STATE AND LOCAL GOVERNMENT BONDS  ISSUED FROM 1978 TO DATE

February 26, 2015

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Source: Compiled from SEC Annual Report and Accounts and other SEC internal records.

S/N STATE/LOCAL GOVERNMENTS AMOUNT (N’M) YEAR OF ISSUE YEAR OF MATURITY COUPON RATE PROJECT LEVEL OF SUBSCRIPITON (%) CURRENT STATUS AMOUNT DRAWN / OUTSTANDING COLLATERAL/ REMARKS LEVEL OF UTILIZATION
Bendel State Loan Stock 20.00 1978 1988 7.00 Developing of Housing Estate 30 Fully redeemed ISPO Fully utilized
Ogun State Revenue Bond 15.00 1986 1996 12.0 Development of water project 76 Fully redeemed ISPO Fully utilized
1st Lagos State Revenue Bond 30.00  

1987

 

1999

 

19.00

Development of Lekki Peninsula Scheme Phase I N/A Fully redeemed ISPO Fully utilized
2nd Lagos State Revenue Bond 60.00 1988 1999 19.00 Development of Lekki Peninsula N/A Fully redeemed ISPO Fully utilized
1st Lagos Island LGA FRRB  

100.00

 

1992

 

1996

 

24.75

Development of Sura Shopping Complex 52.50 Fully redeemed ISPO Fully utilized
 

1st Oyo State Revenue Bond

 

30.00

 

1987

 

1999

 

16.50

Adamasingba Shopping Complex

Gbagi Market Development

 

102

Fully redeemed ISPO Fully utilized
1st Kaduna State Revenue Bond 30.00 1989 1996 17.00 Development of Ginger factory 100 Fully redeemed ISPO Fully utilized
2nd Kaduna State Revenue Bond 30.00 1993 1996 20.00 Development of Ginger factory 63.49 Fully redeemed ISPO Fully utilized
Edo State Revenue Bond 1,000.00 2000 2006 21.00 Development of Ogba Riverside Housing Estate 203 Fully redeemed ISPO Fully utilized
Delta State Revenue Bond 3,500.00 2000 2006 16.50 Market, Healthcare, Water and Education 101.74 Fully redeemed ISPO Fully utilized
 

Yobe State Revenue Bond

 

 

2,500.00

 

2002

 

2005

 

23.00

Urban Roads, Houses and Drainage Improvement  

81.28

Fully redeemed ISPO Fully utilized
 

 

1st tranche Ekiti State Revenue Bond

 

 

 

1,500.00

 

 

 

2002

 

 

 

2005

 

 

 

24.5

 

Financial, urban, rural roads, establishment of palm plantation, rural electricity, expansion of water projects

 

 

 

81.28

 

Fully redeemed ISPO Fully utilized
Lagos State Bond 15,000.00 2002 2009 4% above TB Refinance developmental projects 77.58 Fully redeemed ISPO Fully utilized
Cross River State Tourism Dev. Bond 4,000.00 2004 2007 20.5 Upgrading and expansion of Obudu Ranch Resort 79.69 Fully redeemed ISPO Fully utilized

 

 

1st Akwa Ibom State Revenue Bond 6,000.00 2004 2007 19.5 To finance infrastructural development 100.00 Fully redeemed ISPO Fully utilized

 

 

Kebbi State Revenue Bond 3,500.00 2006 2009 14.0 Kebbi State University of Science and Technology and Zauro polder irrigation 100.00 Fully redeemed ISPO Fully utilized
Lagos State Government Bond- Series 1under the 275Billion Debt Issuance Programme 50,000.00 2008 2013 13.0 Re-financing of outstanding loans and financing of on-going projects 117.93 Yet to be redeemed ISPO of N300m monthly and IGR Fully utilized
18 Imo State Government

– Series 1under the 40Billion  Medium Term Note Programme

 

18,500.00 2009 2016 15.5% rehabilitation of its water schemes, rehabilitation & construction of its critical roads ,Modern Primary School Classroom Block  305   in 305 ward of the state and construction of 26 Model Hospitals in each in each 27 LGAs 100.00 Yet to be redeemed ISPO ON-GOING.

 

19 Kwara State Government

– Series 1under the N30Billion Debt Issuance Programme

 

 

 

 

17,000.00 2009 2014 14.0% Stadium complex, International Aviation College, Asa Dam mixed use Development, Unban Roads, Ilorin oredo politon street lights, Kwara shopping complex, International vocational centre, Rural electrification, Rural Roads Kwara State University, Ilorin water distribution project, Agricultural irrigation support project, Kwara advanced diagnostic centre, Loan re-financing 100.00 Yet to be redeemed ISPO

 

 

 

 

 

 

 

 

 

 

ON-GOING

 

 

 

 

 

20 Niger State Government 6,000.00 2009 2014 14.0% Rehabilitation of roads in Minna Metropolis and Industrial Layout and construction of roads in seven (7) other locations within the state. 100.00 Yet to be redeemed ISPO  

Fully utilized

 

 

21 Lagos State Government

– Series 2 under the 275Billion Debt Issuance Programme

57,500.00 2010 2017 10.0% Re-financing of outstanding loans and financing of on-going projects 100.00 Yet to be redeemed ISPO Fully utilized
22 Bayelsa State Government 50,000.00 2010 2017 13.75% Repayment of existing obligations owed Equatorial Bank, Bank PHB, Intercontinental Bank, First Bank of Nigeria, Multilateral Debts and World Bank 100.00 Yet to be redeemed ISPO  

 

 

 

23 Kaduna State Government series 1under the 15Billion Debt Issuance Programme 8,500.00 2010 2015 12.5% To finance Zaria regional water supply (150 MLD treatment plant),  Construction of 200 bed specialist hospital, Kaduna Millennium City, Kaduna, Construction of new government house office complex, Kaduna, Construction of Tum Madakiya road & construction of 4th bridge across River Kaduna AND Construction of Kafanchan Campus of Kaduna State University, Kaduna. 100.00 Yet to be redeemed  

 

 

 

 

 

 

 

 

 

 

 

 

 

ISPO

 
24 Ebonyi State Government1under the 20Billion Medium Term Note Programme

 

 

16,500.00 2010 2015 13.0% Repayment of outstanding bank facilities and financing the construction of Ebonyi State International Market, Abakaliki, Ebonyi State regional water schemes, Ebonyi roads & bridges of Unity and Ebonyi rice world project. 100.00 Yet to be redeemed  

 

 

 

 

 

 

ISPO

ON-GOING
25 Edo State Government 25,000.00 2010 2017 14.0% Refinancing total debt obligations and  finance on-going infrastructural projects 100.00 Yet to be redeemed N16,120,000,000 / N27,560,000,000 Fully utilized
26 Benue State Government 13,000.00 2011 2016 14.0% Refinancing of existing debt obligations and financing of on-going projects, 100.00 Yet to be redeemed N8,294,000,000 / N7,800,000,000 Fully utilized
27 Delta State Government 1under the 100Billion Debt Issuance Programme 50,000.00 2011 2018 14.0% Finance developmental projects 100.00 Yet to be redeemed N17,151,740,793 / N42,817,772,842 ON-GOING
28 Ekiti State Government 1under the 25Billion Debt Issuance Programme 20,000.00 2011 2018 14.5% Finance developmental projects 100.00 Yet to be redeemed monthly deduction from the ISPO started September 2011 with the sum of 397,196,867.99 ON-GOING
29 Niger State Government series 1under the 30Billion Debt Issuance Programme 9,000.00 2011 2018 14.0% Construction of Roads 100.00 Yet to be redeemed N3,087,313,342.74 / N7,716,919,111.48 Fully utilized
30

 

 

 

 

 

 

 

Ondo State Government series 1under the 50Billion Debt Issuance Programme

 

 

 

27,000.00 2012 2019 15.5% Finance developmental projects 100.00 Yet to be redeemed The sate authorized monthly deductions of N315,000,000 for the 1st 24 months and the amount shall rise to N692,132,360.59 from the 25th month  

 

 

 

 

 

ON GOING

 

 

31 Gombe State Government series 1under the 30Billion Debt Issuance Programme 20,000.00 2012 2019 15.5% Building of township & regional roads, College of Education Billiri, School of Basic & Remedial Studies Kumo, development of Secondary Schools, Purchase of Earth Moving Equipment, Mega Park, School of Nursing and refinancing of existing Loan. 100.00 Yet to be redeemed N2,390,825,802.81 / N19,159,174,197.19 ON-GOING

 

88.7% utilized.

32 Lagos State Government Bond – Series 1 series under the 167.5Billion Debt Issuance Programme 80,000.00 2012 2019 14.5% Construction of Adiyan Waterworks (Phase II), Infrastructure Developments (Roads, Rail, Buildings and Bridges etc), Health Facilities and redevelopment of Eric Moore Schools (Phase I) 100.00 Yet to be redeemed Obtained ISPO in the sum of N1 billion for interest & principal repayment. An additional sum of N900 million will be appropriated from consolidated debt service account. Fully utilized
33 Osun State Government Tranche 1under the 60Billion Debt Issuance Programme

 

 

30,000.00 2012 2019 14.75% Road Infrastructures, commercial infrastructure (O-Hub, Dagbolu, Osun), urban renewal (Ilesa, Ikire, Osogbo, Ede and Iwo), Ede waterworks and refinancing of loan 100.00 Yet to be redeemed Osun state will only pay interest for the year 2013 N1,106,250,000; payment of principal will commence by 1st quarter 2014. ON-GOING
34 Osun Sukuk Company  Plc Al-Ijara Tranche 11 under the State Government of Osun  60Billion Debt Issuance  Programme 11,400.00 2013 2020 14.75% Construction of Millennium Model Schools (Elementary, Middle and High Schools) in OSun State

 

 

100.00 Yet to be redeemed  

 

ISPO

ON-GOING
 

35

Lagos State Government Bond – Series 2 under the 167.5Billion Debt Issuance Programme 87,500.00 2013 2020 13.5% Infrastructure Developments (Roads, Rail, Buildings and Bridges etc), Health Facilities,  Construction of Adiyan Water  Project Phase II  and Shoreline Protection Works 100.00 Yet to be redeemed  ISPO and Consolidated Debt Service Account (CDSA). ON-GOING
36 Niger State Government- Series 1under the 21 Billion Medium Term Note Programme 12,000.00 2013 2020 14.00% For the Construction of Roads, completion of Shiroro Bridge, development of the Garam site &services Scheme, construction of an international market and the completion of Three Arms Zone 100.00 Yet to be redeemed  

 

ISPO

ON-GOING
37 Nassarawa State Government Series 1 bond due 2020 under the N20Billion MTN Programme 5,000.00 2013 2021 15.00% for various developmental and Infrastructural projects of the state- Education Project ( Hostel expansion ) and    Market Dev. Project (Complete Construction) 100.00 Yet to be redeemed  

 

ISPO

ON-GOING
38 Kogi State Government Series 1 bond due 2020 under the N20  Debt Issuance Programme 5,000.00 2013 2020 15.00% To finance infrastructure projects i.e.  water works, housing units, multi-lane carriage way, construction of hospitals, dev. Of Kogi  House in F.C.T, dev. Of modern motor parks. e.t.c 100.00 Yet to be redeemed  

 

ISPO

ON-GOING
39 Ekiti State Government Series1 bond due 2020 under the N25 billion Debt Issuance Programme 5,000.00 2013 2020 14.5% For the Construction of Roads Bridge , rehabilitation of Ire Burnt Bricks Limited and the construction of  of Ekiti-Kete Pavillion 100.00 Yet to be redeemed  

 

ISPO

ON-GOING
40 Bauchi State Government  N15 billion series 1 under the N30 billion debt issuance programme 15,000.00 2014 2021 15.5% Part financing of Bauchi Specialist Hospital , Completion of Sir, Abubakar Tafawa Balewa International Airport and Refinancing of Bank Loan 100.00 Yet to be redeemed ISPO ON GOING