UBA Capital, others partner Imo govt on N18.5bn bond

Akin Adewakun, Lagos

Marketing Director, Unilever Nigeria Plc,
Dominic Kimani(right) and Mrs Akinyode
Risikat, Permanent Secretary, Ministry
of Women Affairs & Poverty Alleviation,
representing Deputy Governor of Lagos
State, Mrs. Sarah Sosan, at the OMO
Stain Challenge media launch held on
Tuesday, in Lagos.UBA Capital (Africa), the investment arm of the United Bank for Africa Plc, is leading other issuing houses to raise N18.5billion for the Imo State government through a bond issue which opened, on Tuesday, at the nation’s bond market.

Other issuing houses to the bond include: Stanbic IBTC, Future- View Financial Services Limited and BGL Securities Limited.

United Bank for Africa Plc is the co-underwriter of the bond, while UBA Trustees Limited is the Trustees to the offer.

This was disclosed at a completion board meeting between the state government, the issuing houses held on Tuesday, at the Imo Hall of the Transcorp Hilton Hotel, Abuja .

The meeting was in connection with the Offer for Subscription of N18.5 billion 15.5 per cent fixed rate bond issue due 2016(issued under the N40 billion medium- term note programme by the Imo State government).

The meeting, which had in attendance the state governor, Chief Ikedi Ohakim, as well as members of the state’s executive council and house of assembly, saw the presentation and signing of several statutory documents leading to the offer, which include: the vending agreement between the Imo State government and UBA Capital Limited;BGL Securities Limited; Future View Financial Services Limited and Stanbic IBTC Bank and the underwriting agreement between the Imo State government and underwriters to the offer, among others.

Addressing the media after the meeting, Deputy Managing Director, (South) UBA Plc, Mr Philip Oduoza, explained that the completion board meeting was to formally hand over necessary documentations required by the various stakeholders to ensure a successful transaction while the bond lasts.