September 23, 2023

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Lagos State Seeks Sukuk Bonds to Finance Project


CEM REPORT | The Government of Lagos State seeks Sukuk, Green and Blue Bonds as ethical and sustainable financing to execute infrastructural projects.

Dr. Rabiu Olowo, Lagos State Commissioner for Finance, revealed this doing a training session facilitated by STL Trustees for the Staff of Debt Management Office on Sukuk, at the State Treasury Resource Centre, CBD, Alausa, Ikeja

He said, ethical and sustainable financing is ultimately, a win-win situation for all parties as the appetite of investors across the world is growing towards the direction.

He further said,

“We must recognise other innovative ways of financing and the Debt Management Office is an integral part of structuring this financing. We want to see the impact of how we can raise finance, we want to be able to dream and be a pathfinder.’’

The Commissioner appreciated the facilitators, STL Trustees for the training noting it aligns with the State’s capacity building for Staff.

He further charged the trainees to make judicious use of the training to assist the State in generating wealth and bringing solutions.

Mrs. Funmi Ekundayo, the Managing Director of STL Trustees, at the occasion said investors are looking for more innovative ways of investing, adding that developed countries in the world use Sukuk to grow their economies.

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She further said, ethical and fair and Lagos State as the biggest and largest Bond Issuance in Sub-Saharan Africa is long overdue for it

“It is not possible to raise a Sukuk without an asset or project to show for it because it is ethical and fair. For a country to develop, it needs to take advantage of Sukuk financing. Issuing a Sukuk is long overdue for Lagos State Government, which happens to have raised the biggest and largest Bond Issuance in Sub-Saharan Africa.’’

She noted that Lagos State and STL Trustees have been in long partnership and it has been part of every tranche of Bonds raised by the State.

Similarly, Mrs. Rukayat Alake Sanusi, Permanent Secretary, Debt Management Office, assured that the training will be immensely beneficial to officers during the State’s maiden Sukuk Issuance as she expressed appreciation to STL Trustees for organizing the training.

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