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Akinola Ojo, commissioner for finance, made this known in a statement issued on Tuesday.

Giving a breakdown of the figures, the commissioner said the amount was spent on setting up of treatment and isolation centres, procurement of palliatives and seedlings for a section of the residents and farmers, procurement of ambulances and the security of the state’s borders, among others.

“About 900 million naira was used in the procurement of palliatives for the vulnerable and farmers; 370 million naira for the rehabilitation of infectious disease center at Olodo; 450 million naira for security and surveillance at various state borders; 118 million naira to support the University College Hospital (UCH); 614 million naira for the purchase of reagents, test kits and other medical consumables; 321 million naira for purchase of ambulances amongst other expenditures,” it read.

“A total amount of 378 million naira was donated into the state endowment fund, with other financial contributions that could be estimated to 1.177 billion naira, and also an expectancy of about 100 million naira to the state by the Nigeria Centre for Disease Control (NCDC).”

He said donations made to the state remain untouched as expenses incurred have been solely state government funds.

The commissioner, who said the state has approved a total of N15,000 per health worker as hazard allowance, disclosed that the allowance from March 2020 will be paid this month.

He added that journalists and other frontline workers might be paid hazard allowance after due consideration.

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At a signing ceremony held at the Banquet Hall at the State House in Alausa, Governor Sanwo-Olu, investors and issuing parties put the final ink on the over-subscribed Series Three Bond Issuance of N100 billion, which was issued and raised by the State under its N500 billion Third Bond Programme approved four years ago.

The Governor, who was visibly excited by the financial intervention, declared the moment as “historic and new journey” for the State in its drive to provide requisite infrastructure to catalyse its economy, saying it was the largest bond programme ever embarked on by any sub-national entity in the country.

Sanwo-Olu said: “We have embarked on a new journey that is not meant to serve our personal interest, but to activate more prosperity for our dear Lagos and give our people the hope for better tomorrow we all dreamed. When we came into Government, we made commitment to all Lagosians that we are coming to pursue and implement an agenda that will build our capacity to achieve ‘Greater Lagos’ we all will be proud of.

“Today, I am standing in front of you all to say we are writing the financial history of Lagos in another chapter and it will bring good dividends to all residents. With this N100 billion bond, we will ensure that all Lagosians feel the direct impact of this intervention in their homes and on the roads. We are bringing new infrastructure and repairing the existing ones, including bridges and hospitals. We are going to renovate schools and build new ones for our children; slums will be regenerated and pressing environmental issues will be solves. We are going to make people feel the essence of governance.”

Sanwo-Olu recalled that the effort to raise the bond started some three months ago with a simple discussion with professional partners led by Chapel Hill Denham. He observed that the State almost missed the opportunity, as the statutory period recommended by Securities and Exchange Commission (SEC) to raise such bond was closing when the State started pushing for the bond issuance.

The Governor said the partners staked their time and energy for the State to secure essential requirements to access the capital for the bond. Within a period of three months, Sanwo-Olu said the partners helped Lagos to restructure its balance sheet and reduce the State’s interest expense by N17 billion, which gave Lagos the opportunity to raise the bond from the capital market.

He said: “Less than three months down the line, we are celebrating the biggest sub-national bond issuance today and the team of partners has also helped us to restructure our entire balance sheet. We have been able to revert the entire borrowing of Lagos from very high rate to acceptable numbers. The team has also helped us to reduce interest expense by N17 billion, which made it easy for us to approach the financial market.”

Sanwo-Olu promised not to betray the confidence of investors that subscribed to the bond, pledging that the funds would be disbursed strictly to finance infrastructural projects required to boost the State’s economy.

Commissioner for Finance, Dr. Rabiu Olowo, said the State accelerated the bond programme in response to the need to close “huge infrastructural gap” in the face of limited financial resources available to the State. He said the State Government took the advantage of favourbale investment climate in the capital market to issue the “Series Three” of its bond programme to raise the money.

He said: “The cost of inaction would have been huge and it would mean over 20 million Lagosians would be underserved in many areas. It was, therefore, with this mandate that Lagos Government sought the support of professional advisers to access the capital market in December 2019.

“It is fulfilling to note that, despite hurdles we faced, we have been able to achieve the target we set for ourselves. In fact, we exceeded the target. I want to assure all residents that the proceeds from this bond issuance programme will be judiciously utilised in line with our T.H.E.M.E.S agenda to achieve a ‘Greater Lagos’.”

Managing Director, Chapel Hill Denham, Bolaji Balogun, described the bond as a “jumbo” for the State, stressing that the support given to Lagos Government by the capital market was unprecedented.

Balogun noted that Lagos issued a bond of N100 billion, adding that the Minister for Finance granted the approval for the process while in transit.

Lagos, he said, must accelerate investment in infrastructure, adding that such would create an incredible multiplier effect on economic activities and give the State financial buoyancy. Sustained investment in infrastructure, Balogun said, remained the only way to achieve irreversible development and lift millions of people out of poverty.

A total of 315 bids were submitted during the offer period for the Lagos Series Three Bond Issuance, putting the value of the total bids at N196.48 billion. A total of 208 bids, which amounts to N100.33, qualified under the terms of the offer at the clearing price of 12.25 per cent per annum.

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Commissioner for Finance, Akinyemi Ashade in a statement, said the Bond was issued in two tranches of N46,370,000,000 16.75 percent Tranche 1 maturing August 2024 and the N38,770,000,000 17.25 percent Tranche 2 maturing August 2027, under the N500bn Third Debt Issuance Programme.

Ashade recalled that the Government had on Friday, August 12, issued an N85.14billion Series II Bond in two tranches- a 7 year N46, 370,000,000 16.75 percent bond maturing in August 2024; and a 10-year N38, 770,000,000 17.25 percent bond maturing in August 2027, under the N500billion Third Debt Issuance Programme, by way of a book building.

According to him, the N85.14billion Series II issuance was the largest bond issuance in Nigerian capital markets in the last four years and the second largest issuance ever.

He also said that it was the first time any non-FGN issuer in Nigeria has issued out to 10 years, thereby extending the non-sovereign yield curve.

“We value the reputation we have earned as the most responsible issuer in the Nigerian capital markets and thank everyone who has worked with us to deliver a successful outcome,” Ashade said.

The statement also said that Governor Akinwunmi Ambode was encouraged by the sustained support the State’s credit story had received from investors.

“In challenging market conditions, we are encouraged by the sustained support that the Lagos State credit story has received from investors for which we are grateful. This support is critical to our quest to improve the physical and social infrastructure in the State and lift the economic and social welfare of all citizens of Lagos State,” Governor Ambode said.

The Commissioner said that Chapel Hill Denham acted as Lead Issuing House and Bookrunner and led an issuing party including 10 other Bookrunners, on what he described as a landmark transaction.

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The judge on Friday also ordered the Corporate Affairs Commission to shut down his company, ALHAKIM NIGERIA LIMITED as well as pay the state sum of N51.5 million which he stole while he held sway in office.

The presiding judge who delivered the judgement under section 3 (2) of the miscellaneous act said the judgement will serve as a deterrent to occupiers of public office who may want to filter resources meant for developmental projects.

Aliyu noted that Elias ought to have protected the public trust giving to him by living above board but instead, he decided to flagrantly helped himself with resources of the state and hence have to be punished.

The judge convicted Elias on count 3 and 4 charges and sentenced him to 10 years on each charge though the two convictions would run concurrently.

“I hereby sentenced the first accused, John Babani Elias for 10 years imprisonment on count 3 and another 10 years imprisonment on count 4 but the two sentences will run concurrently.

“In addition, the first convict must return/refund the sum of N51.5 million to Adamawa state local Government joint account fund from where it was stolen and diverted by him and his Coy.

“With regards to the second convict ALHAKIM NIGERIA LIMITED, I sentenced it to pay a fine of N5 million on the offenses in count 3 and 4 it is convicted of. In addition, the company would wound up by Corporate Affairs Commission as provided by section 3(2) of the miscellaneous offenses and all its assets forfeited to federal government of Nigeria,” Aliyu ordered.

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Dr Amuda Kannike, the state Commissioner for Works and Transport, said this on Tuesday in Ilorin while briefing newsmen on government’s N23 billion bond.

The forum was convened to explain why the administration and the one preceding it took N17 billion bond in 2009, N10 billion bond in 2012 and another N23 billion bond in 2014.

Also present at the briefing were the state Commissioner for Finance, Ademola Bannu, and Yomi Ogunsola, the Senior special Assistant on Investment Promotions and Strategy to the Governor.

Others present were the Senior Special Assistant on Media to the Governor, Dr Muyideen Akorede, and the Chief Press Secretary to the Governor, Abdulwahab Oba.

Kannike said that out of the N23 billion to be raised, N5.4 billion would be assigned to road construction.

He listed some of the roads to include the 61.8 km trans-international Kishi-Kaiama road, Share-Oke-Ode road, Rore-Aranorin road and Kpada-Pategi road.

The commissioner said that the Kishi-Kaiama road would gulp N7.9 billion while 30 per cent of it amounting to N2.3 billion would come from the N23 billion bond.

He added that part of the bond for the Works and Transport sector would be used for provision of rural and township roads across the state.

This, he said, was to facilitate movement of goods and services, particularly farm produce from the hinterland to urban centres.

Ogunsola, on his part, also outlined projects each of the three bonds were to be used for.

They included the Kwara Diagnostic Centre, Kwara Agriculture Mall, the state Stadium Complex, truck terminal, Shonga farms, International Aviation College and the renovation of five General Hospitals.

Ogunsola said education, health, Human Capital Development and reticulation of water project in Ilorin metropolis would also benefit from the bonds.

He said the state would require between N250 and N300 billion within the next three years to change it from that of a civil service state to a commercial and industrial economy.

Ogunsola also said that an Infrastructural Gap Committee headed by the governor sat for six months before it could come out with the blue print.

He said the committee identified infrastructural deficit and decay in the state and adopted strategies to address the problem.

The committee, he said, identified 120 public schools for rehabilitation and expected to gulp N40 billion yearly.

Ogunsola added that the state owned university at Malete would receive N1.3 billion for the first phase of its Engineering Faculty building.

He, however, said the state had not defaulted in the repayment of the facility, adding that the N17 billion bond would be fully paid by August.

Ogunsola said that Kwara was not the only state that floated bonds from the capital market, citing Lagos, Osun, Niger, Ekiti and Ebonyi as examples.

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Wale Bolorunduro, the state’s Commissioner for Finance, said that in order to ensure an immediate settlement of the arrears, Governor Rauf Aregbesola has approved that the sum of N1 billion be released immediately by the state’s treasury to the retirees that were forced to retire by the last administration.

“in continuation of its fulfillment of its decision to improve on the welfare of its citizens, particularly to the senior citizens, the state government has commenced payment of the pension arrears that emanated from the administrative bottlenecks and improper cash flow planning attributable to the last administration in the state,” Bolorunduro said.

Bolorunduro said in a statement in Osogbo, the state capital that the state will continue to uphold the welfare of its senior citizens as one of its topmost priorities.

“The challenges actually commenced with the huge 142 percent pension arrears, the current administration inherited from the last administration in 2010. At the inception of the current administration, the state’s liability on the 142 percent pension arrears was about N4 billion.

“In demonstration of the magnanimity of the present government, up to N1.2billion of the inherited liability hitherto unattended to by the previous administrations was paid” he added.

He further explained that the impact of the mass retirement of the state’s employees in late 2012, given their unwillingness to join the contributory pension scheme in the state also contributed in no small measure to the current challenges and the origin of 2011/2012 Retiree forum.

According to the commissioner, aside from the fact that the previous administration that approved the forceful retirement of the group of the referenced retirees did not consider the cash flow implication when granting the approval of the forceful exit, the administrative bottlenecks in processing retirees’ entitlements contributed to the problem.

The last administration, according to him, failed to automate the manual processing of retirees’ benefits to take care of the surge in their number, thereby leading to delay of processing the Authority to collect (ATC) papers of the retired personnels.

He noted that it consequently led to the situation whereby some people who retired since December 2012 were unable to submit their authority to collect until later month such as November 2013. “This is the genesis of the pension arrears. Government has however kept pace to pension-roll the retirees as soon as their Authority papers are submitted.”

Bolorunduro stressed that for avoidance of doubts, over 5,000 employees of the state joined the existing over 9,000 retirees in the state, while the local government retirees schedule also increased by about 3,500 adding that the fresh recruitment conducted in 2013 by the state was to fill the numerous vacancies created by the massive retirement.

“In the middle of all these, the retirees continue to enjoy their monthly emoluments (in form of pension), albeit slightly reduced by 15 percent” he mentioned.

The impact of the 2011/2012 retirement, he said was an unprecedented surge in the state’s salary and pension obligations from N250million in November 2011 to N600 million monthly now, and the creation of relatively young retirees, called 2011/2012 Retirees Group.

He however stated that in further demonstration of the current administration’s humane spirit and resolution to ensure that the interest of all and sundry in the state is well protected, the state has further earmarked the sum of N1 billion towards payment of the established outstanding liability on the pension.

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Those relieved of their appointments include Bassey Albert Akpan, Commissioner for Finance and his counterpart in the rural development ministry, Barrister Effiong Abia.

In place of the sacked commissioners are Obong Sunny Udom, former Chairman, Akwa Ibom Property and Investment Company Limited, APICO and Hon. Patrick Ifon, former Chairman, Akwa Ibom Water Company Limited.

Akpabio directed the affected Commissioners to hand over to the Permanent Secretaries in their respective ministries and thanked them for their contributions to the development of the State and wishes them success in their future endeavours.

Similarly, the Governor also approved the removal of some board chairmen including, Obong Dan Akai, former Chairman, Akwa Ibom Newspapers Corporation, AKNC; Hon. Alex Nyong, former Chairman, Akwa Ibom Broadcasting Corporation, AKBC; Hon. John Asikpo, former Chairman, Akwa Ibom State Environmental Protection and Management Board and Abom Tony Esu, former Chairman, Akwa Ibom State Agency for Community and Social Development.

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The Commissioner for Finance, Kenneth Okpara, said this at commencement of the orientation exercise for the beneficiaries of the second batch of the programme on Tuesday in Warri.

Okpara said that the project was being sponsored in partnership with the World Bank and EU, adding that the beneficiaries were selected from Udu, Uvwie and Warri South local government areas of the state.

He said that the beneficiaries were engaged in the cleaning of drainages, maintenance and rehabilitation of roads, stressing that the gesture was part of the efforts of the state government to sustain its “Delta Beyond Oil” initiative.

Okpara said that the programme was geared toward reducing unemployment in the state and help to curb crime in the society.

The commissioner said that the state government would soon invest in agriculture and advised youths to take advantage of the programme.

Okpara advised the beneficiaries to show more commitment on the job because the state would not hesitate to sanction erring employees.

The Coordinator of SEEFOR, Benson Ojoko said that 400 youths were engaged in the first batch of the project in Asaba in 2013 and commended the World Bank, EU and the government of Delta for the programme.

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Investigation revealed that operatives of the commission quizzed the Accountant General and the Permanent Secretary, Ministry of Works, Messrs. Alaba Kolawole and Adeagbo Nurudeeen, respectively, on March 23, 2014, in relation with the ongoing probe involving contract awards running into billions of naira.

A source at the commission said that the accountant general and the permanent secretary were interrogated in relation with alleged mismanagement and diversion of public funds.

The source said that the money in question were proceeds from bonds accessed by the state government for the development of public infrastructure in the state.

It was gathered that the two top government officers were granted administrative bail, pending the outcome of the ongoing investigation.

It was further learnt that the commission is also investigating the Commissioner for Finance, Wale Bolorunduro, and the Senior Special Assistant to the Governor of Osun State on Economic and Financial Matters, Titus Babatunde, in relation with alleged diversion of public funds.

Media Aide of the Governor, Semiu Okanlawon, said that the probe was not new, adding that Governor Rauf Aregbesola announced that the EFCC was probing the finances of the state at a public function during the inauguration of RLG in Ilesa in February.

“It is not as if somebody is just telling us. There is nothing new about the probe. The governor announced this at a public function in Ilesa when the RLG was inaugurated,” Okanlawon said.

The source said that Babatunde and Bolorunduro are alleged to have frittered away N7.6bn on the rehabilitation of schools also being rehabilitated by the Universal Basic Education Scheme, through the state educational infrastructural project.

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