Olaniwun Ajayi LP is pleased to announce its role as Joint Solicitor to the Lagos State Government on the successful issuance of its NGN14.82 billion Series 3 Green Bonds and NGN230 billion Series 4 Conventional Bonds, under the Lagos State NGN1 Trillion Debt and Hybrid Instruments Issuance Programme.
The Series 4 issuance represents the largest single bond issuance ever undertaken by Lagos State and the largest subnational bond issuance in the history of Nigeria. Proceeds from the conventional bond will support critical infrastructure and social projects across the State.
The Series 3 Green Bonds also marks a first, being the first of such issuances byan African subnational entity. The proceeds of the issue will be channelled towards projects that advance Lagos State’s transition to a low carbon, climate resilient and environmentally sustainable economy in line with its Climate Action Plan and Nigeria’s Nationally Determined Contributions (NDCs).
These landmark transactions underscore the firm’s continued commitment to supporting economic and sustainable development in Lagos State and Nigeria.