Business
Niger Floats N6bn Bond For Road Projects
Niger State Governemnt has floated a 6 billion fixed rate redeemable infrastructural development bond for the construction and up-grading of roads.
Deputy Governor of Niger State, Alhaji Ahmed Musa Ibet, signed the legal document on behalf of the governor, Muazu Babangida Aliyu, which Mr Ben Andrew did for Zenith capital, who is the joint issuing house.
The bond, which listing will open and close on the 7th of October have been cleared by the security and exchange commission, is expected to generate a net issue of N5.3 billion afer deduction of total costs of N465 million which include under writing fee of N207 million.
On the redemption of the bond, he noted it shall be redeemed at par, in ten consecutive and equal semi-annual installment of principlal and interest of (N854,265,106.3k) eight hundred and fifty four million two hundred and sixty five thousand and one hundred and six naira each on April 15th and October 15 of each year that the bond is outstanding beginning from April 15, 2010.
The bond is secured by an irrevocable standing payment order issued to the Accountant-General of the Federation as a first change and payable out of the statutory allocation of the state which payment of principal and coupon on the bond shall be made from the sinking fund account to be funded from the pledged revenue and managed by the trustees.
According to the prospectus made available to our correspondent, the bond was created in pursuant to the Niger state bond law of 6th August 2009, through the Niger state legislative assembly given on the 11th of November, 2008.
Alhaji Muazu Mohammed Bawa, the Niger state commissioner, speaking to journalists shortly after the legal document has already been 100 per cent under written on a firm basis by BGL Plc, Renaissance Security and Zenith capitals.
Project to be financed from proceed of the bond include five roads in Minna metropolis, Badan Mallam roads, Peter Sarki road, Idris Legbo and Maiduguri road.
Other roads are Kutigi-Fazti road, rehabilitation of Minna Industrial layout, Construction of Mokwa Rabba road, Luma-Babanna road, Bunu Gurara road and Batati-Daban road.
Business
NCDMB, Dangote Refinery Unveil JTC On Deepening Local Content
Business
Food Security: NDDC Pays Counterpart Fund For LIFE-ND Project
Business
Replace Nipa Palms With Mangroove In Ogoni, Group Urges FG, HYPREP
-
Rivers1 day ago
HOS Tasks Rural Dwellers On RAAMP … As Project Sensitization Team Visit Degema, AKULGA
-
News1 day ago
Senate Replaces Natasha As Committee Chairman
-
Opinion1 day ago
Checking Herdsmen Rampage
-
Niger Delta1 day ago
HYPREP Trains Lab Technicians To Standardise Water Quality In Ogoniland
-
News1 day ago
Tinubu, Govs Forum Congratulate Okpebholo On S’Court Victory …As Obaseki Expresses Disappointment
-
Politics1 day ago
Lagos LG Polls: Police Restrict Movement, Tightens Security
-
Rivers1 day ago
VALVA Restates Commitment Education Advancement, Literacy In Nigeria
-
Politics1 day ago
Obey Order On AA In Six Days, Court Directs INEC, Yakubu