AN ADDRESS BY HIS EXCELLENCY, THE GOVERNOR OF EKITI STATE, DR. KAYODEFAYEMI AT THE CLOSING BELL CEREMONY OF THE 2ND EKITI STATE BONDISSUANCE ON TUESDAY 3rd APRIL 2012Protocol. It is my great pleasure to address this august gathering. Today marks awatershed in our march towards a new dawn in Ekiti. I want to speciallyappreciate the Director General and Management of the Security & ExchangeCommission, the Director General of the Nigerian Stock Exchange, our highlyesteemed investors and All Parties for their respective and unique contributionsin ensuring the success of the 2nd Ekiti State Bond Issuance. I am aware thatwithout your collective efforts, today’s Closing Ceremony would not have come topass.2. I am informed that today’s Closing Bell Ceremony, as the name implies, isthe climax of activities bringing into fruition the efforts of the state to accessfunds from the capital market for Industrial and Infrastructural development.Further to our successful outing at the capital market, the NSE approved thelisting of Ekiti State’s N20billion Fixed Rate Infrastructural Development Bond2018 under our N25billion Debt Issuance Programme on 13th March this year. Iam here today not only to ring the closing bell for the transaction, but also toexpress the gratitude of the Government and people of Ekiti State to this augustbody and all concerned for the success of the Bond Issuance.
3. Our decision to source funds from the Bond market was borne out of ourcommitment to the rapid transformation of Ekiti State. It will be noted thatInfrastructural development is a major component in our 8-Point DevelopmentAgenda for the state. Before the inception of this administration, we were awarethat the low revenue accruable to the state would not be able to cope with thehigh level socio - economic development of our dream. Hence the need to accessfunds from other sources outside the routine revenue available to the state.4. We also had the benefit of the history of the success of the First Ekiti Bondtaken under the Niyi Adebayo Administration, my original predecessor. It is onrecord today that some of the few tangible projects standing today in the stateare products of the first bond. The projects, among others, include the Ekiti Housein Abuja, the Oju Olobun Apartments in Lagos, the building currently serving asthe Governor’s Office and a few good roads. Let me assure the good people ofEkiti State and those gathered here today that the proceeds shall be channelledto projects carefully selected to boost the economic base of the state. We haveswung into action already with several of the projects awarded as approved bySEC. A total of eleven road projects have been awarded and shall be funded tocompletion from the bond proceeds. Besides these road projects, the followingsshall receive funding from the bond: * Ikogosi warm Spring Development Company Ltd.; * Construction of Ultra Modern Civic Centre in Ado Ekiti; * Construction of Ultra Modern Market in Ado Ekiti;
* Construction of Lagos Liaison Office; * Construction of new Governor’s House; * Construction of new Governor’s Office; * Rehabilitation and Expansion of Ado Waterworks; * Rehabilitation and Expansion of Ero Waterworks; and * Establishment of Ekiti State School of Agriculture.5. Let me assure the good people of Ekiti that we are fully committed to theactualisation of these projects. The bond proceeds shall be judiciously utilised toensure the completion of all projects earmarked for funding. It is interesting tonote that all the projects were duly inspected and approved by the Security andExchange Commission. The Commission will also monitor the execution of theprojects. We have a target of the next 24 months to conclude all the projects.With God on our side, this will launch Ekiti into a glorious new dawn.6. It will be recalled that the state received a letter of commendation from theSecurity and Exchange Commission for good performance on the first tranche ofthe first bond. It is our goal to surpass this achievement by the quantum andquality of projects. As already mentioned, a large percentage of the projects havebeen awarded with works at various advanced stages of completion. I havedirected close monitoring and effective supervision by all concerned to ensurequalitative performance and timely delivery. I have also directed that a progress
report be rendered to SEC on a quarterly basis as a measure of accountability andtransparency.7. Let me seize this opportunity to commend the Lead Issuer as well as all theparties for their individual and corporate contributions to the actualisation of thebond. I also owe our investors a debt of gratitude. Thank you for believing in us.On this note, I am pleased to ring the closing bell for the listing of Ekiti State BondIssuance at the Nigerian Stock Exchange to the glory of God and the benefit ofmankind.8. Thank you and God bless.