By Demola Akinyemi

ILORIN—GOVERNOR Abdulfatah Ahmed of Kwara State, yesterday, said Nigerian Capital Market, was excited by the state proposed N23 billion bond for infrastructural development, even as he said the state government had redeemed the N17 billion bond obtained in 2009 for infra structural development projects.

Ahmed, who announced the redemption, during a meeting with stakeholders in Ilorin, expressed satisfaction that the state had met all its obligations under the bond.

He said the N17 billion was expended on Kwara State University, Malete; International Aviation College; Harmony Advanced Diagnostic Centre; Ilorin Township Stadium; Ilorin Water Reticulation Project (Phase One) as well as road and electrification projects across the state.

Ahmed said information from the Nigerian Capital Market indicated that the market was excited and re-invigorated in the interest to subscribe to the Kwara State proposed N 23 billion bond for the state infrastructural development.

He expressed confidence that the new facility when obtained would also be judiciously utilised and serviced by the state government in line with established tradition.

Also speaking, Senior Special Assistant to the Governor on Investment Promotion and Strategy, Mr. Yomi Ogunshola, said the state government never defaulted in the payment of coupons to bond holders on June 15 and December 15 of every year.

Ogunsola said the 14 per cent fixed rate five-year bond maintained an issue rating of A and issuer rating of Bbb issued by Agusto and Co rating, a pan-African rating agency.
According to him, “this signifies the superior quality credit profile of the Kwara State Government.”