Dipo Olowookere
By Dipo Olowookere
Officials of the Securities and Exchange Commission (SEC) are inspecting some ongoing projects by the Lagos State government in the metropolis.
The reason for this is to assess what the government plans to use proceed of its proposed N100 billion bond issuance on when finally sold to investing public probably next year.
Recently, the Lagos State House of Assembly (LAHA) gave approval to Governor Babajide Sanwo-Olu to issue the debt instrument worth N100 billion to investors so as to raise funds to complete some projects in the state.
In order to make the process transparent and ensure that the funds are tied to visible projects, officials of the apex regulator in the Nigerian capital market are meeting with the state government officials on the issue.
It was gathered that the SEC officials inspected the ongoing projects across the metropolis alongside members of the Lagos State Debt Management Office as well as other relevant government agencies.
The inspection tour, which is expected to last three days, covers projects in the five divisions of the state and spans across various sectors such as transport, health, environment and drainage, education, water, roads and housing.
According to the Permanent Secretary, Debt Management Office, Mrs Abimbola Umar, the SEC officials are in Lagos for a pre-inspection tour of the projects for which the bond proceeds would be utilised as well as to assess the extent of work done so far.
Business Post reports that the bond proceeds are expected to be utilised for major infrastructural projects in line with the T.H.E.M.E.S agenda of state government and its commitment to improving the quality of life of residents of Lagos.
