By OMODELE ADIGUN Ekiti State Government on Tuesday concluded its N25 billion bond issuance programme as it successfully raised the remaining N5 billion from the nation's capital market. The state had in 2012 embarked on the bond issuance programme raising N20 billion as the first tranche with a coupon of 14.5 per cent to fast-track infrastructural development and economic transformation. Having begun the execution of the various projects, the state returned to the market to raise the remaining N5 billion with a coupon of 14.5 per cent to complete the projects. Speaking in Lagos at the Completion Board Meeting for the bond , Governor Kayode Fayemi , said the projects that are being financed with the bond proceeds are regenerating ones that would deliver dividends to Ekiti people. According to him, contrary to cynicism in some quarters, the bond has the capacity to repay itself on the long run. He disclosed that under two years, N9.6 billion out of the N20 billion has been repaid to investors. He explained that the N5billion that has just been raised is to complete all the projects started two years ago, saying in the next one year, all the projects would be in place for people to see and use. "We are focusing on projects that have investment potential and can bring Ekiti equitably to comity of nation and state. Those, who sometimes, criticise us out of genuine ignorance because they think taking a bond is plunging a state and generations yet unborn into eternal debt are mistaken. Already, we have paid about N9.6 billion out of the N20 billion we took in two years. All the infrastructure being put in place will worth more than three times their present value in 10 years to come," he said. Speaking on some of the projects, he said, the transformation of Ikogosi Warm Spring, is one of the products of the N20 billion raised two years ago. He said about three years ago, Ikogosi was full of reptiles, but that today it is one of tourist attractions and recorded 10,000 visitors last week alone. "That is just one of the projects. International civic centre and museum is another of the projects. Our school of agriculture, revival of burnt bricks industry are others. All the projects are primarily projects that will yield dividends for our people and make Ekiti a much better place, a much more modern place and bring it to stability so that economy growth can thrive," he said.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Quiznos Files for Chapter 11
- U.S. to Relinquish Gov't Control Over Internet
- SoCalGas Reaches Record Spend on Diversity Suppliers
- U.S. Consumer Sentiment Falls in Early March
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Vybz Kartel Convicted of Murder
- Koch Brothers Step up Anti-Obamacare Campaign