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Lagos Raises N137.3bn Bond for Infrastructure, Healthcare

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Lagos Raises N137.3bn Bond for Infrastructure, Healthcare

 

 

By Edozie Obasi-Eze

The Governor of Lagos State, Babajide Sanwo-Olu yesterday signed a N137.3 billion 10-year bond to finance key infrastructural and healthcare projects in the state.

The debt instrument, which comes at 13 per cent, is under the N500 billion fourth debt series expected to run between 2021 and 2031.

During the signing ceremony happened at the State House, Alausa with the 24 issuing houses and eight trustees among others in attendance, the governor revealed that the bond would be used to finance key infrastructure projects, on roads and healthcare.

Some of the identified projects for the fund being raised would be the Lagos-Badagry Expressway, Lekki Regional Road, Rehabilitation of Ijeododo Road and Rehabilitation of the alternative route to Admiralty Circle Toll Plaza.

In his words, “In the last eight months, and with the unwavering support of our transaction advisers, we have been able to achieve this laudable feat — which to some observers had seemed impossible.

“We set out to raise up to N125 billion and closed the Book Build with bids totaling N137.3 billion. This strong response from the investing community – to our administration’s debut bond issuance – is humbling and is indeed a testament to continued investor confidence in the state’s ability to deliver on its infrastructural and socio-economic developmental objectives; and to meet repayment obligations.

“Notwithstanding the significantly over-subscribed book, and active participation from a wide array of institutional investors – including banks, pension fund administrators, asset managers and corporates, Lagos State has maintained its discipline on size and pricing. Mindful of the prevailing yield environment, the Series IV Issuance was maintained at N137.3 Billion and cleared at a coupon of 13 per cent per annum. Only bids within the clearing bid were accepted.”

The issuing houses were led by Managing Director Chapel Hill, Denam, Kemi Awodehin.

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Fresh Evacuation: 271 Nigerians Set to Return from South Africa Tuesday

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The Federal Government has confirmed that another batch of 271 Nigerians will arrive in the country on Tuesday as part of its ongoing voluntary evacuation programme from South Africa ahead of planned anti-immigration protests.

The Ministry of Foreign Affairs disclosed that an Air Peace aircraft departed Nigeria on Monday to evacuate Nigerians who voluntarily registered to return home amid growing concerns over demonstrations expected to begin on June 30.

Spokesperson for the ministry, Kimiebi Ebienfa, said the aircraft left Nigeria at about 3:00 p.m. on Monday and was scheduled to arrive in South Africa around 9:00 p.m. local time.

SEE MORE: June 30 Protest: Ramaphosa Urges South Africans to Reject Violence, Demonstrate Lawfully

According to him, the return flight will depart South Africa at midnight and is expected to land at the Murtala Muhammed International Airport in Lagos on Tuesday morning.

“Air Peace aircraft will depart Nigeria today, Monday, June 29, 2026, at 3:00 p.m. and is expected to arrive in South Africa at approximately 9:00 p.m. local time.

The return flight is scheduled to depart South Africa at 12:00 midnight and is expected to arrive at Murtala Muhammed International Airport, Lagos, on Tuesday morning,” Ebienfa stated.

He confirmed that 271 Nigerians are expected on the latest evacuation flight.

The evacuation follows President Bola Tinubu’s approval of a voluntary repatriation programme earlier this month to ensure the safe return of Nigerians willing to leave South Africa before the planned anti-immigration protests.

Earlier, the Federal Government approved five Air Peace evacuation flights after more than 500 Nigerians were screened for repatriation.

Before this latest operation, 328 Nigerians had already been evacuated in two batches. The first flight returned 262 Nigerians on June 11, while a second batch of 66 returnees arrived in Lagos on June 25.

Authorities said the evacuation exercise is being coordinated by the Federal Government in collaboration with Air Peace and other relevant agencies to ensure the safe return of all registered Nigerians.

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June 30 Protest: Ramaphosa Urges South Africans to Reject Violence, Demonstrate Lawfully

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South African President Cyril Ramaphosa has called on citizens planning to participate in the June 30 anti-immigration protests to conduct themselves peacefully and within the bounds of the law, warning that violence, intimidation and vigilantism will not be tolerated.

In a message to the nation on Monday titled “Protest is both a right and a responsibility,” Ramaphosa acknowledged widespread public concerns over undocumented immigration, border management, pressure on public services and criminal syndicates exploiting the country’s immigration system.

SEE MORE: Why South African Opposition Leader Malema Was Sentenced to 5 Years in Prison

He said these concerns were legitimate and deserved to be addressed, but stressed that constitutional rights must not be used as a justification for unlawful conduct.

“The right to protest is enshrined in our Constitution. It is a credit to our robust democratic order that people are able to express their grievances openly. But the right to protest and freedom of expression does not allow people to threaten or intimidate others, or to engage in acts of vandalism or violence,” Ramaphosa said.

The South African leader disclosed that his administration was implementing reforms aimed at strengthening border management, improving the integrity of visa and asylum systems, increasing enforcement against undocumented immigration and tackling corruption that has weakened immigration control.

According to him, the government is determined to correct failures in the immigration system and hold accountable anyone who has enabled illegal immigration through corrupt practices.

Ramaphosa also revealed that consultations had been held with traditional leaders, labour unions, business groups, religious organisations and other stakeholders, many of whom expressed support for government efforts while calling for tolerance and respect for the rule of law.

Reiterating that peaceful protest remains a fundamental democratic right, the president warned that anyone involved in criminal activities during the demonstrations would face legal consequences.

“Those who intend to protest should do so peacefully, lawfully and with respect for the rights, dignity and safety of others. Where there is criminal conduct, those responsible will be held accountable and the law will take its course,” he said.

Ramaphosa further reminded citizens that many foreign nationals residing in South Africa are in the country legally and make valuable contributions to the economy and society through work, education, investment and family life.

He condemned attempts by private individuals to enforce immigration laws, describing such actions as vigilantism.

“The authority to demand identification and enforce immigration laws belongs to government law-enforcement officers acting within the Constitution—not to private individuals. Whatever the motivation, taking the law into one’s own hands is vigilantism and has no place in our constitutional democracy,” he stated.

The president urged South Africans not to repeat painful chapters of the country’s history, where people were stopped, profiled and humiliated based on suspicion.

He assured citizens that law-enforcement agencies were prepared to maintain public order while safeguarding the constitutional right to peaceful protest.

Ramaphosa concluded by calling for unity, urging South Africans to choose dialogue over confrontation and justice over vengeance as the country navigates the immigration debate.

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NELFUND Declares War on Universities Over Tuition Refund Scandal, Unapproved Fee Hikes

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Things To Know About New Student Loan Act

The Nigerian Education Loan Fund (NELFUND) has vowed to take decisive action against tertiary institutions accused of withholding students’ tuition refunds and imposing unapproved fee increases despite benefiting from the Federal Government’s student loan scheme.

The Fund disclosed this in a statement issued on Monday by its Director of Strategic Communications, Oseyemi Oluwatuyi, following reports that some institutions had failed to refund students who paid their tuition fees before NELFUND later settled the same fees directly with the schools.

ALSO READ: NELFUND Shares Key Roles In Advancing SDGs At Nigerian Tertiary Institutions Conference

According to the agency, the alleged refusal or delay in refunding affected students is unacceptable and runs contrary to the objectives of the student loan programme.

NELFUND also expressed concern over reports that some universities and other higher institutions have arbitrarily increased tuition and other institutional charges, warning that such practices place unnecessary financial pressure on students and undermine the purpose of the scheme.

The Fund stressed that the student loan initiative, introduced by the administration of President Bola Ahmed Tinubu, was designed to remove financial barriers to higher education and ensure that eligible Nigerian students can pursue their academic goals without undue hardship.

To address the situation, NELFUND said it has begun engaging with the affected institutions and relevant authorities to ensure that all eligible students receive their refunds without further delay.

The agency further revealed that measures are being put in place to ensure tuition fees and other institutional charges remain fair, transparent, and consistent with the objectives of the Federal Government’s education financing programme.

Reaffirming its commitment to students, NELFUND stated that it would continue to protect the interests of beneficiaries while preserving the integrity of the student loan scheme.

The Fund also warned that it would not allow exploitative practices by institutions to deny students the full benefits of the Federal Government’s landmark education intervention.

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