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Oyo, Kaduna, appoint Sterling receiving bank for N20b bond issues

04 August 2014, 14:34

Lagos - Sterling Bank Plc has been appointed by the governments of Oyo and Kaduna States as receiving bank for their bond issuance programmes.

A statement from Sterling Bank said Oyo State plans to raise N5 billion, while Kaduna State is raising the sum of N15 billion to enable them execute developmental projects in their domains.

Sterling Bank’s Head of Structured Finance, Lanre Olalusi, who disclosed these in Lagos, said the choice of the Sterling Bank may have been influenced by its track record in collections.

While assuring that the bank would provide the necessary support to the issuing house, Olalusi said that the bank will continue to offer top notch service and robust platforms to ensure the success of the exercise.

He commended states for approaching the capital market to raise funds, adding that this will help to bridge the country’s infrastructural deficit and uplift the living standards of the populace.

“Such medium to long term financing are typically channelled towards infrastructure and developmental projects like construction of roads, rural electrification, and the execution of housing and water supply schemes which have a direct impact on living standards of the people,” he said.

-     NAN

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