The Lagos State Government recently issued a ₦50 billion waste management bond, which will be raised in two series, to address the growing concern of waste management in the state.

Mainstreet Bank Capital Limited (MBCL) served as one of the Placement Agents who actively assisted in raising ₦20.3 billion for the first series of the Municipality Waste Management Contractors Limited Bond Programme in August 2017.

The Bond which was issued at 18% with a five-year tenor, had an issue rating of A+ by Augusto and Co.

The proceeds from the issue will be utilised by Visionscape, an environmental utility management group, to acquire cutting edge technology and tools to address Lagos state’s waste management needs.

It is important to note that the bond is guaranteed by Lagos State due to the strategic nature of the project as the State has handed over waste management to the Private sector. To this end, the State shall only regulate waste management activities through the Lagos Waste Management Authority (LAWMA).

Further information on the transaction can be viewed on Business day through https://www.businessdayonline.com/lagos-issues-n50bn-bond-finance-waste management/