16.50 LAGOS 30-DEC-2023

Issue Amount (₦’bn)47.00
Tenor (Year)7
Issue DateDec. 30, 2016
Maturity DateDec. 30, 2023
Coupon (%)16.50
Yield at Issue (%)N/A
Issue Price (₦)At par
CurrencyNigerian Naira
Coupon FrequencySemi-annual
Issue RatingAA-/GCR; Aa-/Agusto
Use of ProceedsTo execute priority projects
RedemptionPar at maturity
Debt ServiceA Sinking Fund will be created in accordance with the provisions of the Bond Law and the Investment and Securities Act (“ISA”). The Sinking Fund shall be funded from the Consolidated Debt Service Account (“CDSA”). The deduction in respect of the Sinking Fund will be a first charge with full commitment on the CDSA of the State. The CDSA is funded on a regular basis by 15% of the State’s monthly Internally Generated Revenues (IGR)
TrusteesARM Trustees Limited, Coronation Trustees Limited, United Capital Trustees Limited, Sterling Asset Management & Trustees Limited, Radix Trustees Limited & STL Trustees Limited
Tax ConsiderationExempted from Nigerian Tax
Offer DocumentPricing Supplement