lagos tate overnment of nigeria - fmdq group...lagos state government of nigeria offer for...

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LAGOS STATE GOVERNMENT OF NIGERIA

Offer for Subscription (By way of Book Build)

of

N6,911,000,000

Series II Tranche III: 6𝟕

𝟏𝟐 Year 15.60% Fixed Rate Bonds due 2024

(offered to Qualified Institutional Investors and High Net worth Individuals as defined under the Rules and Regulation of the Securities & Exchange Commission 2013 (as amended))

Under the N500,000,000,000 Debt Issuance Programme

Book Opens: December 28, 2017 Book Closes: December 29, 2017

This Pricing Supplement has been prepared pursuant to Rule 321 of the Rules and Regulations of the Securities & Exchange Commission (“the Commission” or “the SEC”) in connection with the issuance of up to ₦6,911,000,000 Bonds under the ₦500,000,000,000.00 Debt Issuance Programme established by Lagos State Government (“the Issuer”). This Pricing Supplement is supplemental to, and should be read in conjunction with, the Shelf Prospectus dated December 30, 2016 and any other supplements to the Shelf Prospectus as may be issued by the Issuer. Terms defined in the Shelf Prospectus have the same meaning when used in this Pricing Supplement.

To the extent that there is any conflict or inconsistency between the contents of this Pricing Supplement and the Shelf Prospectus, the provisions of this Pricing Supplement shall prevail. This Pricing Supplement may be used to offer and sell the Bonds only if accompanied by the Shelf Prospectus. Copies of the Shelf Prospectus can be obtained from the Issuing Houses / Book runners.

The registration of the Shelf Prospectus and this Pricing Supplement shall not be taken to indicate that the Commission endorses or recommends the Securities or assumes responsibility for the correctness of any statements made or opinions or reports expressed in the Shelf Prospectus or this Pricing Supplement. The shelf prospectus is valid for an indefinite period until determined by the commission according to rules 279 (3)(5)(ii) of the SEC Rules (Sundry Amendments, April 2015).

This Pricing Supplement contains particulars in compliance with the requirements of the Commission for the purpose of giving information with regard to the securities being issued hereunder (the “Series II Tranche III Bonds” or “Bonds”). An application has been made to FMDQ-OTC and/or NSE for the listing of the Bonds. The Bonds also qualify as a security in which Trustees may invest under the Trustee Investments Act (Cap T22) Laws of the Federation of Nigeria (“LFN”), 2004 and as a security under Section 20(1)(g) of the Personal Income Tax Act, Cap P8, LFN, 2004 as well as Section (19)(2) of the Companies Income Tax Act, Cap C21, LFN, 2004.

Investors are advised to note that liability for false or misleading statements or acts made in connection with the prospectus is provided in sections 85 and 86 of the ISA 2007.

The Issuer accepts full responsibility for the accuracy of the information contained in this Pricing Supplement. The Issuer declares that having taken reasonable care to ensure that such is the case, the information contained in this Pricing Supplement is, to the best of its knowledge, in accordance with the facts and does not omit anything likely to affect the import of such information. Save as disclosed herein, no other significant new factor, material mistake or inaccuracy relating to the information included in the Shelf Prospectus has arisen or has been noted, as the case may be, since the publication of the Shelf Prospectus. Furthermore, the material facts contained herein are true and accurate in all material respects and the Issuer confirms that, having made all reasonable enquiries, to the best of its knowledge and belief, there are no material facts, the omission of which would make any statement contained herein misleading or untrue.

BOOKRUNNER/ISSUING HOUSE

www.lagosstate.gov.ng www.sec.gov.ng www.chapelhilldenham.com THIS PRICING SUPPLEMENT IS DATED JANUARY 17, 2018

RC 1381308

If you are in any doubt about the contents of this document or any action to be taken, it is recommended that you consult your Stockbroker, Banker, Solicitor, Accountant or any other professional adviser duly registered under the Investment and Securities Act (No. 29 of 2007). For information concerning certain Risk Factors which should be considered by prospective Qualified Institutional Investors and High Net-worth Individuals, please refer to the section on risk factors on pages 40 to 42 in the Shelf Prospectus for the Bond Programme.

RC 672560 RC 622855

RC 672560

RC 217005

http://www.lagosstate.gov.ng/

http://www.sec.gov.ng/

http://www.chapelhilldenham.com/

2

TABLE OF CONTENTS SUMMARY OF THE OFFER 3

MATERIAL ADVERSE CHANGE STATEMENT 7

PARTIES TO THE OFFER 8

INDICATIVE TRANSACTION TIMELINE 12

DECLARATION BY LAGOS STATE GOVERNMENT 13

DESCRIPTION OF THE ISSUE 14

SCHEDULE I – USE OF PROCEEDS

ERROR! BOOKMARK NOT DEFINED.

SCHEDULE II – INTEREST AND PRINCIPAL AMORTISATION PAYMENT SCHEDULE 39

APPENDIX I: EXTRACT FROM RATINGS REPORT – AGUSTO & CO. 40

APPENDIX I: EXTRACT FROM RATINGS REPORT – GCR 41

APPENDIX II: EXTRACT OF THE SERIES II TRANCHE III TRUST DEED 42

APPENDIX III: EXTRACT FROM REPORTING ACCOUNTANT’S REPORT 53

APPENDIX V: PROCEDURE FOR APPLICATION AND ALLOTMENT 62

FORM OF COMMITMENT 64

FORM OF COMMITMENT (REVERSE SIDE) 65

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SUMMARY OF THE OFFER

The following are the final terms of the Series II Tranche III Bonds that are the subject of this Pricing Supplement. These terms and conditions are only applicable to this Issue.

1. Issuer: Lagos State Government

2. Description 67

12 Year 15.60% Fixed Rate Bonds due 2024

3. Series Number: II

4. Tranche Number III

5. Aggregate Nominal Amount:

6. i) Issue Price:

ii) Issue Coupon:

At par. N 1,000.00 (One Thousand Naira)

15.60%

iii) Coupon Basis Fixed Rate

7. i) Gross Proceeds:

ii) Net Proceeds1:

N6,911,000,000.00

N6,738,225,000.00

8. Subscription: Minimum of N10,000,000.00 (i.e. 10,000 units @ N1,000/unit) and multiples of N5,000,000.00 thereafter

9. Denomination: N1,000.00 (One Thousand Naira)

10. i) Issue Date:

ii) Coupon Commencement Date:

January 17, 2018

January 17, 2018

11. Tenor: 67

12 years

12. Maturity Date: August 11, 2024

13. Principal Redemption/Repayment Basis/Reopening:

Amortised redemption of Principal from the Payment Date following the expiration of a thirty-one (31) month principal moratorium period on repayment of the Principal Amount; or on call, at Par

The Bond is callable by the Issuer at Par after 3 years on any Interest Payment Date subject to the Issuer having obtained prior regulatory approval and the requisite notice period

14. Principal Moratorium Period: First 31 months from the issue date of the Series II Tranche III bond

15. Status of the Bond: The Bonds shall be direct, unsecured, senior and unconditional obligations of the Issuer and shall rank pari passu among themselves and equally with other existing obligations of the Issuer

16. Listing: FMDQ-OTC Plc and/or The Nigerian Stock Exchange

17. Method of Distribution: By way of a Book Build to Qualified Institutional Investors and High Net Worth Individuals

18. Use of Proceeds: To execute priority projects, per details stated in Schedule I on page 15 hereof

19. Security Trust Structure: The Series II Tranche III Bond obligations will be serviced from the Consolidated Debt Service Account (“CDSA”) and an Irrevocable Standing Payment Order (“ISPO”). The Issuer will appropriate the sum of

1 Following deduction of the sum of N172,775,000, being the offer costs which represent 2.5% of the Issue proceeds


4

N2,121,232,200 from the Consolidated Debt Service Account (“CDSA”), immediately upon the issuance of the Series II Tranche III Bond for purposes of the repayment of the interest obligations under the Bond. The CDSA is a dedicated internally segregated savings account established under the provisions of the Bonds Law, for purposes of servicing all of Lagos State’s public debt The Bonds Law provides for the CDSA to be created by the Lagos State Government into which a minimum of 15% of the State’s Internally Generated Revenue (IGR) will be deposited on a monthly basis. The sum of N2,121,232,200 will be transferred monthly from the CDSA to the Sinking Fund managed by the Trustees to the Issue. In addition, Lagos State has obtained an Irrevocable Standing Payment Order (“ISPO”) in the sum of N1 billion for purposes of servicing the interest and principal repayment obligations under the Bond. The ISPO will be effective from December 2020.

20. Event of Default: Any of the conditions, events or acts provided in Clause 12 (Events of Default) of the Programme Trust Deed to be events upon the happening of which the Bonds in the relevant Pricing Supplement would be entitled to the remedies specified in Clause 14 (Enforcement) of the Programme Trust Deed.

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

21. Fixed Rate Bond Provisions:

i) Interest Rate:

ii) Interest Payment Date(s) :

iii) Interest Amount(s):

iv) Business Day Convention:

v) Day Count Fraction:

vii) Other terms relating to method of calculating interest for Fixed Rate Bonds:

15.60% per annum

Semi-annual interest payments, payable in arrears in the 2nd and 8th month of each year from the Issue Date up to and including the Maturity Date

Please refer to the Interest and Principal Amortization Payment Schedule (in Schedule II on page 39 hereof)

Modified Following Business Day: Where a Coupon Payment Date falls on a non-Business Day, such payment shall be postponed to the next day which is a Business Day provided that if such a Business Day falls into the next calendar month, such Coupon Payment Date shall be brought forward to the immediately preceding Business Day

Actual / 365 (actual numbers of days in a month/365 days in the year)

Not Applicable

PROVISIONS RELATING TO REDEMPTION

22. Optional Early Redemption (Call Option):

The Series II Tranche III Bonds are callable at par after 27

12 years on any

Interest Payment Date following the thirty-first (31st)] month; subject to the Issuer having obtained prior regulatory approval and upon issuance of the requisite notice to Bondholders

23. Optional Early Redemption (Put Option):

Not Applicable

24. Scheduled Amortization Applicable

25. Scheduled Redemption Dates: Each 2nd and 8th month in each year commencing on August 11, 2020


5

(which is the Interest Payment Date following the thirty-first (31st)

month of the Issue Date (being the date of expiration of the Principal

Moratorium Period) until the Maturity Date

26. Final Redemption Amount of each note: N1,000.00 (One Thousand Naira)

27. Redemption Amount(s): See the Interest and Principal Amortization Payment Schedule (in Schedule II on page 39 hereof)

GENERAL PROVISIONS APPLICABLE TO THE BONDS

28. Form of Bonds: Dematerialised, electronic registration on the Central Securities Clearing System Plc’s securities clearing and settlement platform

29. Clearing System: Central Securities Clearing System Plc

30. Record Date: No Bondholder may require the transfer of a Bond to be registered during the period of fifteen (15) days ending on the due date of any payment of the Principal Amount or Coupon on the Bond

31. Bonds Settlement: Bonds purchases will be settled by electronic funds transfers through

either the CBN Inter-Bank Funds Transfer System (“CIBFTS”), National

Electronic Funds Transfer (“NEFT”) or Real Time Gross Settlement

(“RTGS”)

DISTRIBUTION, CLEARING AND SETTLEMENT PROVISIONS

32. Issuing House/Bookrunner (as defined in

the Vending Agreement):

Chapel Hill Denham Advisory Limited

33. Clearing System: Central Securities Clearing System Plc

GENERAL

34. Issuer Rating: A+ Global Credit Ratings Co. A+ Agusto & Co.

35. Issue Rating: AA- Global Credit Ratings Co.

Aa- Agusto & Co.

36. Taxation: The Bonds are exempt from taxation in Nigeria in accordance with

the Companies Income Tax (Exemption of Bonds and Short Term

Government Securities) Order 2011, the VAT (Exemption of

Proceeds of the Disposal of Government and Corporate Securities)

Order 2011, the VAT (Exemption Commission on Stock Exchange

Transaction) Order 2014 and the Personal Income Tax

(Amendment) Act 2011. The Companies Income Tax and VAT Order

2011 became effective on January 2, 2012 and are valid for a period

of ten (10) years therefrom. The VAT Order 2014 became effective

on July 25, 2014 and is valid for a period of five (5) years therefrom.

The exemption under Personal Income Tax is indefinite.

Accordingly, all payments made to Bondholders shall be free and clear of withholding or other deductions, in respect of State Governments and Federal Government Income taxes as provided by the relevant Orders and Amendments.

The Exemption Orders are due to expire on January 2, 2022 and it may be the case that withholding tax, or other State or Federal income tax are deducted at source from payments made to the Bondholders.


6

37. Governing Law: The Bonds will be governed by, and construed in accordance with

the laws of the Federal Republic of Nigeria

38. Underwriting, Indebtedness and Litigation The Bonds will not be underwritten. The Lagos State Government

has awarded 66 material contracts to 32 Ministries and Agencies. As

at February 28th, 2017 the aggregate outstanding monetary

obligation on the 66 material contracts is approximately

N47,161,419,617.47. As at the date of this Prospectus, the total

claim for damages and compensation against the Lagos State

Government in the civil litigations and commercial litigations are

N23,612,026,788 and N7,740,084,255.15 respectively

7

MATERIAL ADVERSE CHANGE STATEMENT

12

INDICATIVE TRANSACTION TIMELINE

Date Activity Responsibility

December 20, 2017 File Pricing Supplement with the SEC and FMDQ-OTC and/or NSE Issuing House

December 28, 2017 Obtain the SEC's clearance of the Pricing Supplement and approval

to commence the Book Build

Issuing House

December 28, 2017 Commence Book build

All Parties

December 29, 2017 Offer Closes / Allocation of Bonds All Parties

December 29, 2017 Dispatch Allotment Confirmation Letters Issuing House

January 4, 2018 Update Issue documents and submit to SEC Issuing House

January 10, 2018 Obtain SEC Clearance of documents and No Objection to Convene

Signing Ceremony

Issuing House

January 10, 2018 Hold Signing Ceremony / Investors fund allotted Bonds/ Allot

Bonds

All Parties

January 10, 2018 Remit Net Bond Proceeds to the Issuer

Receiving Bank

January 15, 2018 File executed Issue documents and Basis of Allotment with SEC Issuing House

January 17, 2018 Credit CSCS accounts of bond holders

Registrars

January 24, 2018 Obtain SEC Approval of Allotment Announcement Issuing House

January 26, 2018 Publish Allotment Announcement in at least 2 national dailies Issuing House

January 26, 2018 Listing of Bonds on FMDQ OTC/NSE Issuing House/

Stockbrokers

February 26, 2018 File Post Compliance Report with SEC Issuing House

*NB: These dates are indicative and are subject to change.

13

DECLARATION BY LAGOS STATE GOVERNMENT

14

DESCRIPTION OF THE ISSUE In December 2016, Lagos State registered its 3rd Bond Issuance Programme of N500 Billion. Under this Programme, the State is embarking on the issuance of its Series II

Tranche III 6 7

12 Year 15.60% Fixed Rate Bonds due 2027. The Bonds shall be constituted by the Series II Trust Deed.

SCHEDULE I – USE OF PROCEEDS

The estimated net issue proceeds of the Series II Tranche III Bonds - being N6,738,225,000.00 - following the deduction of the offer costs of N172,775,000.00 (2.5% of the

gross issue proceeds) will be utilized for purposes of financing the completed and/or the execution of the projects listed below:

S/N Project Description Amount to be

Funded from Bond Proceeds (N)

MDA Part

Financing (%)

Source of Balance of Funding

Total Value of projects (N)

1 Schedule of Works and Infrastructure Sector Projects 2,333,924,415.08

Works and Infrastructure 6.74%

IGR/ Bond

34,637,080,463.77

2 Schedule of Tourism, Arts & Culture Sector Projects 774,895,875.00 Tourism, Arts & Culture 6.74% IGR/ Bond 11,500,000,000.00

3 Schedule of Health Sector Projects 338,559,252.45

Health 6.74%

IGR/ Bond

5,024,457,515.89

4 Schedule of Education Sector Projects 484,844,801.51 Education 6.74% IGR/ Bond 7,195,437,990.07

5 Schedule of Waterfront Infrastructure Sector Projects 949,942,703.25 Waterfront Infrastructure 6.74% IGR/ Bond 14,097,818,093.74

6 Schedule of Justice Sector Projects 111,125,097.84 Justice 6.74% IGR/ Bond 1,649,174,639.28

7 Schedule of Environment Sector Projects 175,193,850.00 Environment 6.74% IGR/ Bond 2,600,000,000.00

8 Schedule of Lagos State Sport Commission Projects 468,306,637.50 LASG Sports Commission 6.74% IGR/ Bond 6,950,000,000.00

9 LAMATA - BRT Lane 1,034,050,117.38 LAMATA 6.74% IGR/ Bond 15,346,031,297.25

10 Schedule of Youth & Social Development Sector Projects 67,382,250.00 Youth & Social Development 6.74% IGR/ Bond 1,000,000,000.00

TOTAL

*6,738,225,000.00

**6.74%

100,000,000,000.00

*Excluding Bond Issuance costs estimated at 2.5% i.e. N172,775,000.00

**Part Financing is approximately 6.74%

15

S/N Project Description Amount to be Funded

from Bond Proceeds (N) Months to

Completion MDA

Part Financing

(%)

Source of Balance

payment

Total Value of projects (N)

1 Schedule of Works and Infrastructure Sector Projects

2,333,924,415.08 Works and Infrastructure 6.74% IGR/ Bond 34,637,080,463.77

Epe - Ijebu-Ode Road – (Mojoda end) - Epe 1,524,318,041.77 18 Months Works and Infrastructure 6.74% IGR/ Bond 22,621,952,246.62

Reconstruction/Dualization of Irede Road - Amuowo Odofin

216,141,619.88 12 Months Works and Infrastructure

6.74% IGR/ Bond 3,207,693,715.80

Aradagun –Imeke –Iworo Ajido- Epeme Road with Bridges - Badagry


6.74% IGR/ Bond 5,697,611,549.06

Alli Dada Road - Oshodi - Isolo 65,579,799.08 12 Months Works and Infrastructure 6.74% IGR/ Bond 973,250,360.12

Akinwunmi Street – Mushin 61,792,333.64 7 Months Works and Infrastructure 6.74% IGR/ Bond 917,041,708.14

Obagun Street – Mushin 18,161,597.41 3 Months Works and Infrastructure 6.74% IGR/ Bond 269,530,884.03

Construction of 48-bedroom Hotel in Badagry


6.74% IGR/ Bond 950,000,000.00

2 Schedule of Tourism, Arts & Culture Sector Projects

774,895,875.00

Tourism, Arts & Culture 6.74% IGR/ Bond 11,500,000,000.00

Construction of Museums, Onikan - Lagos Island

673,822,500.00 30 Months

Tourism, Arts & Culture 6.74% IGR/ Bond 10,000,000,000.00

Tourism Theatres - Epe, Ikorodu, Alimosho Badagry & Lagos Mainland

101,073,375.00 12 Months Tourism, Arts & Culture

6.74% IGR/ Bond 1,500,000,000.00

3 Schedule of Health Sector Projects 338,559,252.45

Health 6.74% IGR/ Bond 5,024,457,515.89

Remodelling & Upgrading of Ifako Ijaiye General Hospital, Ifako Ijaye Local government

1,127,273.52 8 Weeks

Health 6.74% IGR/ Bond 16,729,532.22

Remoldleling & Upgrading of Apapa General Hospital.Apapa Local Government

1,867,384.26 13 Weeks

Health 6.74% IGR/ Bond 27,713,296.35

Remoldleling & Upgrading of Mainland General Hospital, Mainland Local Government

2,881,897.12 16 Weeks

Health 6.74% IGR/ Bond 42,769,380.86

Remoldleling & Upgrading of Epe General Hospital, Epe Local Government

2,792,435.37 16 Weeks

Health 6.74% IGR/ Bond 41,441,705.61

Remodeling and Upgrading of Ikorodu General Hospital, Ikorodu, Ikorodu Local Government

6,424,851.48 6 Months

Health 6.74% IGR/ Bond 95,349,316.45

Remodeling and Upgrading of Agbowa General Hospital,Agbowa

4,304,670.89 6 Months

Health 6.74% IGR/ Bond 63,884,344.78

16

Remodeling and Upgrading of Orile -Agege General Hospital Orile - Agege.

7,492,684.43 12 Months

Health 6.74% IGR/ Bond 111,196,708.87

Remodeling and Upgrading of Lagos Island Maternity Hospital,Lagos

7,340,296.08 6 Months

Health 6.74% IGR/ Bond 108,935,158.50

Remodeling and Upgrading of Gbagada General Hospital Gbagada.

8,667,746.50 12 Months

Health 6.74% IGR/ Bond 128,635,456.66

Remodeling and Upgrading of Randle General Hospital, Surulere. Surulere Local Government

5,697,639.29 6 Months

Health 6.74% IGR/ Bond 84,556,975.90

Remodeling and Upgrading of Badagry General Hospital, Badagry. Badagry Local Government

9,827,672.52 6 Months

Health 6.74% IGR/ Bond 145,849,575.00

Remodeling and Upgrading of Alimosho General Hospital, Alimoho Local Government

10,167,787.73 6 Months

Health 6.74% IGR/ Bond 150,897,123.92

Remodeling and Upgrading of Ketu Ejirin Health Centre, Ketu Ejirin, Epe Local Government

5,259,751.79 6 Months

Health 6.74% IGR/ Bond 78,058,417.40

Completion of the Construction of Maternal and Child Centre, Badagry.

5,244,186.91 12 Months

Health 6.74% IGR/ Bond 77,827,423.64

Completion of the Construction of Maternal and Child Centre, Epe.

4,114,203.46 12 Months

Health 6.74% IGR/ Bond 61,057,674.07

Construction of Entrance Arcade, Perimeter Fencing and Car park at MCC, Lekki

3,858,898.70 12 Months

Health 6.74% IGR/ Bond 57,268,771.87

Supply and Installation of General Outpatient Department Hospital Equipment

22,765,766.99 6 Months

Health 6.74% IGR/ Bond 337,860,000.00

Supply and Installation of Hospital Theatre Equipment

24,540,878.24 6 Months

Health 6.74% IGR/ Bond 364,203,900.00

Supply and Installation of Hospital Anaestihesia Equipment

5,821,826.40 6 Months

Health 6.74% IGR/ Bond 86,400,000.00

Supply and Installation of Hospital Laboratory Equipment.

9,729,424.15 6 Months

Health 6.74% IGR/ Bond 144,391,500.00

Supply and Installation of Hospital LASUTH Equipment

7,904,948.66 6 Months

Health 6.74% IGR/ Bond 117,315,000.00

Completion of School of Nursing Hostel, Alimosho, Alimosho Local Government

6,023,093.03 6 Months

Health 6.74% IGR/ Bond 89,386,938.47

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Construction of Public Toilet at Gbagada General Hospital

548,796.14 6 weeks

Health 6.74% IGR/ Bond 8,144,520.82

IT Platform for State Health Service Scheme

174,155,138.77 12 Months

Health 6.74% IGR/ Bond 2,584,584,794.50

4 Schedule of Education Sector Projects

484,844,801.51

Education 6.74% IGR/ Bond

7,195,437,990.07

Construction/Rehabilitation of Schools - Various

484,844,801.51 See Schedule

below Education 6.74%

IGR/ Bond 7,195,437,990.07 5 Schedule of Waterfront Infrastructure

Sector Projects 949,942,703.25

Waterfront Infrastructure 6.74%

IGR/ Bond

14,097,818,093.74

Channelization of Ferry Routes - Ijede-Badore

85,208,898.06 12 Months

Waterfront Infrastructure 6.74% IGR/ Bond

1,264,560,000.00

Channelization of Ferry Routes - Baiyeku-Ajah

73,761,731.90 12 Months


1,094,676,000.00

Channelization of Ferry Routes - Ebute-Ojo-Marina

153,304,860.85 12 Months


2,275,152,000.00

Channelization of Ferry Routes - Ijede-Marina

131,242,160.26 12 Months


1,947,726,000.00

Construction of Jetty with waiting shelter and shoreline protection - V.I.P Chalet badagry

19,540,852.50 12 Months


290,000,000.00

Construction of Jetty with waiting shelter and shoreline protection Apa Waterfront,Badagry

19,540,852.50 12 Months


290,000,000.00

Construction of Jetty with waiting shelter and shoreline protection - Baiyeku Waterfront, Igbogbo/Baiyeku

19,540,852.50 12 Months


290,000,000.00

Construction of Jetty with waiting shelter and shoreline protection - Ofin Waterfront, Igbobo/Baiyeku

19,540,852.50 12 Months


290,000,000.00

Construction of Jetty with waiting shelter and shoreline protection - Isalu/Iya-afin/Ajido Waterfront, Badagry

19,540,852.50 12 Months


290,000,000.00

Construction of Jetty with waiting shelter and shoreline protection - Ilado, Amuwo-Odofin

21,562,320.00 12 Months


320,000,000.00

Construction of Jetty with waiting shelter and shoreline protection - Ito Omu Waterfront, Epe

21,562,320.00 12 Months


320,000,000.00

18

Construction of jetty with waiting shelter and shoreline protection - Ilashe, Ojo

21,562,320.00 12 Months


320,000,000.00

Shoreline Projections - Alpha Beach, Goshen Bank etc.

269,529,000.00 12 Months

Waterfront Infrastructure 6.74% IGR/ Bond 4,000,000,000.00

Construction of VIP Chalets - Epe 74,504,829.67

12 Months Waterfront Infrastructure 6.74%

IGR/ Bond

1,105,704,093.74

6 Schedule of Justice Sector Projects 111,125,097.84

Justice 6.74%

IGR/ Bond

1,649,174,639.28

Construction/Rehabilitation of High Courts 111,125,097.84

14 Months Justice 6.74%

IGR/ Bond

1,649,174,639.28

7 Schedule of Environment Sector Projects

175,193,850.00

Environment 6.74% IGR/ Bond

2,600,000,000.00

Kits and Equipment for Cleaner Lagos Initiative.

175,193,850.00 2 Months

Environment 6.74% IGR/ Bond

2,600,000,000.00

8 Schedule of Lagos State Sport Commission Projects

468,306,637.50

LASG Sports Commission 6.74% IGR/ Bond

6,950,000,000.00

Construction of Divisional Stadium in 4 Locations - Epe, Badagry, Ikorodu & Marakan (Ajegunle)

260,170,354.17 24 Months

LASG Sports Commission 6.74% IGR/ Bond

3,861,111,111.11

Construction/Rehabilitation of Community Recreation Youth Centres - Ajara Veto, Badagry; Oluwaieyimu Youth Centre, Ikeja Division; Popo-Oba Youth Centre, Epe; Ita-Elewa Youth Centre, Ikorodu

208,136,283.34 18 Months LASG Sports Commission 6.74%

IGR/ Bond

3,088,888,888.89

9 LAMATA - BRT Lane 1,034,050,117.38

20 Months LAMATA 6.74%

IGR/ Bond

15,346,031,297.25

Oshodi – Abule-Egba 1,034,050,117.38

20 months LAMATA 6.74%

IGR/ Bond

15,346,031,297.25

10 Schedule of Youth & Social Development Sector Projects

67,382,250.00 18 Months

Youth & Social Development

6.74% IGR/ Bond

1,000,000,000.00

Construction of Old People’s Home - Badagry & Alimosho

67,382,250.00 18 Months

Youth & Social Development 6.74% IGR/ Bond

1,000,000,000.00

TOTAL *6,738,225,000.00

6.74%%

100,000,000,000.00

*Excluding Bond Issuance costs estimated at 2.5% i.e. N172,775,000.00

19

SCHEDULE OF EDUCATION PROJECTS

Ongoing Projects

S/N PROJECT DESCRIPTION SCHOOL PROJECT COST AMOUNT TO BE FUNDED FROM

BOND PROCEEDS DURATION

PORTION OF PROJECT

COST TO BE FUNDED

1 Construction of 21 Classrooms Block

Olorunnisola Community Jnr. Secondary School, Ayobo

209,700,000.00 5,652,023.13

10 MONTHS 3%

2 Construction of New Design Model School Building

Lagos State Model College, Igbobi (premises of Angus Memorial Snr. High School, Igbobi)

488,000,000.00 13,153,015.20

10 MONTHS 3%

3 Construction of 21-Classrooms Block

Majidun Snr. Grammar School, Majidun. 229,650,000.00 6,189,733.49

10 MONTHS 3%


Epe Senior Grammar School, Epe 209,700,000.00 5,652,023.13

10 MONTHS 3%

5 Construction of New Design Model School Building

Lagos State Model College, Sabo, Yaba (behind Lagos City College)

488,000,000.00 13,153,015.20

10 MONTHS 3%


Iganmu Senior High School, Sari - Iganmu.

229,650,000.00 6,189,733.49

10 MONTHS 3%

7 Construction of 8-Classrooms Block Araromi Ilogbo Jnr Sec Sch, Ilogbo, Badagry

80,624,331.40 3,802,854.20

10 MONTHS 5%

8 Renovation of Workshop Keke Senior High School, Ifako. 24,142,520.23 406,694.33 2 MONTHS 2%

9 Renovation of Millennium Classroom Block of 53 rooms +60 toilets

Abibatu Mogaji Millennium Senior Secondary School, Iloro, Agege

119,795,322.26 2,018,019.59

2 MONTHS 2%

10 Renovation of Traditional block D Government Senior College, Agege 16,621,171.06 279,992.97 2 MONTHS 2%

11 Renovation of 17+1 Prototype Block of Classroom

Sanngo Junior Secondary School, Agege 39,820,899.24 670,805.45

2 MONTHS 2%

12 Renovation of 18-classroom block District Junior College, Agege 39,790,800.24 670,298.42 2 MONTHS 2%


Diary Farm Senior Secondary School, Agege

39,790,899.24 670,300.08

2 MONTHS 2%

14 Renovation of Functional Classroom Block

Abesan Comprehensive Senior College, Alimosho

17,850,421.45 300,700.39

2 MONTHS 2%


Estate Junior High School, Ifako 39,790,899.24 670,300.08

2 MONTHS 2%

20


Ifesowapo/Aboru Senior Secondary School, Alimosho

17,850,421.45 300,700.39

2 MONTHS 2%

17 Renovation of Millennium Classroom Block of 53 rooms + 60 toilets

Millennium Senior Secondary School, Egbeda, Alimosho

119,795,322.26 2,018,019.59

2 MONTHS 2%

18 Traditional 16-classroom block District Senior College, Meiran 35,416,899.00 596,617.58 2 MONTHS 2%

19 Renovation of i. 16 classroom block ii. Senior girls hostel iii. Junior Girls Hostel iv. Senior Boys Hostel

Lagos State Junior and Senior Model College, MeIran

109,800,000.00

1,849,642.76

2 MONTHS 2%


United Senior High School, Ikorodu 39,788,899.24 670,266.39

2 MONTHS 2%

21 Renovation of Traditional bungalow blocks [3 no]

Lagos State Civil Service Junior Model College, Igbogbo

55,205,428.57 929,966.50

2 MONTHS 2%


Keme Balogun Junior College, Ibeshe, Ikorodu

39,840,899.24 671,142.36

2 MONTHS 2%


Kosofe Jnr. College, Kosofe 35,558,167.53 598,997.34

2 MONTHS 2%


Ifako Comprehensive Senior High School, Gbagada

39,790,899.24 670,300.08

2 MONTHS 2%

25 Renovation of i. Oga Hall Hostel ii. Ayangburen Hostel iii. Unity Boys Hostel iv. Peace Hostel v. 17+1 Prototype vi. Dining Hall

Oriwu junior and Senior Model College, Ikorodu

165,000,000.00

2,779,517.81

2 MONTHS 2%

26 Renovation of i. Boys hostel ii. Girls Hostel

Government Junior and Senior College, Ikorodu

139,820,000.00

2,355,346.55

2 MONTHS 2%

27 Renovation of i. Senior Boys Hostel ii. Junior Girls Hostel

Lagos State Civil Service Junior and Senior Model College, Igbogbo

94,930,000.00

1,599,149.25

2 MONTHS 2%

28 Renovation of i. 3 hostel blocks ii. JS Classroom Blk iii. SS Classroom Block

Lagos State Junior and Senior Model College, Igbokuta

114,877,930.13

1,935,183.35

2 MONTHS 2%

21

29 Renovation of i. Junior Girs Hostel ii. Senior Girls Hostel iii. Science Laboratory iv. JS Classroom Block

Eva Adelaja Girls Secondary Grammar School, Bariga (Junior and Senior)

74,928,991.82

1,262,221.02

2 MONTHS 2%

30 17+1 Prototype Block of Classroom Ogunmodede Senior College, Papa-Epe 61,496,686.50 1,035,946.28 2 MONTHS 2%


Ogunmodede Junior College, Papa, Epe 30,703,504.00 517,217.80

2 MONTHS 2%


Wahabi Folawiyo Junior and Senior Schools, Osbourne, Ikoyi

79,742,335.99 1,343,304.51

2 MONTHS 2%


Akande Dahunsi Mem. Junior Secondary School, Osbourne, Ikoyi

39,850,899.24 671,310.82

2 MONTHS 2%

34 Renovation of 12 Classroom Block of Classroom

Falomo Jnr. High School, Falomo 32,374,996.97 545,375.04

2 MONTHS 2%

35 Renovation of Bungalow Block of Classroom

Etiosa Community Senior Sec. School, Sangotedo

17,500,974.83 294,813.77

2 MONTHS 2%

36 Bungalow Block of Classroom Community Junior High School, Idotun 17,503,974.83 294,864.30 2 MONTHS 2%


Magbon Alade Community Junior Grammar School, Magbon Alade

17,500,974.83 294,813.77

2 MONTHS 2%

38 Renovation of Six Traditional Bungalow Classroom Block

Community Senior High School, Orimedu, Ibeju-Lekki

30,463,563.38 513,175.86

2 MONTHS 2%


Okesuna Senior High School, Halley Street, Lagos

31,977,749.24 538,683.17

2 MONTHS 2%

40 i. Boys hostel ii. Girls Hostel iii. Admin Block iv. School Hall v. Laboratory Block

Epe Grammar School, Epe (Junior and Senior)

125,000,000.00

2,105,695.31

2 MONTHS 2%

41 Renovation of i. Senior Girls Hostel ii. Junior Girls Hostel iii. Junior Boys Hostel iv. Senior Boys Hostel v. Schools Library

Lagos State Junior and Senior Model College, Igbonla

149,800,000.00

2,523,465.26

2 MONTHS 2%

42 i. School Library ii. JS Classroom Blk iii. Boys Hostel

Lagos State Junior and Senior Model College, Agbowa Ikosi

79,893,624.50

1,345,853.05

2 MONTHS 2%

22

43 Renovation of i. Senior Boys Hostel ii. Senior Girls Hostel iii. Junior Boys Hostel iv. Junior Girls Hostel v. Junior Classroom Block

Lagos State Model College, Badore 124,850,000.00

2,103,168.48

2 MONTHS 2%


Surulere Junior Secondary School, Oladipo Oladipo Crescent, Surulere

39,790,899.24 670,300.08

2 MONTHS 2%

45 Renovation of Six Traditional Classroom Block

Araromi Senior Secondary School, Sari-Iganmu, Apapa

15,424,418.70 259,833.01

2 MONTHS 2%

46 Renovation of Traditional Bungalow Classroom Block

Onitolo Community Junior High School, Onitolo Street, Surulere

15,400,418.70 259,428.71

2 MONTHS 2%

47 Renovation of Six Traditional Classroom Block

Araromi Junior Secondary School, Sari-Iganmu,Apapa

15,424,418.70 259,833.01

2 MONTHS 2%

48 Renovation of Traditional block United Christian Junior Secondary School, Liverpool, Apapa

17,850,421.45 300,700.39

2 MONTHS 2%

49 Renovation of Traditional block United Christian Senior Secondary School, Liverpool, Apapa

17,850,421.45 300,700.39

2 MONTHS 2%


Wesley Girls Snr. High school, Loco Yaba 24,201,335.50 407,685.11

2 MONTHS 2%

51 UPE 12- classroom block Fazil Omar Senior High School, Iwaya. 32,400,900.21 545,811.39 2 MONTHS 2%


Aguda Junior Grammar School, Aguda, Surulere

39,790,800.24 670,298.42

2 MONTHS 2%


Coker Junior Secondary School, Orile-Iganmu, Surulere

39,790,899.24 670,300.08

2 MONTHS 2%


Coker Senior Secondary School, Orile-Iganmu, Surulere

39,850,899.24 671,310.82

2 MONTHS 2%

55 Renovation of 6-classroom block+ Toilet + Office

Akintan Junior Grammar School, Ojuelegba

22,044,991.35 371,360.28

2 MONTHS 2%

56 Renovation of: i. Child guidance Center ii. Admin Block

Modupe Cole Memorial Home School, Akoka

69,964,703.94

1,178,594.79

2 MONTHS 2%

57 Renovation of Functional 6-Classroom Block

Mokoya Junior High School, Tolu, Ajegunle

17,500,974.83 294,813.77

2 MONTHS 2%

58 Renovation of Functional 6-Classroom Block

Expressway Junior high School, Tolu Ajegunle

14,524,604.80 244,675.14

2 MONTHS 2%


Imoye Senior High School, Mile 2 Schools Complex

39,790,899.24 670,300.08

2 MONTHS 2%

23

60 Renovation of Traditional block Dr. Lucas Memorial Junior Secondary School, Kirikiri

15,281,915.69 257,432.46

2 MONTHS 2%


Imoye Senior High, School, Mile 2 Schools Complex

39,790,900.00 670,300.09

2 MONTHS 2%


Amuwo Odofin Community Jnr. Secondary School, Mile 2 Schools Complex

39,790,899.24 670,300.08

2 MONTHS 2%

63 Renovation of Traditional block Dr Lucas Memorial Senior School, Kirikiri Town

15,407,535.47 259,548.60

2 MONTHS 2%


Army Cantonment Junior Secondary School, Ojo Army Barracks

35,500,167.53 598,020.29

2 MONTHS 2%

65 Renovation of Functional Classroom and Laboratory Block

Lagos State Jnr. Model College, Kankon Badagry

24,200,038.56 407,663.26

2 MONTHS 2%


Iworo Ajido Junior Model College, Ebute Olofin

38,471,741.05 648,078.12

2 MONTHS 2%


Iworo Ajido Senior Model College, Ebute Olofin

38,426,880.30 647,322.41

2 MONTHS 2%

68 Renovation of Traditional Block Lagos State Govt. Jnr. Sec. School, Ijanikin-Ojo

17,500,974.83 294,813.77

2 MONTHS 2%

69 Renovation of Traditional Block Egan Junior. High School, Egan Oromi, Ojo

17,533,974.83 295,369.67

2 MONTHS 2%

70 Renovation of Traditional Block Awori Junior College, Old Ojo Road 39,790,899.24 670,300.08 2 MONTHS 2%

71 Renovation of i. 2 Boys Hostels ii. Girls Hostel iii. Senior Classroom Block iv. Junior Classroom Block

Lagos State Junior and Senior Model College Kankon

154,750,000.00

2,606,850.80

2 MONTHS 2%

72 Renovation of i. Girls Hostel ii. Junior Boys Hostel iii. Classroom Block

Badagry Junior and Senior Grammar School, Badagry

75,942,335.99

1,279,291.37

2 MONTHS 2%

73 Renovation of Traditional Block Ojodu Junior Grammar School, Ojodu, Ikeja

14,522,619.65 244,641.70

2 MONTHS 2%

74 Renovation of Traditional block Oregun Junior High School, Oregun 23,376,008.36 393,782.01 2 MONTHS 2%

75 Renovation of Prototype Classroom Block

Ilupeju Junior Secondary School, Itire 39,790,899.24 670,300.08

2 MONTHS 2%

76 Functional Classroom Block Eko Boys Snr. High School, Mushin 24,300,120.10 409,349.19 2 MONTHS 2%

24


Eko Boys’ Jnr. High Sch. Mushin 39,790,899.24 670,300.08

2 MONTHS 2%


Oshodi Comprehensive Junior Secondary School, Bolade- Oshodi Isolo

39,800,000.00 670,453.39

2 MONTHS 2%


Central Snr. High School, Okota Oshodi-Isolo

35,457,244.24 597,297.22

2 MONTHS 2%


Ikeja Snr. Grammar School, Bolade-Oshodi

39,850,899.24 671,310.82

2 MONTHS 2%

81 Renovation of i. 17+1 office block ii. 17+1 Classroom Block

Central Primary School, Old Secretariat, Ikeja

24,981,964.97

420,835.25

2 MONTHS 2%

82 17+1 Classroom Block Keke Senior High School, Ifako 9,412,956.23 158,566.54 2 MONTHS 2%

83 17+1 Classroom Block Egan Junior High School, Egan Oromi 8,115,417.75 136,708.78 2 MONTHS 2%

84 Rehabilitation/Fencing/Roofing Works

Abesan Junior High School, Abesan 8,330,920.32 140,339.04

2 MONTHS 2%


Ijaiye Housing Estate Junior Secondary School, Ijaiye

3,831,635.18 64,546.05

2 MONTHS 2%


Oke Odo Senior Grammar School, Egan 9,427,583.76 158,812.95

2 MONTHS 2%

87 17+1 Classroom Block Yewa Senior High School, Ikorodu 8,045,037.00 135,523.18 2 MONTHS 2%

88 17+1 Classroom Block United Junior High School, Ikorodu 26,314,723.06 443,286.31 2 MONTHS 2%

89 Roofing work on Classroom block Angus Memorial Senior High School, Igbobi

11,045,457.00 186,066.94

2 MONTHS 2%

90 Roofing work on Classroom block Ifako Junior Secondary School, Ifako, Gbagada

11,095,569.25 186,911.11

2 MONTHS 2%


Ayedere Ajibola Junior High School, Ketu 6,133,104.15 103,315.59

2 MONTHS 2%


Comprehensive Junior High School, Ketu 888,495.08 14,967.20

2 MONTHS 2%


Ikosi Senior Hoigh School, Ikosi 2,980,969.98 50,216.12

2 MONTHS 2%

94 17+1 Classroom Block Bariga Junior Grammar School, Bariga 44,800,223.00 754,684.95 2 MONTHS 2%

95 Renovation of 17 + 1 St Lukes Junior Grammer School, Bariga. 44,798,448.56 754,655.06 2 MONTHS 2%

96 Roofing work Boys Junior and Senior Academy Sura, Lagos Island

27,124,451.24 456,926.64

2 MONTHS 2%


King Ado Junior and Senior high School, Jankara

2,533,576.25 42,679.52

2 MONTHS 2%

25


Isale Eko Juinior and Senior Grammar School, Oroyinyin

2,564,403.12 43,198.81

2 MONTHS 2%


Odo Obara Junior and Senior High School, Epe

9,428,970.04 158,836.30

2 MONTHS 2%

100 17+1 Classroom Block Ilado Community Senior/Junior School, Osborne, Ikoyi

44,090,000.00 742,720.85

2 MONTHS 2%

101 17+1 Classroom and block and Aiyetoro Senior Grammer School, Ebute Metta

18,839,791.61 317,366.89

2 MONTHS 2%

102 34+2 Classrooms block Lagos State City Senior College, Sabo-Yaba

16,630,577.00 280,151.43

2 MONTHS 2%

103 17+1 Classroom Block Surulere Junior Secondary School, Ladipo Labinjo, Surulere

8,307,799.50 139,949.56

2 MONTHS 2%

104 17+1 Classroom Block Wesley Senior Girls Secondary School, Yaba

8,309,231.70 139,973.68

2 MONTHS 2%

105 34+2 Classroom Block New Era Girls Junior Secondary School, Surulere

16,638,564.00 280,285.97

2 MONTHS 2%

106 17+1 Prototype Classroom Block Stadium Junior High School, Iyun Road, Surulere

8,306,962.13 139,935.45

2 MONTHS 2%


Sanya Junior Grammar School 228,892.41 3,855.82

2 MONTHS 2%

108 Construction of 150m wall fence on raft foundation

Ilogbo Junior High School, Ilogbo Ebute Metta

18,839,791.61 317,366.89

2 MONTHS 2%

109 Roofing Community Junior Grammar School, Femi Ayantuga, Surulere

8,306,382.65 139,925.69

2 MONTHS 2%

110 Roofing Community Senior High School, Tafawa Balewa Crescent, Surulere

16,650,577.00 280,488.33

2 MONTHS 2%

111 6 no Classrooms of Traditional Block

Dr. Lucas Memorial Junior Secondary School, Kirikiri

6,116,059.98 103,028.47

2 MONTHS 2%

112 17+1 Classroom Block Agboju Senior Secondary School, Agboju

8,302,371.00 139,858.11

2 MONTHS 2%

113 6 classrooms block Dr. Lucas Memorial Junior Secondary School, Kirikiri

8,315,976.90 140,087.31

2 MONTHS 2%

114 17+1 Classroom Block Awori Junior College, Ojo 6,125,417.25 103,186.10 2 MONTHS 2%

115 17+1 Classroom Block Amuwo-Odofin Junior Secondary School, Mile 2

8,300,288.50 139,823.03

2 MONTHS 2%

116 Block of 17+1 Classrooms Army Cantonment Girls Senior Secondary Schools, Ojo

8,335,258.00 140,412.11

2 MONTHS 2%

117 Block of 17+1 Classrooms Army Cantonment Junior Secondary Schools, Ojo

8,335,258.00 140,412.11

2 MONTHS 2%

26

118 Roofing work Ajangbadi Junior High School, Ajangbadi, ojo

8,312,250.50 140,024.53

2 MONTHS 2%


Mokoya senior High School, Tolu 8,332,105.08 140,359.00

2 MONTHS 2%


Temidire Senior High School, Ajegunle 1,997,329.15 33,646.13

2 MONTHS 2%


UnitySenior Secondary School, Ajegunle 6,133,074.43 103,315.09

2 MONTHS 2%


Alakoto Senior High School, Ajegunle 8,332,105.08 140,359.00

2 MONTHS 2%


Awodi Ora Senior Secondary School, Kirikiri

8,332,105.08 140,359.00

2 MONTHS 2%


Lagos State Government Senior Secondary School, Ojo

8,330,930.12 140,339.20

2 MONTHS 2%

125 Fence on Raft Foundation Awori Senior College, Old Ojo Road, Ojo 12,071,745.00 203,355.34 2 MONTHS 2%


Iba Housing Estate Senior Secondary School

8,330,920.32 140,339.04

2 MONTHS 2%


Ilogbo Elegba Senior Grammar School 8,330,930.12 140,339.20

2 MONTHS 2%


Temidire Junior High School, Tolu Complex

6,133,074.43 103,315.09

2 MONTHS 2%


Festac Girls Junmior Sdecondary School 6,132,209.65 103,300.52

2 MONTHS 2%


Ojo Junior High School, Ojo School Complex

8,330,930.12 140,339.20

2 MONTHS 2%


Amuwo Odofin Junior Secondary School 8,330,930.12 140,339.20

2 MONTHS 2%


Newland Junior Secondary School, Ajegunle

8,320,888.22 140,170.04

2 MONTHS 2%


Alakoto Senior High School, Ajegunle 8,320,888.22 140,170.04

2 MONTHS 2%


Ivory Junior Grammar School,Ajegunle 6,124,818.03 103,176.00

2 MONTHS 2%


Unity Junior Grammar School 6,124,818.03 103,176.00

2 MONTHS 2%


Ajangbadi Junior High School,Ojo 8,330,920.32 140,339.04

2 MONTHS 2%

137 Traditional Bungalow Block(2 nos) Iworo Ajido Senior Model College, Ebute Olofin

38,400,460.00 646,877.35

2 MONTHS 2%

27

138 17 + 1 Classroom Block Isasi Junior Grammer School, Isasi, 16,624,501.00 280,049.07 2 MONTHS 2%

139 Roofing Isasi Senior Grammer School, Isasi, Ojo 16,624,501.00 280,049.07 2 MONTHS 2%


Awodi Ora Junior Secondary School, Kirikiri, Ajegunle

8,325,288.50 140,244.17

2 MONTHS 2%


Ojoku Junior High School 8,325,288.50 140,244.17

2 MONTHS 2%

142 Renovation Army Cantonment Boys Junior Secondary School, Ojo Army Barracks

35,500,167.53 598,020.29

2 MONTHS 2%

143 Award for roofing work on 17+1 classroom blocks

Atunrase Junior High School, off Ishaga Road, Mushin.

8,309,231.70 139,973.68

2 MONTHS 2%

144 2 no 6 Classrooms blocks and Roofing work and Minor repairs of Adminstrative block

Ikeja Junior Grammar School, Bolade Oshodi

39,539,552.68 666,066.00

2 MONTHS 2%

145 6 classrooms block Isolo Junior Secondary School, Isolo 24,069,168.57 405,458.68 2 MONTHS 2%

146 6 classrooms block Isolo Senior Secondary School, Isolo 24,069,168.57 405,458.68 2 MONTHS 2%

147 17+1 Classroom Block Omole Senior Grammar School, Omole 41,003,046.00 690,719.37 2 MONTHS 2%

148 17+1 Classrooms Block Ilupeju Junior Secondary School, Itire 40,942,824.30 689,704.91 2 MONTHS 2%

149 17+1 classroom blocks Oshodi Senior High School, Adeyemi Street, Oshodi

39,033,760.03 657,545.64

2 MONTHS 2%


Oke Ira Senior Grammar School, Ogba 9,427,583.76 158,812.95

2 MONTHS 2%

151 Sandfilling of Premises Isolo Senior High School, Isolo 15,698,000.00 264,441.64 2 MONTHS 2%

152 Renovation of 17 + 1 Ikeja Senior Grammar School, Bolade Oshodi

39,850,899.24 671,310.82

2 MONTHS 2%


Girls Junior Academy 7,052,247.15 118,799.07

2 MONTHS 2%

154 Renovation/ Construction of Wall fence

Mulero Junior High School, Oyewole, Agege

37,712,033.33 635,280.42

2 MONTHS 2%


Olorunnisola Community Junior High School, Ayobo

8,364,996.87 140,913.08

2 MONTHS 2%


Alaso Community Junior High School, Amikanle

26,851,500.00 452,328.62

2 MONTHS 2%


Lagos State Civil Service Junior and Senior Model College, Igbogbo

26,800,023.13 451,461.47

2 MONTHS 2%


Oriwu Senior Model College, Ikorodu 97,135,347.13 1,636,299.56

2 MONTHS 2%


Kosofe Senior High School, Kosofe 19,000,761.18 320,078.51

2 MONTHS 2%

28


Kosofe Junior High School, Kosofe 48,042,213.11 809,298.10

2 MONTHS 2%


Kuramo Junior College, Maroko, Victoria Island

11,240,543.00 189,353.27

2 MONTHS 2%


Fazil-Omar Senior High school, Iwaya, Sabo Yaba

24,076,350.00 405,579.66

2 MONTHS 2%


Amuwo-Odofin Senior Community Secondary School, Dubar Hotel, Mile 2

43,593,434.00 734,355.92

2 MONTHS 2%


Iworo Ajido Senior Model College, Ebute Olofin

55,752,340.00 939,179.53

2 MONTHS 2%


L/S Government Senior Secondary School, Oto-Ijanikin

26,279,232.97 442,688.46

2 MONTHS 2%

166 Rainstorm & Fencing Egan Senior High School, Egan Oromi 85,727,224.22 1,444,123.31 2 MONTHS 2%

167 Rainstorm & Fencing Egan Junior High School, Egan Oromi (Rainstorm & Fencing)

8,115,417.75 136,708.78

2 MONTHS 2%

168 Rainstorm & Fencing Oregun Senior High School, Oregun 39,100,250.47 658,665.71 2 MONTHS 2%

169 Rainstorm & Fencing Bolade Senior High School, Bolade-Oshodi

10,930,000.00 184,122.00

2 MONTHS 2%

170 Rainstorm & Fencing Central Senior High School, Okota-Oshodi

37,859,355.00 637,762.13

2 MONTHS 2%

GRAND TOTAL 7,109,932,154.67 140,961,577.34

New Construction

S/N DESCRIPTION OF PROJECT LOCATION OF PROJECT PROJECT COST

AMOUNT TO BE FUNDED

FROM BOND PROCEEDS

DURATION % OF

BOND PROCEEDS

1 CONSTRUCTION OF OBSERVATION TOWER

LAGOS STATE JUNIOR MODEL COLLEGE, MEIRAN(1 NO)

6,323,254.00 298,252.56 30 WEEKS 5%


LAGOS STATE JUNIOR MODEL COLLEGE, IGBOKUTA(2 NOS)

12,646,508.00 596,505.12 30 WEEKS 5%


GOVERNMENT JUNIOR COLLEGE, IKORODU9(I NO)

6,323,254.00 298,252.56 30 WEEKS 5%


LAGOS STATE JUNIOR MODEL COLLEGE, AGBOWA-IKOSI(2 NOS)

12,646,508.00 596,505.12 30 WEEKS 5%

29


LAGOS STATE JUNIOR MODEL COLLEGE, BADORE(1 NO)

6,323,254.00 298,252.56 30 WEEKS 5%


LAGOS STATE JUNIOR MODEL COLLEGE, IGBONLA( 2 NOS)

12,646,508.00 596,505.12 30 WEEKS 5%


EPE JUNIOR GRAMMAR SCHOOL, EPE(1 NO) 6,323,254.00 298,252.56 30 WEEKS 5%


GOVERNMENT JUNIOR COLLEGE, KETU-EPE(1 NO)

6,323,254.00 298,252.56 30 WEEKS 5%


LAGOS STATE JUNIOR MODEL COLEGE, KANKON( 2 NOS)

12,646,508.00 596,505.12 30 WEEKS 5%


LAGOS STATE JUNIOR MODEL COLEGE, OJO(1 NO)

6,323,254.00 298,252.56 30 WEEKS 5%


BADAGRY JUNIOR GRAMMAR SCHOOL(1 NO) 6,323,254.00 298,252.56 30 WEEKS 5%

12 CONSTRUCTION OF DISTRICT HALL

CONSTRUCTION OF DISTRICT 1 MEETING HALLL IN AGEGE SCHOOL COMPLEX(PAD)

109,001,906.33 2,937,917.48 36 WEEKS 3%

13 CONSTRUCTION OF DISTRICT HALL

LAGOS STATE MINISTRY OF EDUCATION DISTRICT 5, AGBOJU SCH COMPLEX, AGBOJU(RAFT)

126,638,543.15 3,413,275.99 36 WEEKS 3%

14 CONSTRUCTION OF HOSTEL BLOCK(RAFT)

LAGOS STATE MODEL JUNIOR COLLEGE, MEIRAN

139,776,246.95 3,767,375.21 30 WEEKS 3%


LAGOS STATE MODEL COLLEGE OJO 139,776,246.95 3,767,375.21 30 WEEKS 3%


BADAGRY JUNIOR GRAMMAR SCHOOL 139,776,246.95 3,767,375.21 60 WEEKS 3%

17 CONSTRUCTION OF HOSTEL BLOCK(PAD)

LAGOS STATE MODEL COLLEGE AGBOWA IKOSI

120,113,060.23 3,237,395.30 60 WEEKS 3%

18 NEW CONSTRUCTION OF 18 CLASSROOM PROTOTYPE(RAFT)

GIRLS JUNIOR ACADEMY, LAGOS ISLAND 155,249,356.16 4,184,420.37 61 WEEKS 3%


ELEMORO COMMUNITY SECONDARY SCHOOL, IBEJU LEKKI

155,249,356.16 4,184,420.37 60 WEEKS 3%


ERIC MOORE JUNIOR SECONDARY SCHOOL, SURULERE

155,249,356.16 4,184,420.37 60 WEEKS 3%


RESERVATION JUNIOR SECONDARY SCHOOL 155,249,356.16 4,184,420.37 60 WEEKS 3%


IBA COMMUNITY JUNIOR SECONDARY SCHOOL, IBA

155,249,356.16 4,184,420.37 60 WEEKS 3%


FESTAC SENIOR GRAMMAR SCHOOL 155,249,356.16 4,184,420.37 60 WEEKS 3%

30


AJUMONI JUNIOR GRAMMAR SCHOOL 155,249,356.16 4,184,420.37 60 WEEKS 3%

25 CONSTR OF 18 CLASSROOM (PAD)

OJODU JUNIOR GRAMMAR SCHOOL, IKEJA 139,179,674.75 3,751,295.86 60 WEEKS 3%

26 CONSTR OF 6 CLASS/ RM IJU OBAWOLE JUNIOR GRAMMAR SCHOOL, IFAKO IJAIYE

52,682,668.50 2,484,913.71 20 WEEKS 5%

27 CONSTR OF 2 BLKS OF 6 CLASS /RMS EACH

AJEGUNLE HIGH SCHOOL, KOSOFE 224,688,687.30 6,056,011.72 30 WEEKS 3%

GRAND TOTAL 1,558,994,074.63 66,947,666.67

Rehabilitation Works


AMOUNT TO BE FUNDED FROM BOND PROCEEDS

DURATION % OF BOND PROCEEDS

1 RENOVATION OF 17+1 CLASSROOM PROTOTYPE BLOCK

DAIRY FARM SENIOR SECONDARY SCHOOL, AGEGE.

50,528,529.99 2,383,308.23 10 WEEKS 5%


MULERO JUNIOR HIGH SCHOOL, AGEGE. 50,528,529.99 2,383,308.23 10 WEEKS 5%

3 RENOVATION OF 17+1 CLASSROOMS PROROTYPE BLOCK

STATE SENIOR HIGH SCHOOL, OYEWOLE, AGEGE.

50,528,529.99 2,383,308.23 10 WEEKS 5%

4 RENOVATION OF 17+1 CLASSROOMS PROROTYPE BLOCK A & B

STATE SENIOR HIGH SCHOOL, OYEWOLE, AGEGE.

100,327,694.28 4,732,214.04 10 WEEKS 5%


IJU SENIOR GRAMMAR SCHOOL 50,528,529.99 2,383,308.23 10 WEEKS 5%

6 RENOVATION OF 17+1 CLASSROOMS PROROTYPE BLOCK

VETLAND SENIOR GRAMMAR SCHOOL 50,528,529.99 2,383,308.23 10 WEEKS 5%

7 RENOVATION OF 17+1 CLASSROOMS

OKE-IRA JUNIOR GRAMMAR SCHOOL, 50,528,529.99 2,383,308.23 10 WEEKS 5%


IRE-AKARI JUNIOR GRAMMAR SCHOOL, OKOTA

50,528,529.99 2,383,308.23 10 WEEKS 5%

31


IJAIYE OJOKORO SENIOR COLLEGE 50,528,529.99 2,383,308.23 10 WEEKS 5%

10 RENOVATION OF 12 + 1 CLASSROOM BLOCK

IKOTUN JUNIOR HIGH SCHOOL 23,436,740.25 1,105,454.20 10 WEEKS 5%

11 RENOVATION OF 12 CLASSROOM BLOCK

IJAIYE HOUSING ESTATE SENIOR GRAMMAR SCHOOL

39,237,605.22 1,850,742.69 10 WEEKS 5%

12 RENOVATION OF 4 NO. 7 CLASSROOM BLOCKS.

VETLAND JUNIOR GRAMMAR SCHOOL 111,240,325.68 5,246,936.40 10 WEEKS 5%

13 RENOVATION OF 8 CLASSROOM BLOCK.

COMPREHENSIVE JNR COLLEGE OYEWOLE, AGEGE

28,053,971.22 1,323,237.79 10 WEEKS 5%

14 RENOVATION OF 6 NO CLASSROOM BLOCK

JAKANDE ESTATE SENIOR COLLEGE 16,273,380.64 767,575.90 10 WEEKS 5%


EGAN SENIOR GRAMMAR SCHOOL 15,125,452.65 713,430.92 10 WEEKS 5%


SHASHA COMMUNITY HIGH SCHOOL 16,454,326.35 776,110.68 10 WEEKS 5%

17 RENOVATION FOR 6 CLASSROOM

FAGBA JUNIOR GRAMMAR SCHOOL 21,875,969.92 1,031,836.45 10 WEEKS 5%

18 RENOVATION OF 6 CLASSROOM

COMMUNITY SENIOR GRAMMAR SCHOOL 21,837,758.56 1,030,034.11 10 WEEKS 5%

19 RENOVATION OF 6 CLASSROOM

IPAJA JUNIOR COLLEGE, AYOBO / IPAJA ALIMOSHO

21,837,758.56 1,030,034.11 10 WEEKS 5%

20 RENOVATION OF 6 CLASSROOM BLOCK 2

IPAJA COMMUNITY SENIOR GRAMMAR SCHOOL,

21,837,758.56 1,030,034.11 10 WEEKS 5%

21 RENOVATION OF 5 CLASSROOMS

IJAIYE OJOKORO JUNIOR HIGH SCHOOL 19,107,500.26 901,254.45 10 WEEKS 5%


IJAIYE HOUSING ESTATE SENIOR GRAMMAR SCHOOL

19,107,500.26 901,254.45 10 WEEKS 5%

23 RENOVATION FOR 5 CLASSROOM

IJAIYE OJOKORO JUNIOR COLLEGE 19,145,711.62 903,056.79 10 WEEKS 5%


IGANDO JUNIOR GRAMMAR BLOCK B 18,014,124.98 849,682.59 10 WEEKS 5%


COMMUNITY JUNIOR GRAMMAR SCHOOL 20,020,115.82 944,300.31 10 WEEKS 5%

26 RENOVATION OF 4 CLASSROOM FUNCT. BLOCK

GIRLS JUNIOR HIGH SCHOOL 18,743,559.76 884,088.26 10 WEEKS 5%

27 RENOVATION OF 3 NO CLASSROOM BLOCK /OFFICE

KADARA JUNIOR GRAMMAR SCHOOL 7,975,367.40 376,178.74 10 WEEKS 5%

32

28 RENOVATION OF DINNING HALL

IJAIYE OJOKORO JUNIOR HIGH SCHOOL 25,372,222.92 1,196,746.23 10 WEEKS 5%

29 RENOVATION OF DINNING HALL

IJAIYE OJOKORO SENIOR COLLEGE 25,372,222.92 1,196,746.23 10 WEEKS 5%

30 RENOVATION OF LABORATORY BLOCK

EKO JUNIOR GRAMMAR SCHOOL, ISOLO, OKOTA

39,200,969.92 1,849,014.69 10 WEEKS 5%

31 RENOVATION OF 17+1 CLASSROOM BLOCK

SOMOLU SENIOR HIGH SCHOOL 50,528,530.99 2,383,308.28 20 WEEKS 5%

32 6 CLASSROM + LABORATORY BLOCK

IKORODU SENIOR HIGH SCHOOL 57,487,585.27 2,711,549.99 10 WEEKS 5%

33 RENOVATION OF 2 NOS 6 CLASSROOM BLOCK

LUWESA SENIOR HIGH SCHOOL 39,237,605.22 1,850,742.69 20 WEEKS 5%

34 RENOVATION OF 2 NOS 6 CLASSROOM BLOCK

OJOTA JUNIOR SECONDARY SCHOOL 39,237,605.22 1,850,742.69 20 WEEKS 5%


COMPREHENSIVE JUNIOR HIGH SCHOOL, ALAPERE

50,528,528.99 2,383,308.18 20 WEEKS 5%

36 RENOVATION OF 2NO 3 CLASSROOM (FUNCTIONAL)

MAJIDUN JUNIOR GRAMMAR SCHOOL 22,401,780.26 1,056,637.65 10 WEEKS 5%


SOMOLU SENIOR HIGH SCHOOL 50,528,530.99 2,383,308.28 11 WEEKS 5%

38 GENERAL REHABILITATION OF 8NO CLASSROOMS

LAGOS STATE MODEL COLLEGE, KETU-EPE 28,899,260.78 1,363,108.05 10 WEEKS 5%

39 GENERAL REHABILITATION OF 6 NO CLASSROOMS

ORIMEDU SENIOR HIOGH SCHOOL 19,618,802.61 925,371.34 10 WEEKS 5%

40 RENOVATION OF BLOCK OF 6 CLASSROOM

COMMUNITY SENIOR HIGH SCHOOL, AKODO OROFUN

19,618,802.61 925,371.34 10 WEEKS 5%

41 GENERAL REHABILITATION OF SCHOOLS DINNING HALL

ODO-OBARA SENIOR SCHOOL, EPE 35,568,342.00 1,677,672.44 10 WEEKS 5%

42 INSTALLATION OF CEILING IN DINNING HALL

LAGOS STATE MODEL COLLEGE, IGBONLA 10,047,074.00 473,896.12 10 WEEKS 5%

43 GENERAL REHABILITATION OF SENIOR GIRLS HOSTEL AND STAFF QUATERS

LAGOS STATE MODEL COLLEGE, BADORE LEKKI

39,485,342.50 1,862,427.85 10 WEEKS 5%


ITOLO GIRLS SENIOR SECONDARY SCHOOL, SURULERE

50,528,529.99 2,383,308.23 10 WEEKS 5%

45 RENOVATION OF L-SHAPE 18 CLASSROOM BLOCK

ANSARU DEEN JUNIOR HIGH SCHOOL, FALOLU,

52,723,952.82 2,486,861.00 10 WEEKS 5%

33

46 GENERAL REHABILITATION OF 12+1 CLASSROOM BLOCK

ONITOLO COMMUNITY SENIOR HIGH SCHOOL, SURULERE

39,275,816.58 1,852,545.02 10 WEEKS 5%


BIRREL AVENUE SENIOR HIGH SCHOOL, SABO, YABA

23,436,740.25 1,105,454.20 10 WEEKS 5%

48 RENOVATION FOR 3 NO. 6 CLASSROOM


65,627,909.76 3,095,509.35 10 WEEKS 5%


ARAROMI SENIOR SECONGARY, SARI-IGANMU.

21,875,969.92 1,031,836.45 10 WEEKS 5%

50 RENOVATION OF 6 CLASSROOMS

STATE JUNIOR GRAMMAR SCHOOL, ITOLO, SURULERE

21,875,969.92 1,031,836.45 10 WEEKS 5%

51 RENOVATION OF 5 CLASSROOMS PROROTYPE BLOCK

SARI-IGANMU JUNIOR HIGH SCHOOL 19,107,500.26 901,254.45 10 WEEKS 5%

52 RENOVATION OF 4 CLASSROOMS PROROTYPE BLOCK

ARAROMI JUNIOR SECONDARY SCHOOL, SARI-IGANMU

18,781,771.12 885,890.60 10 WEEKS 5%

53 RENOVATION OF 3 CLASSROOMS BLOCK

OBELE COMMUNITY JUNIOR HIGH SCHOOL 18,169,228.42 856,998.45 10 WEEKS 5%

54 RENOVATION OF LABORATORY BLOCK


33,425,969.92 1,576,621.94 10 WEEKS 5%

55 RENOVATION OF SCHOOL HALL


44,993,525.92 2,122,235.51 10 WEEKS 5%

56 RENOVATION FOR ADMIN BLOCK


20,148,500.00 950,355.89 10 WEEKS 5%

57 RENOVATION OF ADMIN BLOCK

STATE JUNIOR GRAMMAR SCHOOL, ITOLO, SURULERE

20,148,500.00 950,355.89 10 WEEKS 5%

58 RENOVATION OF TRADITIONAL BLOCK

BIRREL AVENUE SENIOR HIGH SCHOOL, SABO, YABA

17,533,974.83 827,035.07 10 WEEKS 5%


OSHODI JUNIOR HIGH SCHOOL, TOLU COMPLEX

50,528,529.99 2,383,308.23 10 WEEKS 5%


ODOFIN SENIOR HIGH SCHOO 101,057,059.98 4,766,616.45 10 WEEKS 5%


STATE JUNIOR HIGH SCHOOL, IBEREKO 50,528,529.99 2,383,308.23 10 WEEKS 5%


FESTAC GIRLS GRAMMAR SCHOOL 50,528,531.99 2,383,308.32 10 WEEKS 5%


COMMUNITY JUNIOR SECONDARY SCHOOL 50,528,529.99 2,383,308.23 10 WEEKS 5%

34

64 RENOVATION OF 17+1 CLASSROOMS (DIFFERENT DESIGN)

FESTAC SENIOR GRAMMAR SCHOOL 55,350,326.46 2,610,740.67 10 WEEKS 5%


ARAROMI ILOGBO JNR SWCONDARY SCHOOL, OKO AFO

50,528,529.99 2,383,308.23 10 WEEKS 5%


COMMUNITY SENIOR HIGH SCHOOL, MARYLAND, IKEJA

21,875,969.92 1,031,836.45 10 WEEKS 5%



21,875,969.92 1,031,836.45 10 WEEKS 5%

68 RENOVATION OF 6 CLASSROOM AND ADMIN BLOCK

OJODU JUNIOR GRAMMAR SCHOOL, IKEJA 40,657,741.05 1,917,727.05 10 WEEKS 5%

69 RENOVATION OF SCHOOL HALL AND 6 CLASSROOM BLOCK

IDI-ARABA SENIOR HIGH SCHOOL 45,033,989.84 2,124,144.09 10 WEEKS 5%

70 RENOVATION FOR 5 NO 6 CLASSROOM

ODUDUWA, JUNIOR SECONDARY SCHOOL, MUSHIN.

109,379,849.60 5,159,182.26 10 WEEKS 5%

71 RENOVATION OF EXTRA LARGE 4 CLASSROOM BLOCK 1

OMOLE SENIOR GRAMMAR SCHOOL, IKEJA 26,495,969.92 1,249,750.65 10 WEEKS 5%

72 RENOVATION OF EXTRA LARGE 4 CLASSROOM BLOCK 2

OMOLE SENIOR GRAMMAR SCHOOL, IKEJA 26,495,969.92 1,249,750.65 10 WEEKS 5%

73 RENOVATION OF 3 CLASSROOM (FUNCTIONAL)

IKEJA SENIOR HIGH SCHOOL, IKEJA 18,169,228.42 856,998.45 10 WEEKS 5%

74 RENOVATION FOR 1NO. 2 CLASSROOM

ODUDUWA, JUNIOR SECONDARY SCHOOL, MUSHIN.

10,087,566.46 475,806.05 10 WEEKS 5%

75 CONVERTION OF 2 NO CLASSRM TO SCHOOL HALL

STATE SENIOR HIGH SCHOOL, IKEJA 14,087,566.49 664,476.35 10 WEEKS 5%

76 RENOVATION OF ADMIN BLOCK

ARMY CHILDREN JUNIOR HIGH SCHOOL, IKEJA

31,714,190.62 1,495,881.46 10 WEEKS 5%


OMOLE JUNIOR GRAMMAR SCHOOL, IKEJA 30,006,756.78 1,415,345.95 10 WEEKS 5%

78 RENOVATION OF MILLENIUM BUILDING

BABS FAFUNWA MILLENIUM SENIOR SECONDARY SCHOOL & BABS FAFUNWA SENIOR GRAMMAR SCHOOL, OJODU

121,547,117.42 5,733,082.77 10 WEEKS 5%



30,006,756.78 1,415,345.95 10 WEEKS 5%

35

GRAND TOTAL 2,801,772,443.29 138,727,036.34

Completion Works

S/N DESCRIPTION OF PROJECT LOCATION OF PROJECT PROJECT

COST



1 COMPLETION OF 17+1 CLASSROOM PROTOTYPE BLOCK

EVA ADELAJA MEMORIAL SENIOR SCHOOL

142,000,000.00 5,740,967.70 20 WEEKS 4%


IKORODU SENIOR HIGH SCHOOL 139,000,000.00 5,619,679.65 20 WEEKS 4%


ST PATRICK GRAMMAR SCHOOL, EPE 139,000,000.00 5,619,679.65 20 WEEKS 4%


APAPA SENIOR HIGH SCHOOL, RANDLE

139,000,000.00 4,214,759.74 20 WEEKS 3%

5 COMPLETION OF 36 CLASSROOM BLOCK IGBO OWU JUNIOR SECONDARY SCHOOL, OLU AINA, MUSHIN

541,059,457.00 23,697,572.33 20 WEEKS 4%

6 COMPLETION OF BOYS HOSTEL LAGOS STATE MODEL COLLEGE, IGBONLA

46,051,497.36 2,172,137.46 21 WEEKS 5%

GRAND TOTAL 987,030,301.85 47,064,796.53

Fencing


AMOUNT TO BE FUNDED FROM

BOND PROCEEDS


1 NEW CONSTRUCTION OF FENCE WALL - 100M (STRIP & PAD)

IGANDO COMMUNITY SENIOR HIGH SCHOOL

7,001,032.50 330,221.72 4 WEEKS 5%

2 NEW CONSTRUCTION OF FENCE WALL - 120M (RAFT)

OKE-ODO JUNIOR HIGH SCHOOL, ALIMOSHO

20,315,867.28 958,250.19 10 WEEKS 5%


IJU OBAWOLE JUNIOR GRAMMAR SCHOOL, IFAKO IJAIYE

17,279,886.40 815,050.34 10 WEEKS 5%

36


KEME BALOGUN SENIOR COLLEGE, IBESHE

96,642,887.95 4,558,410.67 30 WEEKS 5%


LUWESA JUNIOR AND SENIOR HIGH SCHOOL

118,502,588.80 5,589,479.75 50 WEEKS 5%


OFIN-ILE COMMUNITY JUNIOR SECONDARY SCHOOL, OFFIN

51,092,047.63 2,409,887.99 15 WEEKS 5%


ZUMRATU ISLAMIYAH GRAMMAR SCHOOL

6,386,505.95 301,236.00 4 WEEKS 5%


GOVERNMENT TECHNICAL COLLEGE, IKORODU

20,315,867.28 958,250.19 10 WEEKS 5%

9 NEW CONSTRUCTION OF FENCE WALL - 40M (RAFT) AND DRAINAGE OF 130M

AGBEDE JUNIOR GRAMMAR SCHOOL, IKORODU

17,395,347.26 820,496.35 4 WEEKS 5%


ODOGUNYAN JUNIOR GRAMMAR SCHOOL

20,315,867.28 958,250.19 10 WEEKS 5%


OJOTA JUNIOR SECONDARY SCHOOL 39,170,569.85 1,847,580.79 20 WEEKS 5%


AGBOWA COMMUNITY GRAMMAR SCHOOL

115,051,057.09 5,426,679.37 50 WEEKS 5%


AJEBO HIGH SCHOOL, EPE 138,061,268.51 6,512,015.24 60 WEEKS 5%


IGBOOYE COMMUNITY HIGH SCHOOL, EPE

51,092,047.63 2,409,887.99 30 WEEKS 5%


OGOMBO JUNIOR HIGH SCHOOL 51,092,047.63 2,409,887.99 30 WEEKS 5%


ELEMORO COMMUNITY SECONDARY SCHOOL, IBEJU LEKKI

117,121,976.12 5,524,359.59 30 WEEKS 5%


MAGBON ALADE COMMUNITY GRAMMAR SCHOOL

51,092,047.63 2,409,887.99 20 WEEKS 5%


IWEREKUN COMMUNITY SENIOR HIGH SCHOOL

25,546,023.82 1,204,943.99 10 WEEKS 5%


BOYS ACADEMY JUNIOR AND SENIOR 12,655,616.28 596,934.73 4 WEEKS 5%


OKESUNA HIGH SCHOOL 46,020,422.83 2,170,671.74 15 WEEKS 5%

21 RENOVATION OF EXISTING LONG PERIMETER FENCE - 260M

APAPA JUNIOR HIGH SCHOOL 4,726,040.79 222,915.88 10 WEEKS 5%

22 NEW CONSTRUCTION OF FENCE WALL - 120M (RAFT) & RENOVATION

APAPA SENIOR HIGH SCHOOL 25,885,788.39 1,220,969.86 10 WEEKS 5%

37

OF EXISTING LONG PERIMETER FENCE - 133M

23 RENOVATION OF EXISTING 240M LONG PERIMETER FENCE

IGANMU JUNIOR HIGH SCHOOL 4,234,534.37 199,732.72 10 WEEKS 5%

24 RENOVATION OF GATE HOUSE IGANMU JUNIOR HIGH SCHOOL 1,155,000.00 54,478.55 10 WEEKS 5%


ELETU-ADIBO HIGH SCHOOL 5,692,746.68 268,513.06 5 WEEKS 5%

26 NEW CONSTRUCTION OF FENCE WALL - 170M (STRIP & PAD)

OKE-ODO JUNIOR HIGH SCHOOL, EBUTE METTA

11,737,133.10 553,612.11 5 WEEKS 5%

27 RENOVATION OF EXISTING 350M LONG FENCE

IJESHATEDO JUNIOR SECONDARY SCHOOL, SANYA, SURULERE

33,550,150.83 1,582,479.25 10 WEEKS 5%


ITOLO GIRLS SENIOR SECONDARY SCHOOL, SURULERE

4,353,276.87 205,333.51 5 WEEKS 5%


AKINTAN JUNIOR GRAMMAR SCHOOL, SURULERE

2,924,388.17 137,936.30 10 WEEKS 5%

30 DEMOLITION / CONSTRUCTION OF 576M FENCE (RAFT)


46,961,903.25 2,215,079.10 20 WEEKS 5%

31 PAINTING ONLY ON 180M LONG & COPING, PLASTERING & PAINTING ON 300M LONG EXISTING FENCE

ATUNRASE SENIOR HIGH SCHOOL, SURULERE, OFF ISHAGA ROAD

3,675,343.61 173,357.04 20 WEEKS 5%

32 DEMOLITION / CONSTRUCTION OF 420M FENCE (RAFT)

LAGOS PROGRESSIVE JUNIOR HIGH SCHOOL, SURULERE

38,279,129.99 1,805,533.73 15 WEEKS 5%

33 120M LONG NEW FENCE WORK ON RAFT FOUNDATION & COPING, PLASTERING & PAINTING 133M LONG EXISTING FENCE

RANDLE SENIOR HIGH SCHOOL 25,885,788.39 1,220,969.86 4 WEEKS 5%


SANYA JUNIOR GRAMMAR SCHOOL, SANYA, ITIRE

36,425,878.04 1,718,120.34 15 WEEKS 5%


NEWLAND SENIOR SECONDARY SCHOOL, TOLU

20,315,867.28 958,250.19 5 WEEKS 5%


AWORI AJEROMI GRAMMAR SCHOOL, AGBOJU

51,092,047.63 2,409,887.99 20 WEEKS 5%


IGBOLOGUN SENIOR AND JUNIOR SECONDARY SCHOOL

93,966,704.09 4,432,181.56 10 WEEKS 5%


IVORY JUNIOR AND SENIOR SECONDARY SCHOOL, IBESHE AMUWO-ODOFIN

50,820,657.81 2,397,087.19 25 WEEKS 5%

38

39 NEW CONSTRUCTION OF FENCE WALL - 756.4M (RAFT AND SHORT PILE)

UNITY SENIOR AND JUNIOR SECONDARY SCHOOL

80,280,309.00 3,786,627.50 25 WEEKS 5%


OSOLU SENIOR AND JUNIOR SECONDARY SCHOOL

116,776,000.69 5,508,040.77 50 WEEKS 5%


SITO GBETROME SNR/JNR SCHOOL 183,182,606.94 8,640,279.35 50 WEEKS 5%


COMMUNITY JUNIOR HIGH SCHOOL, MARYLAND, IKEJA

11,762,303.49 554,799.33 4 WEEKS 5%

GRAND TOTAL 1,294,975,214.81 88,478,568.01

Demolition and Sand Filling

S/N DESCRIPTION OF PROJECT PROJECT LOCATION PROJECT

COST


DURATION

PORTION OF PROJECT

COST TO BE FUNDED

1 DEMOLITION AND SANDFILLING ZUMRATU ISLAMIYAH GRAMMAR SCHOOL

2,500,000.00 117,918.94 1 WEEK 5%

2 DEMOLITION ODO-OBARA SENIOR SCHOOL, EPE 1,500,000.00 70,751.36 1 WEEK 5%

3 DEMOLITION OF 3NO. 6 CLASSROOM DILAPIDATED STRUCTURE

EKO JUNIOR GRAMMAR SCHOOL, ISOLO, OKOTA

6,000,000.00 283,005.45 1 WEEK 5%

4 SANDFILLING OF PREMISES COMMUNITY SENIOR HIGH SCHOOL, MARYLAND, IKEJA

2,000,000.00 94,335.15 1 WEEK 5%

5 SANDFILLING OF PREMISES SANYA JUNIOR GRAMMAR SCHOOL, SANYA, ITIRE

2,000,000.00 94,335.15 1 WEEK 5%

6 SANDFILLING & CONCRETE PAVEMENT OF PREMISES


14,553,000.00 686,429.72 2 WEEKS 5%

7 DRAINAGE, SANDFILLING & CONCRETE PAVEMENT OF PREMISES

COMMUNITY JUNIOR HIGH SCHOOL, MARYLAND, IKEJA

27,951,000.00 1,318,380.89 2 WEEKS 5%

GRAND TOTAL 56,504,000.00 2,665,156.66

39

SCHEDULE II – INTEREST AND PRINCIPAL AMORTISATION PAYMENT SCHEDULE

Period Bond Obligation

Repayment Dates

Principal Obligation

(N’000)

Semi-annual Interest

Payment (N’000)

Principal Repayment

(N’000)

Principal Obligation

Outstanding (N’000)

Payment 1 Feb-18 6,911,000.00 89,843.00 0 6,911,000.00

Payment 2 Aug-18 6,911,000.00 539,058.00 0 6,911,000.00

Payment 3 Feb-19 6,911,000.00 539,058.00 0 6,911,000.00

Payment 4 Aug-19 6,911,000.00 539,058.00 0 6,911,000.00

Payment 5 Feb-20 6,911,000.00 539,058.00 0 6,911,000.00

Payment 6 Aug-20 6,911,000.00 539,058.00 0 6,911,000.00

Payment 7 Feb-21 6,911,000.00 539,058.00 654,445.91 6,256,554.09

Payment 8 Aug-21 6,256,554.09 488,011.22 705,492.70 5,551,061.39

Payment 9 Feb-22 5,551,061.39 432,982.79 760,521.13 4,790,540.26

Payment 10 Aug-22 4,790,540.26 373,662.14 819,841.77 3,970,698.49

Payment 11 Feb-23 3,970,698.49 309,714.48 883,789.43 3,086,909.06

Payment 12 Aug-23 3,086,909.06 240,778.91 952,725.01 2,134,184.05

Payment 13 Feb-24 2,134,184.05 166,466.36 1,027,037.56 1,107,146.49

Payment 14 Aug-24 1,107,146.49 86,357.43 1,107,146.49 (0.00)

The table above indicates the semi-annual payments due to Bondholders during the tenor of the issue, reflecting the coupon of 15.60% per annum. During the moratorium period, coupon payments of N539,058.00 will be made semi-annually on each Coupon Payment Date. Following the expiration of the thirty-one (31) month Principal Moratorium Period, the sum of N1,193,503.91 representing both the amortized Principal and accruing interest - will be paid semi-annually on each Coupon Payment Date. The Issuer will appropriate the sum of N 146,598,357.34 from the sum of N2,121,232,200 from the CDSA, immediately upon the issuance of the Series II Bonds for purposes of the repayment of the interest obligations under the Series II Tranche III Bonds. In addition, Lagos State has obtained an ISPO in the sum of N1 billion for purposes of servicing the interest and principal repayment obligations under the Bond. The ISPO will be effective from December 2020. The amount appropriated from the CDSA shall be reduced to N1,121,232,200 from December 2020 upon the ISPO becoming effective. Thus, the total monthly appropriation into the Sinking Fund will be N2,121,232,200 (from CDSA and ISPO).

40

APPENDIX I: EXTRACT FROM RATINGS REPORT – AGUSTO & CO.

41

APPENDIX I: EXTRACT FROM RATINGS REPORT – GCR

42

APPENDIX II: EXTRACT OF THE SERIES II TRANCHE III TRUST DEED

2. FORM OF BONDS 2.1 Amount, Tenor and Status 2.1.1 Series II Tranche III Amount: The Aggregate Principal Amount of Bonds for this Series II Tranche III is

N6,911,000,000.00 (Six Billion, Nine Hundred and Eleven Million Naira) comprising 6,911,000 (Six Million, Nine Hundred and Eleven Thousand) Bonds issued at the Par Value.

2.1.2 Type of Bonds: Fixed Rate Bonds. 2.1.3 Status of Bonds: The Bonds constitute senior and direct obligations of the State. The Bonds are not

guaranteed by the Federal Government of Nigeria. The Series II Tranche III Bonds qualify as securities in which the joint trustees and pension fund administrators may invest under the Trustees Investment Act Cap T22 LFN 2004 and the Pension Reform Act Cap 2014 respectively.

2.1.4 Minimum Subscription: The minimum subscription amount for the Bonds is N10,000,000.00 (Ten

Million Naira) and multiples of N5,000,000.00 (Five Million Naira) thereafter.

2.1.5 Tenor: 6𝟕

𝟏𝟐 years.

2.1.6 Tax Considerations: The Bonds are exempt from taxation in Nigeria in accordance with the

Companies Income Tax (Exemption of Bonds and Short Term Government Securities) Order 2011, the VAT (Exemption of Proceeds of the Disposal of Government and Corporate Securities) Order 2011 and the Personal Income Tax (Amendment) Act 2011. The Companies Income Tax and VAT Orders became effective on January 2, 2012 and are valid for a period of ten (10) years therefrom. The exemption under Personal Income Tax is indefinite. Accordingly, all payments made to Bondholders shall be free and clear of withholding or other deductions, in respect of State Governments and Federal Government Income taxes as provided by the relevant Orders and Amendments. The Exemption Orders are due to expire on January 2, 2022 and it may be the case that withholding tax, or other State or Federal income tax are deducted at source from payments made to the Bondholders.

2.2 Coupon 2.2.1 Coupon shall be payable semi-annually in arrears in equal payments on each Coupon Payment Date

up to and including the Maturity Date. 2.2.2 The coupon payable on the Series II Tranche III Bonds shall be 15.60% per annum. 2.2.3 The Joint Trustees shall apply the monies in the Series II Tranche III Sinking Fund for coupon

payments to the Bondholders on the Coupon Payment Dates by transferring same to the Registrar. Payment of the principal and coupon shall be made through the offices of the Registrar.

2.3 Scheduled Redemption

The Aggregate Principal Amount and any coupon (accrued up to and unpaid (if any) shall be amortised over the life of the Series II Tranche III Bonds commencing after the third anniversary of issuance of the Series II Tranche III Bonds in accordance with Schedule 3 hereof.

2.4 Early Redemption and Prepayment (Call Option) 2.4.1 Early Redemption


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a. Notwithstanding the provisions of Clause 2.3 above, the Issuer may, on any Coupon Payment Date following the 3rd (third) anniversary of the Issue Date of the Series II Tranche III Bonds, where it gives not less than 30 days irrevocable notice to the Series II Tranche III Bondholders, prepay in whole or in part, all outstanding obligation under the Bonds PROVIDED however that such prepayment shall fall on a Coupon Payment Date.

b. An early redemption exercise must relate to Bonds of a nominal amount at least equal to the

Minimum Subscription Amount to be specified in the notice. All Bonds in respect of which any such notice (specified in clause 2.4.1) is given shall be redeemed on the date specified in such notice in accordance with this Clause 2.4.

c. In the case of a partial redemption, the Bonds that are to be redeemed will be computed on a

pro-rata basis of all the Bonds outstanding.

d. Prior to the publication of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Joint Trustees a resolution by the State’s Executive Council stating that the requirement referred to in (a) above will apply on the next Coupon Payment Date.

2.5 Delivery of Certificates

Where Bond Certificates have been issued, at least seven (7) days before the Maturity Date, each Bondholder shall be bound to deliver to the Registrar the certificate(s) for the Series II Tranche III Bonds being redeemed and upon such delivery the Registrar shall pay to such Bondholder the amount payable to him in respect of such redemption together with the coupon accrued thereon.

2.6 Utilisation of Bond Proceeds 2.6.1 The Issuer shall apply the net proceeds of the Series II Tranche III Bonds to finance the Projects set

out in the Pricing Supplement. 2.6.2 The Joint Trustees shall not be bound to enquire as to the application by the Issuer of the proceeds

of the Series II Tranche III Bonds, nor shall it be responsible for such application, or for the consequence of such application.

2.7 Creation of Series II Tranche III Sinking Fund 2.7.1 The Issuer hereby establishes a Series II Tranche III Sinking Fund, to be held by the Joint Trustees.

The amount standing to the credit of the Series II Sinking Fund from time to time shall be applied to meet the obligations of the Issuer as follows:

(i) Coupon payments; (ii) Semi-annual Principal payment commencing upon the expiry of the Principal Moratorium

period and/or early redemption prepayments; (iii) Joint Trustees’ fees and Expenses; (iv) Annual ratings agencies’ fees; and (v) Any excess left over at the end of the Programme and after due discharge of all the Issuer’s

obligations aforesaid shall be paid over to the Issuer. 2.7.2 The Issuer shall credit the sum of N146,598,357.34, from the sum of N2,121,232,200 into the Series

II Tranche III Sinking Fund on a monthly basis from the CDSA for the purpose of payment of the principal, coupon, Joint Trustees’ fees and expenses including other monies (if any) due and payable by the Issuer in respect of the Series II Tranche I Bonds.

2.7.3 In addition to clause 2.7.2 above, commencing December 2020, the sum of N69,110,000.00 from the

sum of N1,000,000,000 shall be credited into the Series II Tranche III Sinking Fund on a monthly basis in accordance with the ISPO issued by the Issuer and duly approved by the Honourable Minister of Finance by the letter dated June 13, 2017.


44

2.7.4 Further to Clause 2.7.3 above, the amount appropriated from the CDSA shall be reduced to

N1,121,232,200 from December 2020 upon the ISPO becoming effective. Thus, the total monthly appropriation into the Sinking Fund will be N2,121,232,200 (from CDSA and ISPO).

2.8 Listing

The Series II Tranche III Bonds shall upon issue, be admitted to the Daily Official List (Bonds) of the Nigerian Stock Exchange and/or the FMDQ-OTC and such quotation shall be maintained until the Maturity Date.

2.9 Trading and Settlement

The Series II Tranche III Bonds shall be traded on the secondary market and settled through the CSCS. 3. REPRESENTATIONS AND UNDERTAKINGS 3.1 Representations and Warranties of the Issuer 3.1.1 The Issuer hereby certifies that neither the execution of the Programme Trust Deed or this Deed nor

the creation of the charge hereunder contravenes the provisions of any laws of the State. 3.1.2 The Issuer also warrants that no amalgamation, reconstruction or other change in the status of the

State shall be interpreted to avoid obligations herein imposed on the Issuer, and in the event of any change in the status of the State, the successor(s)-in-title of the State shall be held and deemed responsible for the performance of the obligations imposed hereunder.

3.1.3 The Issuer represents and warrants to the Joint Trustees and Bondholders that each of the

representations and warranties set out in Clause 16 of the Programme Trust Deed is valid and of effect as at the date of this Deed.

3.2 Undertakings of the Issuer 3.2.1 The Issuer undertakes to the Bondholders and the Joint Trustees that it shall procure the deposit of

N146,598,357.34 from the CDSA to the Series II Tranche III Sinking Fund at least 15 Business Days prior to the end of every month during each year in which the Bonds remain outstanding and cause same to be deposited into the Series II Tranche III Sinking Fund towards the accumulation of monies for principal and coupon payment or early redemption prepayment, in accordance with Schedule 3 hereto.

3.2.2 The Issuer irrevocably undertakes not to revoke or modify the terms under which sums from the

CDSA are deposited in the Series II Tranche III Sinking Fund throughout the tenor of the Series II Tranche III Bonds without the prior written consent of the Joint Trustees and the prior approval of SEC.

3.2.3 The Issuer undertakes to punctually comply with all its undertakings and obligations, the non-

compliance which is likely to materially adversely affect the general interests of Bondholders. 3.3 Representations and Warranties of the Joint Trustees 3.3.1 Each of the Joint Trustees hereby warrants to the Issuer and the Bondholders that each of the

representations and warranties stated in clause 15 of the Programme Trust Deed is valid and of effect as at the date of this Deed.

3.3.2 The Joint Trustees warrant that they shall, at any time, concur with the Issuer in making any

modification to this Deed, which shall be expedient with a view to obtaining permission to deal in or seek quotation of the Series II Bonds on the Nigerian Stock Exchange and/or the FMDQ-OTC;


45

provided that the Joint Trustees shall be of the opinion that such modification shall not be prejudicial to the interest of the Bondholders.

3.3.3 The Joint Trustees, in exercise of their powers, shall comply with the provisions of the Enabling Law

and ISA. 4. TRANSFER AND SECURITY 4.1 Transfer 4.1.1 The Series II Tranche III Bonds shall be transferable in accordance with the provisions of the Deed,

provided that a Bondholder may only transfer Series II Tranche III Bonds in multiples of N5,000,000.00 (Five Million Naira) (“Minimum Transfer Amount”).

4.1.2 The title of any Bondholder to a Series II Tranche III Bond, shall not be deemed to be transferred to

any other person except upon the execution of an approved instrument of transfer to the other person and upon the registration by the Registrar of the transferee as the Bondholder in the Register.

4.1.3 Coupon which is due in respect of a Series II Tranche III Bonds but which has not been paid to a

Bondholder for the time being shall not be deemed to be payable to a transferee of that Series II Tranche III Bonds unless the instrument of transfer expressly provides for the payment of that coupon to the transferee.

4.2 Registration 4.2.1 Notwithstanding the provisions of sub-clause 4.1.1 no transfer may be effected:

a. if such transfer would result in the transferor or transferee holding or continuing to hold Series II Tranche III Bonds with a value less than the Minimum Subscription Amount;

b. except on submission, to the Registrar, of instrument of transfer relating to the Bonds and on the

payment of the prescribed fees; 4.2.2 The Register shall be closed for a period of fifteen (15) days preceding each Coupon Payment Date

and no transfer of Series II Tranche III Bonds shall be registered in the Register during this period. 4.3 Security Every Bondholder shall have the right to pledge, charge, and mortgage or otherwise use its Series II

Tranche III Bonds to secure a debt, a loan or an obligation and in any such case, shall notify the Joint Trustees of the pledge, charge, mortgage or obligation. Upon being notified by the Joint Trustees, the Registrar shall register in the Register, every such pledge, charge, mortgage or obligation on or in respect of any Series II Tranche III Bond.

5. ACCOUNTING AND AUDITING 5.1 The Joint Trustees shall cause proper books of account to be kept and annual accounts of the trust in

respect of the Series II Tranche III Bonds to be prepared which shall give a fair and true view of the affairs of the trust during each year covered by the accounts and the accounts shall be audited by a person appointed as auditor for a specified term by the Joint Trustees and the Issuer (acting through the Commissioner).

5.2 The financial statements shall be laid before the Bondholders at the annual general meeting. 5.3 Notwithstanding anything in any agreement, the Joint Trustees and the Issuer (acting through the

Commissioner) may remove an auditor before the expiration of his term of office.


46

6. CONTINUITY

For as long as the Series II Tranche III Bonds remain outstanding, the obligations as set forth in the Deed shall be a binding and continuing obligation on the Issuer.

7. NEGATIVE PLEDGE

The Issuer hereby covenants that it shall not without the express written consent of the Joint Trustees,at any time during the subsistence of this Deed, create or permit to subsist any encumbrance, or agree or purport to permit to subsist any encumbrances on the Pledged Revenues and the Series II Tranche III Sinking Fund, whether ranking in priority or pari passu with the interest of the Bondholders,without providing such other security for the Bonds as may be approved by holders of not less than three quarters of the aggregate nominal amount of the Debt Securities for the time being outstanding at a duly convened meeting of the Bondholders.

8. NOTICES

All notices regarding the Series II Tranche III Bonds will be deemed to be validly given – 8.1 on the seventh day after posting the notices by registered post or reputable courier or (if posted to

an address overseas) by reputable courier to the Bondholders (or the first named of Joint Holders) at the respective addresses recorded in the Register; and

8.2 upon the publication of the notices in at least two (2) newspapers of national circulation in Nigeria.

Any such newspaper notice will be deemed to have been given on the date of the first publication

Provided that the date of the publication of the notice shall take precedence over date in clause 8.1 above.

9. REMEDIES AND ENFORCEMENT OF REMEDIES

In the event that the amount standing to the credit of the Series II Tranche III Sinking Fund is not sufficient to discharge the Issuer’s debt service obligations under the Series II Trust Deed, the Series II Tranche III Sinking Fund shall be paid first out of the outstanding amount in the CDSA and if same is insufficient to pay the deficiency the outstanding balance shall be paid from the State Consolidated Revenue Fund and assets of the State with the approval of the House of Assembly.

10. COUNTERPARTS

This Deed may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

11. SEVERABILITY

Any term or provision of this Deed or the application thereof to any circumstance that is prohibited or unenforceable (to any extent) in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity, prohibition or unenforceability without invalidating or rendering unenforceable the remaining terms or provisions hereof or the application of such term or provision to circumstances other than those to which it is held invalid or unenforceable. Any such illegality, invalidity, prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable laws, the parties hereto waive any provision of law that renders any term or provision of this Deed illegal, invalid, prohibited or unenforceable in any respect.

12. BENEFIT OF THE TRUST DEED


47

Nothing in this Deed or in the Bonds, express or implied, shall give to any person, other than the Parties hereto and their successors hereunder and the Bondholders, and, where specified herein, the beneficial owners of Bonds, any benefit or any legal or equitable right, remedy or claim under this Deed.

13. GOVERNING LAW

This Deed shall be governed by and construed in all respects in accordance with the laws of the Federal Republic of Nigeria.


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SCHEDULE1 FORM OF BOND CERTIFICATE LAGOS STATE GOVERNMENT OF NIGERIA N6,911,000,000.00 15.60% FIXED RATE BONDS DUE 2024 (ISSUED UNDER THE N500 BILLION DEBT ISSUANCE PROGRAMME) Established pursuant to the Lagos State Bonds, Notes and Other Securities Issuance Law, 2008 No of Certificate Amount of Bonds ……………………. …………………….. This is to Certify that ………………………………………………………………………………………………….. of……………………………………………………………………… is/are the registered holder(s) of …………….. registered Bonds of N1,000 each. The Bonds are constituted by a Programme Trust Deed dated the 30th day of December, 2017 and a Series II Tranche III Trust Deed dated the 17th day of January 2018, between Lagos State Government of Nigeria (as Issuer) and ARM Trustees Limited (RC 322271), FBN Trustees Limited (RC 29763), Stanbic IBTC Trustees Limited (RC 846900), STL Trustees Limited (RC 162995), United Capital Trustees Limited (RC 645220) and UTL Trust Management Services Limited (RC 4834) (as Joint Trustees). This Certificate is issued subject to the provisions of the said Programme Trust Deed and Series II Tranche IIII Trust Deed and other conditions endorsed hereon. SIGNED FOR AND ON BEHALF OF THE STATE BY __________________________ __________________________ COMMISSIONER FOR FINANCE [●] Note:

This Certificate must be surrendered before any transfer of the whole or any part of the Bonds comprised herein can be registered.

All correspondence regarding this holding should except otherwise stated be addressed to [●], [●], Nigeria.


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SCHEDULE 2 TERMS OF THE BONDS

The following are the Terms and Conditions of the Bonds, substantially as they will appear on the reverse of the Bond Certificates, issued in registered/certificated form.

1. THE BONDS

The N6,911,000,000 15.60% Fixed Rate Bonds due 2024 (Series II Tranche III) (the “Bonds”) issued by the Lagos State Government of Nigeria (the “Government” or “Issuer”) pursuant to the provisions of the Lagos State Bond, Notes and Other Securities Issuance Law, 2008 (the “Enabling Law”) and the resolution duly and properly adopted by the House of Assembly on 27th day of September, 2016 (the “Resolution”). The Bonds are being issued to finance various infrastructure projects of the State.

The Bonds are constituted by a Series II Tranche III Trust Deed dated January 17, 2018 (the “Trust Deed”) between the Issuer and ARM Trustees Limited (RC 322271), FBN Trustees Limited (RC 29763), Stanbic IBTC Trustees Limited (RC 846900), STL Trustees Limited (RC 162995), United Capital Trustees Limited (RC 645220) and UTL Trust Management Services Limited (RC 4834) (the “Joint Trustees”, which expression shall include all persons who for the time being are joint trustees under the Trust Deed), as Joint Trustees for the purpose of acting for the benefit of the Bondholders. The statements set out in these Terms and Conditions (the “Conditions”) and in the relevant extracts from the Trust Deed on pages 32 to 35 of the Supplementary Shelf Prospectus, include summaries of, and are subject to the detailed provisions of the Series II Tranche III Trust Deed and the Programme Trust Deed dated 30th December, 2016 between the State and the Joint Trustees.

2. FORM, DENOMINATION AND TITLE (a) Denomination The Bonds will be in fully registered form, in denominations of N1,000 (One Thousand Naira) each. The

minimum subscription amount for the Bonds is N10,000,000.00 (Ten Million Naira). The Issuer, the Joint Trustees and any agent will (except as otherwise required by law and the Trust Deed) deem and treat the registered Bondholder of the Bonds as the absolute owner thereof for all purposes.

(b) Title

(i) Issue of Bonds in Dematerialised Form

Investors may hold the Bonds in dematerialised form and deal in the same in accordance with CSCS procedures and guidelines. Subscribers desirous of receiving Bonds in dematerialised form should indicate to their stock broking firm; their CSCS Account, Clearing House Number (“CHN”) and other relevant details in the appropriate space on the application form attached to the Supplementary Shelf Prospectus. Upon clearance of the basis of allotment by the SEC, the Registrar shall take necessary steps to credit the designated CSCS accounts of the allottee(s) with the number of allotted Bonds. In case of incorrect details provided by the Investors and inability of the Registrar to credit the CSCS account, the Bonds will be issued in physical form to such Investors.

Statements issued by the CSCS as to the aggregate number of such Bonds standing to the credit of the

account of any person shall be conclusive and binding for all purposes save in the case of manifest error and such person shall be treated by the Issuer, the Joint Trustees and the Registrar as the beneficial owner of such aggregate number of Bonds for all purposes.


50

(ii) Physical Certificates

Notwithstanding the above and further to the provisions of the ISA, every Bondholder shall be entitled to receive a Bond Certificate covering the aggregate amount of his beneficial interest in the Bonds from the Registrar.

3. TRANSFER OF THE BONDS (a) Transfers

The Bonds may be transferred in whole or in part in multiples of N5,000,000 (Five Million Naira) (“Minimum Transfer Amount”) or integral multiples of that amount by instrument in writing in the usual common form of transfer or in any form approved by the Issuer and the Joint Trustees. Every instrument of transfer must be signed by both the transferor and the transferee and title to the Bonds will pass upon registration of the instrument of transfer in accordance with the provisions of the Trust Deed. All transfers of Series II Tranche III Bonds and entries in the Register will be made subject to the prevailing SEC Rules and Regulations.

(b) Delivery of new Certificates

The transfer of Series II Tranche III Bonds in dematerialized or immobilized (book entry) form shall be regulated by the CSCS procedures and guidelines.

Where a Bondholder has elected to receive a Certificate, on registration of a transfer of Series II Tranche

III Bonds, the Certificate evidencing that holding will be cancelled and replaced. Each new Certificate to be issued upon a transfer of the Bonds will, within 5 (five) Business Days of receipt by the Registrar of the duly completed form of transfer, be mailed by registered post to the new Bondholder entitled to the Bonds at the address specified in the form of transfer.

Where some but not all of the Bonds in respect of which a Certificate is issued are to be transferred, a new

Certificate in respect of the Bonds not so transferred will, within 5 (five) Business Days of receipt by the Registrar of the original Certificate, be mailed by registered post to the address of such Bondholder appearing on the Register or as specified in the form of transfer.

(c) Transmission by operation of law

Any person becoming entitled to any Series II Tranche III Bonds by operation of law (including the death, liquidation or bankruptcy of any Bondholder) may, upon producing evidence of such entitlement as shall be reasonably acceptable to the Issuer, obtain registration as the holder of such Series II Tranche III Bonds or may execute a transfer of such Series II Tranche III Bonds. This provision includes any case where a person becomes entitled as a survivor of persons registered as Joint Holders.

4. REPAYMENT STRUCTURE 4.1 The Bonds are secured by a first line charge on the CDSA which shall enable the deduction of such

amounts as would be required to secure the Issuer’s obligations under the Series II Tranche III Bonds. The deducted amount shall be paid into the Series II Sinking Fund as specified in Schedule 3.

4.2 In addition to deductions from the CDSA, immediately following the thirty-seventh month from the

Issue Date of the Series II Tranche III Bonds, the Series II Tranche III Sinking Fund will be credited on a monthly basis with such amounts as would be required pursuant to the ISPO issued by the Issuer and duly approved by the Honourable Minister of Finance.

4.3 Payment of the principal, coupon for Bonds, Joint Trustees’ fees and Expenses including other

monies (if any) due and payable by the Issuer under this Series will be made from the Series II Tranche III Sinking Fund to be managed by the Joint Trustees for the benefit of the Bondholders in accordance with the Joint Trustees Investment Principles. The Investment Principles for the Lagos State Bond


51

are specifically indicated in the Enabling Law. Accordingly, the Enabling Law provides that the Sinking Fund should be invested in Federal Government Bonds and Stocks; Lagos State Government securities; and any other instrument listed on any Stock Exchange; subject to the approval of the Governor. Furthermore, the dividends, interest, bonus and other profits of any investment of any part of the Sinking Fund shall also be invested by the Trustees so as to form part of that Sinking Fund; as monies appropriated as contributions to the Sinking Fund.

5. COUPON PAYMENTS (a) Period of Accrual of Coupon

The Bonds shall accrue coupon from (and including) the Allotment Date. Coupon will cease to accrue on the Bonds on the due date for redemption thereof unless thereof, payment of principal is improperly withheld or refused. Any overdue principal of the Bonds will continue to bear interest at rates determined by the Issuer in conjunction with the Joint Trustees acting on behalf of Bondholders.

(b) Coupon Payment Dates

Coupon is payable semi-annually in arrears in the 2nd and 8th month of each year that the Bonds remain outstanding. The period from and including a Coupon Payment Date (or, in the case of the first period, the Allotment Date) to but excluding the next Coupon Payment Date is referred to as the “Coupon Period”. If the Coupon is required to be calculated for a period of less than one year (other than a semi-annual period), it will be calculated on the basis of the actual number of days in the month divided by the actual number of days in the year and in the case of an incomplete month, the number of days elapsed.

(c) Notifications to be final

All notifications, opinions, determinations, certificates, calculations, quotations, and decisions given, expressed, made or obtained by the Registrar shall (in the absence of wilful default, negligence, bad faith or manifest error) be binding on the Issuer, the Registrar and all Bondholders and (subject as aforesaid) no liability to the Bondholders shall attach to the Registrar in connection with the exercise by it of its powers, duties and discretions.

6. REDEMPTION

The Aggregate Principal Amount and any coupon (accrued up to and unpaid (if any)) shall be amortised over the life of the Series II Tranche III Bonds commencing after the third anniversary of issuance of the Series II Tranche III Bonds in accordance with Schedule 3 hereof.

Notwithstanding the above, the Bond is callable by the Issuer at Par Value on any Coupon Payment Date after three years, subject to a notice period.

7. PAYMENTS (a) Coupon on the Bond shall accrue from the Allotment Date and payments will be made to those persons

whose names appear (or to the first named in the case of joint holders) in the Register as on the record date to be fixed by the Issuer for this purpose from time to time.

(b) Principal payments in respect of the Series II Tranche III Bonds shall commence on the first Coupon

Payment Date following the third anniversary of the issuance of the Series II Tranche I Bonds and will be made to those persons whose names appear (or to the first named in the case of joint holders) in the Register as on the record date to be fixed by the Issuer for this purpose from time to time.

(c) In the event of the Issuer exercising the call option on the Bonds, subject to obtaining prior regulatory

approval, the principal outstanding on the Bonds shall become due in part or in whole, provided that such


52

call option may be exercised on any Coupon Payment Date following the thirty-first (31st) month from the Issue Date of the Bonds.

(d) All payments shall be made in Nigerian Naira and by credit to the bank account of the Bondholder as

specified on the application form attached to the Supplementary Shelf Prospectus by the Registrar. If a bank account is not provided for this purpose, all applicable payments will be withheld until the relevant bank account details have been provided. No additional amounts will be paid on any coupon withheld. The Bondholder or his legal representative shall be the only person entitled to receive payments in respect of Bonds and the Issuer will be discharged by payment to, or to the order of, the Bondholder in respect of each amount so paid.

(e) If the due date for payment of any amount in respect of the Bonds is not a Business Day, then the

Bondholder thereof shall not be entitled to payment of the amount due until the next following Business Day unless the day falls on in the next calendar month, in which case the due date will be the first preceding day that is a Business Day, and the Bondholder shall not be entitled to any further amount or other payment in respect of any such delay. For the purpose of this Condition, “Business Day” means any day on which banks are open for business in the Federal Republic of Nigeria and in the case of transfer to or from an account held by a non-resident investor, in the place where such bank account is maintained.

(f) Any monies paid by the Issuer in respect of any Bonds, and remaining unclaimed at the end of 12

years after the principal of all the Bonds shall have become due and payable (whether at maturity or otherwise) and monies sufficient therefore shall have been duly made available for payment thereon, shall be repaid to the Issuer. Upon such repayment all liabilities of the Registrar with respect to such funds shall cease.

(g) The Bonds will be subject to the six-year statute of limitations period relating to claims for principal

and interest as provided by Section 262 of the ISA. 8. TAXATION

The Bonds are exempt from taxation in Nigeria in accordance with the Companies Income Tax (Exemption of Bonds and Short Term Government Securities) Order 2011, the VAT (Exemption of Proceeds of the Disposal of Government and Corporate Securities) Order 2011 and the Personal Income Tax (Amendment) Act 2011. The Companies Income Tax and VAT Orders became effective on January 2, 2012 and are valid for a period of ten (10) years therefrom. The exemption under Personal Income Tax is indefinite. Accordingly, all payments made to Bondholders shall be free and clear of withholding or other deductions, in respect of State Governments and Federal Government Income taxes as provided by the relevant Orders and Amendments. The Exemption Orders are due to expire on January 2, 2022 and it may be the case that withholding tax, or other State or Federal income tax are deducted at source from payments made to the Bondholders..

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APPENDIX III: EXTRACT FROM REPORTING ACCOUNTANT’S REPORT

LAGOS STATE GOVERNMENT: FINANCIAL INFORMATION 2011 -HY 2016

APPENDIX III: EXTRACT FROM REPORTING ACCOUNTANT’S REPORT

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APPENDIX IV: FINANCIAL SUMMARY

55

OPINION OF THE AUDITOR GENERAL OF THE STATE ON THE AUDITED ACCOUNTS FOR THE PERIOD ENDED JUNE 30, 2016


56

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The following are the significant accounting policies, adopted by the State Government in preparation of its financial statements:

1 Basis of Accounting

The financial statements are prepared under the cash basis of accounting, but also adopts, where applicable, the accounting concepts laid down in the Generally Accepted Accounting Principles (GAAP) and is consistent with the budget estimates for the financial year. No adjustments have been made to reflect the impact of specific changes in the general price level on the financial statements.

2 Presentation of the financial Statements

Details of general and specific funds are disclosed by the way of notes in the financial statements of the State Government.

3 Depreciation

In line with the cash basis of accounting, fixed assets are not capitalised but written-off in the year of acquisition.

4 Stocks

Stocks are expensed in the year of purchase in line with the cash basis of accounting.

5 Investments

Investments are stated at cost and market value. Income from investments is credited on receipt of cash.

6 Foreign Currencies

Transactions in foreign currencies are converted into Naira at the Spot rate at the time the activities occur. Balances in the foreign currencies are translated at the exchange rates ruling at the statement of assets and liabilities date.

7 Exchange Rates

The following rates are applicable as at 30 June, 2016: USD @ N282.50, GBP @ N379.5388, Euro @ N313.6033


57

STATEMENT OF ASSETS AND LIABILITIES

HY2016 2015 2014 2013 2012

N'm N'm N'm N'm N'm

Opening Balance 107,051.46 119,828.73 120,308.75 39,646.94 33,766.16

Add:

Statutory Transfers 49,872.64 116,833.00 131,001.00 140,133.71 126,775.34

Internally Generated Revenue 152,197.00 271,030.00 276,415.00 233,674.00 218,338.00

Total Revenue 202,069.64 387,863.00 407,416.00 373,807.71 345,113.34

Total Available Fund 309,121.10 507,691.73 527,724.75 413,454.65 378,879.50

LESS:

Personnel Cost 42,807.12 86,375.12 76,836.00 75,597.00 57,470.65

Pensions and Gratuity 2,429.10 4,643.00 1,981.00 2,890.72 4,950.00

Consolidated Revenue Fund Charges

129.07 197.00 253.00 166.18 120.91

Overhead Charges 44,282.99 65,644.00 73,516.00 36,359.00 76,711.00

Grants and Contributions 1,332.37 2,802.00 3,088.00 2,611.00 3,523.00

Subvention to Parastatals 17,035.09 31,246.00 30,620.89 39,310.00 28,226.00

Loan Charges 9,487.15 19,755.83 22,955.03 16,206.00 20,552.00

Bond Charges 17,588.77 29,977.32 33,646.11 24,506.00 12,679.00

Total Charges/Expenditure 135,091.66 240,640.27 242,896.03 197,645.90 204,232.56

Operating Balance 174,029.44 267,051.46 284,828.73 215,808.75 174,646.94

Appropriations/ Transfers

Transfer to Capital Development Fund

69,848.26 160,000.00 165,000.00 95,500.00 135,000.00

Closing Balance 104,181.18 107,051.46 119,828.73 120,308.75 39,646.94


58

STATEMENT OF REVENUE AND EXPENDITURE STATEMENT OF ASSETS AND LIABILITIES

HY2016 2015 2014 2013 2012

N’m N’m N’m N’m N’m

ASSETS

Liquid Assets

Treasury Banks 28,656.95 16,301.54 28,979.49 28,235.20 26,452.12

Cash in MDAs 12,173.29 3,249.10 2,717.82 1,552.17 2,350.70

Special Deposits with Banks 3,856.28 3,703.23 14,064.55 3,371.00 5,964.76

Debt Repayment Trust Fund 112,803.03 120,470.30 82,264.02 98,603.59 63,927.40

Deposit in J.C.F 55.67 42.40 37.94 37.10 36.34

Personal Advances Fund 310.76 311.51 312.48 313.11 313.84

Other Advances Fund 150.00 0.00 0.00 0.00 0.00

157,855.98 144,078.08 128,376.30 132,112.17 99,045.16

Investments and Other Non-cash Assets

Stocks, Shares and Others 70,180.27 28,778.54 14,313.77 7,220.58 6,349.80

TOTAL ASSETS 228,036.25 172,856.62 142,690.07 139,332.75 105,394.96

LIABILITIES

Public Fund

Consolidated Revenue Fund 104,181.18 107,051.46 119,828.73 120,308.75 39,646.94

Capital Development Fund 32,708.02 35,805.23 3,979.93 7,130.09 59,112.09 136,889.20 142,856.69 123,808.65 127,438.84 98,759.03

Other Funds

Scholarship Fund 97.94 57.10 60.69 50.86 162.65

Special Funds

Government Staff Housing Fund 12.07 61.55 9.07 24.02 3.17

TEPO Staff Housing Fund 4.43 3.93 8.80 6.22 2.38

TEPO Vehicle Advances Fund 21.17 21.55 13.88 3.95 21.98

Staff Vehicle Refurbishment Revolving Fund

92.57 66.73 14.01 16.69 49.92

Vehicle Refurbish. Revolving Fund -Law Officers

0.44 0.24 0.55 0.14 0.52

Share & Stocks Purchase Fund 70,180.27 28,778.54 14,313.77 7,220.58 6,349.80

Treasury Clearance Fund 20,155.45 - - - -

Local Government Fund - - - - 90,466.40 28,932.54 14,360.08 7,271.60 6,427.77

TOTAL LIABILITIES 227,453.54 171,846.33 138,229.42 134,761.30 105,349.45


59

STATEMENT OF CAPITAL DEVELOPMENT FUND

HY2016 2015 2014 2013 2012

N'm N'm N'm N'm N'm

Opening Balance 35,805.23 3,979.93 7,130.09 59,112.09 4,074.09

ADD:

Transfer from Consolidated Revenue Fund

69,848.26 160,000.00 165,000.00 95,500.00 135,000.00

Capital Receipts 55,109.38 179,865.52 134,041.00 192,258.00 150,753.00

Total Receipts 124,957.64 339,865.52 299,041.00 287,758.00 285,753.00

Total Available Fund 160,762.87 343,845.45 306,171.09 346,870.09 289,827.09

LESS:

Facility Repayment 22,351.47 134,053.10 89,051.27 65,103.00 33,543.00

Purchase and Construction of Assets

105,703.38 173,987.11 213,139.89 274,637.00 197,172.00

Total Capital Expenditure 128,054.85 308,040.21 302,191.16 339,740.00 230,715.00

Closing Balance 32,708.02 35,805.23 3,979.93 7,130.09 59,112.09


60

Statement of Financial Performance

FY2016

N'm

Revenue from non-exchange transactions: Taxation Income 244,660.57

Levies, fees and fines 29,524.31

Statutory allocation 123,534.55

Grants 199.68

Other revenue from non-exchange transactions 6,916.85

Revenue from exchange transactions: Income from other services 20,337.48

Capital receipts 15,769.77

Investment income 7,924.45

Interest income 740.90

Total Operating Revenue 449,608.56

Expenses Wages, salaries and employee benefits 104,487.55

Grants and other transfers 10,975.90

Subvention to Parastatals 36,745.11

General and administrative expenses 70,096.14

Total operating expenses 222,304.70

Surplus for the period before capital items, foreign exchange losses and public debt charges 227,303.86

Capital expenditure 215,228.21

Public debt charges 55,572.67

Depreciation 84,607.49

Net loss on foreign exchange transactions 138,311.07

493,719.44

Deficit for the period (266,415.58)


61

Statement of Financial Position

FY2016

N'm

Assets Current Assets

Cash and cash equivalents 37,464.04

Receivables from exchange transactions 349.88

Recoverables from non-exchange transactions 2,770.57

40,584.48

Non-current Assets

Available-for-sale investments 76,733.41

Other financial assets 108,345.02

Property, plant and equipment 1,678,259.52

1,863,337.94

Total assets 1,903,922.42

Liabilities Current liabilities Payables and other liabilities 6,029.80

Public funds 221.80

Public debt 130,329.95

136,581.55

Non-current liabilities

Borrowings 649,537.24

Retirement benefit obligations 42,393.17

691,930.42

Total liabilities 828,511.96

Reserves/(Deficit) for the year (266,415.58)

2,304,453.76

62

APPENDIX V: PROCEDURE FOR APPLICATION AND ALLOTMENT 1. Invitation for Participation

Qualified Investors are hereby invited to participate in the Issue through the Issuer, Issuing Houses/Book Runners and/or the Receiving Agents to the Issue (“the Selling Group”).

1.1. The Book Building Period commences on December 28, 2017 and concludes on December 29, 2017 . Orders must

be for a minimum of N10,000,000 (Ten Million) million and in integral multiples of N5 million thereafter.

1.2. The amount indicated on the Commitment Form (“Commitment Form”) by a Participant (“Participation Amount”) and the rate within the Price Range indicated in the Commitment Form by a Participant (“Bid Coupon Rate”) should be entered in the space provided in the prescribed Commitment Form attached to this Pricing Supplement. Photocopies or scanned copies of the Commitment Form will not be accepted.

1.3. By completing the Commitment Form, each Participant hereby agrees that the Order is irrevocable and, to the fullest extent permitted by law, the obligations in respect thereof shall not be capable of rescission or termination by any Participant.

1.4. Participants may order the Bonds at any price within the Price Range subject to the Minimum Participation Amount and the terms and conditions stated on the Commitment Form.

1.5. A corporate Participant should affix its official seal in the box provided and state its incorporation (RC) Number or, in the case of a corporate foreign subscriber, its appropriate identification/incorporation number in the jurisdiction in which it is constituted.

1.6. Upon the completion and submission of the Commitment Form, the Participant is deemed to have authorised the Issuer and the Issuing House/Book Runner to effect the necessary changes in the Prospectus as would be required for the purposes of filing an application for the clearance and registration of the Final Pricing Supplement with the SEC. The Commitment Form shall be considered as the Application Form for the purposes of registration of the Final Pricing Supplement with the SEC.

1.7. Participants shall have the option to make a maximum of three orders on a single Commitment Form and such options shall not be considered as multiple applications.

1.8. The Commitment Form presents the Participant with the choice to bid for up to three optional Bid Coupon Rates within the Price Range and to specify the Participation Amount in each option. The Bid Coupon Rates and the Participation Amounts submitted by the Participant in the Commitment Form will be treated as optional demands from the Participant and will not be cumulated.

1.9. After determination of the Coupon Rate, the maximum Participation Amount specified by a Participant at or

below the Clearing Price will be considered for allocation and the rest of the order(s), irrespective of the corresponding Bid Coupon Rate(s), will become automatically invalid.

1.10. The Issuer, in consultation with the Book Runners, reserves the right not to proceed with the Issue at any time

including after the Book Building Opening Date but before the Allotment Date without assigning any reason therefore but subject to obtaining clearance from the SEC.

1.11 All application monies will be retained in a separate interest yielding account with the Receiving Bank pending

allotment. If any application is not acceptable or is not accepted for fewer note than the number applied for, a crossed cheque of full amount will be returned by registered mail within 5 business days.

APPENDIX V: PROCEDURE FOR APPLICATION AND ALLOTMENT

63

2. Payment Instructions

Successful Participants should ensure that payment of the Participation Amount is received on the Signing Ceremony Date via the Real Time Gross Settlement (“RTGS”) into the following designated Issue Proceeds Accounts domiciled with the Receiving Bank:

Bank Account Name Account No.

Access Bank Plc Lagos State Government Series Two Bond Issuance 0728270824

First Bank Plc Chapel Hill / Lagos State Govt Series 2 Bond Issue Proceeds Account

2032331659

Skye Bank Plc Chapel Hill/Lagos State Government Series II Bonds 1790269232

Union Bank of Nigeria Plc

Chapel Hill /Lagos State Series II Bond Issuance 0064538593

Zenith Bank Plc Chapel Hill/Lagos State Govt Series II Bond account 1015246690

3. Allocation/Allotment

3.1 On the Pricing Date2, the Issuing Houses/Book Runners will analyse the demand generated at various price levels and, in consultation with the Issuer, finalise the Coupon Rate and the allocations to each Participant. Allocation Confirmation Notices will be sent to successful Participants thereafter.

3.1 The Representatives of the Lagos State Government Executive Council and the Issuing Houses/Book Runners

reserve the right to accept or reject any application in whole or in part for not complying with the terms and conditions of the Issue.

3.2 Upon clearance of the Final Pricing Supplement by the SEC, allotment of Bonds shall be effected in a

dematerialised (uncertificated) form. Participants are mandatorily required to specify their CSCS Account Number and Clearing House Number (CHN) for a Bond Account; the name of their Stock-Broking Firm and in the spaces provided on the Commitment Form. Allotment of Bonds in dematerialized form shall be effected not later than 15 (fifteen) Business Days from the Allotment Date.

Participants are mandatorily required to specify their Bank Verification Number, CSCS Account Number(s) and CHN (for a Bond Account) in the spaces provided on the Commitment Form.

4 Bank Account Details

4.1 Participants are required to indicate their bank account details in the space provided on the Commitment Form for the purposes of future payments of Coupon and the Principal Amount.

4.2 Participants are advised to ensure that bank account details stated on the Commitment Form are correct as these bank account details shall be used by the Registrar for all payments indicated in 4.1 above in connection with the Bonds.

4.3 Failure to provide correct bank account details could result in delays in credit of such payments or the issuance of cheques/warrants which shall be sent by registered post to the specified addresses of the affected investors. The Issuer, the Issuing Houses, the Receiving Bank, the Trustees and the Registrar shall not have any responsibility nor will any of these specified parties undertake any liability for the same

2 Being the date on which the book build closes and the price at which the Bonds will be issued is determined

64

FORM OF COMMITMENT

FORM OF COMMITMENT

OFFERING BY WAY OF BOOK BUILD

All Sections of this Form must be completed (as applicable) PLEASE USE BLOCK LETTERS

QUALIFIED INVESTOR (PLEASE TICK ) DATE (DD/MM/YYYY) CONTROL NO. (FOR REGISTRARS’ USE

ONLY)

High Net worth Investors / / 2 0 1 7

Fund Managers

Pension Fund Administrators DECLARATION

Insurance Companies I/We hereby confirm that I am/we are eligible persons to participate in this Bond Issue in accordance with applicable SEC Rules and Regulations.

I/We note that the Issuer and the Issuing Houses/Book Runners are entitled in their absolute discretion to accept or reject this Order.

Investment/Unit Trusts

Market Makers

Staff Schemes I/we hereby irrevocably undertake and confirm my/our Order(s) for the Bonds equivalent to my/our Participation Amount(s) set out below at the Coupon Rate to be discovered through the Book Building Process.

I/We agree to accept the Participation Amount as may be allocated to me/us subject to the terms of this Red Herring Prospectus. Trustees/Custodians

Multilateral and Bilateral Institutions

I/We authorise you to enter my/our name on the Register of Holders as holders of the Bonds that may be allotted to me/us and to register my/our address as given below.

Hedge Funds

PARTICIPATION DETAILS (The Participation Amount(s) and the Bid Coupon Rate(s) being offered must be indicated in the boxes below).

Participants have the option to make a maximum of three orders on the Commitment Form. Each option shall be regarded as a separate application and will be not be considered as multiple applications. All orders must be for a minimum amount of N10 million (Ten Million Naira) and in multiples of N5 million (Five Million Naira) thereafter.

ORDER 1 PARTICIPATION AMOUNT (MINIMUM AMOUNT OF N10 MILLION AND IN MULTIPLES OF N5 MILLION THEREAFTER) BID COUPON RATE

IN FIGURES N

IN WORDS

ORDER 2 PARTICIPATION AMOUNT (MINIMUM AMOUNT OF N10 MILLION AND IN MULTIPLES OF N5 MILLION THEREAFTER) BID COUPON RATE

IN FIGURES N

IN WORDS

ORDER 3

PARTICIPATION AMOUNT (MINIMUM AMOUNT OF N10 MILLION AND IN MULTIPLES OF N5 MILLION THEREAFTER) BID COUPON RATE

IN FIGURES N

IN WORDS

RC 1381308

PLEASE TURN OVER TO COMPLETE THIS FORM

FOR ELIGIBLE INVESTORS ONLY

Lagos State Government

N6,911,000,000 67

12-YEAR 15.60% FIXED RATE BOND SERIES II TRANCHE III (2018/2024)

Under the N500,000,000,000 Debt Issuance Programme

ISSUING HOUSE

Orders must be made in accordance with the instructions set out in this Pricing Supplement. Investors must carefully follow all instructions as applications which do not comply with the instruction may be rejected. If in any doubt, consult your Stockbroker, Accountant, Banker, Solicitor or any professional adviser for guidance

RC 312299

BOOK BUILD PERIOD

OPENS CLOSES

28/12/2017 29/12/2017

FORM OF COMMITMENT

65

FORM OF COMMITMENT (REVERSE SIDE)

INVESTOR DETAILS (INDIVIDUAL/CORPORATE/JOINT) (Please use one box for one alphabet leaving one box blank between first word and second)

SURNAME/CORPORATE NAME

FIRST NAME (FOR INDIVIDUALS ONLY) OTHER NAMES (FOR INDIVIDUALS ONLY)

JOINT APPLICANT’S FIRST NAME (IF APPLICABLE) OTHER NAMES (FOR JOINT APPLICANT ONLY)

CONTACT PERSON (FOR CORPORATE APPLICANT)/ NEXT OF KIN (FOR INDIVIDUAL APPLICANT)

ADDRESS IN FULL (PLEASE DO NOT REPEAT APPLICANT(S)’ NAME). POST BOX NO. ALONE IS NOT SUFFICIENT

TEL.

ALLOTMENT PREFERENCE

Please tick to indicate an allotment preference – CERTIFICATE / ELECTRONIC (BOOK ENTRY)

E-ALLOTMENT DETAILS (FOR BOOK-ENTRY ALLOTMENTS ONLY)

Please credit my/our CSCS Account as detailed below to the extent of the Bonds allotted:

PARTICIPANT’S CSCS ACCOUNT NO:

CHN (CLEARING HOUSE

NUMBER):

PARTICIPANT’S CSCS ACCOUNT TYPE (CBOND/ SPECIAL ACCOUNT):

BANK DETAILS (FOR E-PAYMENTS) BANK NAME

BRANCH

ACCOUNT NO:

CITY/STATE

BANK VERIFICATION NO(S):

(Of account Signatories)

SIGNATURES

SIGNATURE 2ND SIGNATURE (CORPORATE/JOINT) SEAL & RC.

NO.

NAME OF AUTHORISED SIGNATORY (Corporates only): NAME OF AUTHORISED SIGNATORY (Corporates/Joint):

DESIGNATION (Corporate only): DESIGNATION (Corporate only):

STAMP OF BOOK RUNNER/SELLING AGENT

(BOOK RUNNERS/ISSUING HOUSES TO THE ISSUE ONLY)

STAMP OF RECEIVING AGENT

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