed to Lagos Free Zone Company with the overriding objective being the facilitation of industrial development and not just trading activities within the Zone.

The Company’s current activities involve the development of a business model and a vision plan for the zone, land development, construction of buildings and infrastructure, operating the Free Trade Zone and leasing the developed land to enterprises registered within the Zone.

Please see below, the indicative terms of the proposed offer:

For more information, please refer to the summary of the offer above, and see the  Link access the following documents below:

• Shelf Prospectus
• Programme Trust Deed
• Series 3 Pricing Supplement
• Series 3 Trust Deed
• Deed of Guarantee
• Valid PenCom compliance certificate
• Agusto Sponsor and Issue rating reports
• GCR Issue rating report
• Commitment form
• LFZ’s audited financial statements (2016-2022)