Sanwo-Olu, Popoola to deepen synergy between NGX, Lagos State

The Executive Governor, Lagos State, Babajide Sanwo-Olu has said that Lagos State will explore capital raising via Nigerian Exchange Limited (NGX or The Exchange) to fund infrastructure projects through Equities, Green, Sukuk, and Blue Bonds. Sanwo-Olu further expressed confidence in the opportunities available in the capital market and indicated an interest in deepening synergies between the State and The Exchange.

This was highlighted at the courtesy visit to the Governor’s Office on Thursday, February 10, 2022, by the Board and Management of NGX led by the Chief Executive Officer, Temi Popoola.

NGX Board members present at the meeting were Kamarudeen Oladosu, Seyi Osunkeye, and Yomi Adeyemi.

Speaking during the visit, Popoola stated, “At NGX, we are eager to reaffirm our commitment to collaborating with Lagos State Government on its infrastructure development drive through our robust platform available to fund strategic objectives.

This is particularly important to us given the critical position Lagos state occupies as the Centre of Excellence and the major economic hub in Nigeria and Sub-Saharan Africa. NGX has always been a strong collaborator through which the state accesses long-term developmental funding from the capital market evidenced by the N224.54 billion Lagos State Bonds listed on NGX – cumulatively the largest subnational bond listed on the NGX platform. We, therefore, look forward to exploring more opportunities especially in infrastructure financing, environmental and climate bonds, and capacity building.”

Capital market stakeholders continue to look forward to outcomes from the series of strategic engagements NGX has facilitated with key players across the public and private sectors, which are geared towards the development of the capital market and the Nigerian economy at large.

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By Mercy Ayodele • February 11, 2022

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.