• Wednesday, May 22, 2024
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BusinessDay

NSE lists Osun N30bn fixed rate bond (Series 1)

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The Nigerian Stock Exchange (NSE) has listed the Osun State N30 billion fixed Rate Bond Series 1 on its main board.

The listing of 14.75 percent Osun December 2019 – Osun State N30 billion fixed Rate Bond (Series1) 2012/2019 under the state’s debt issuance programme was admitted on the Exchange on April 23, 2013.

Osun went to the capital market to raise N22 billion but eventually realised N45.1 billion, which translates to over N100 percent over-subscription.

The state plans to deploy the proceeds of the issue toward improving its weak infrastructure, with emphasis on roads, schools and hospitals.

The state has a population of 3.4 million and internally generated revenue of N11.9 billion (19.8% of total revenues) during the 2011 fiscal year.