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Jackson, Etti & Edu (“JEE”) advised on the Lagos State Government N500,000,000,000 (Five Hundred Billion Naira) Debt Issuance Programme and N47,000,000,000 (Forty-Seven Billion Naira) 16.5 % fixed rate bond due 2023 (Series 1). JEE acted as the sole solicitor to the Joint Trustees comprising of ARM Trustees Limited; Coronation Nominees and Trustee Limited; Radix Trustees Limited; Sterling Asset Management & Trustees Limited;
United Capital Trustees Limited. The net proceeds from the sale of the notes will be used for improving the physical and social infrastructure base of the State.
The transaction team was led by Partner, Folasade Olusanya assisted by Senior Associates Kunle Soyibo and Kingsley Opia-Enwemuche, along with Associates Ekiomado Ewere-Isaiah and Aramide Oyeneyin.
Koye Edu, Managing Partner, Jackson, Etti & Edu commented:
“We are pleased to have advised on this transaction and assisted Lagos State in achieving its strategic goals. This transaction is indeed a landmark as it reassures the market once again of Lagos State’s viability, commitment to economic development and improving the lives of its people”.
Folasade Olusanya, partner, Jackson, Etti & Edu commented:
As the only state bond issuance in 2016, it was an immense privilege to be appointed as Solicitor to the Joint Trustees. This transaction has demonstrated the continued positive investor confidence and strong credit rating of Lagos State and JEE’s expertise and capacity on debt capital market offerings.