Key Highlights
FMDQ Securities Exchange Limited approved the listing of Lagos State Government’s dual-series bonds totaling N244.82 billion.
The listing includes a N14.82 billion 5-Year 16.00% Series 3 Fixed Rate Green Bond.
Also listed is a N230.00 billion 10-Year 16.25% Series 4 Fixed Rate Bond.
The bonds are issued under the state's N1.00 trillion Debt and Hybrid Instrument Issuance Programme.
The dual-series bonds were originally issued in 2025 under the same N1.00 trillion programme.
FMDQ Securities Exchange Limited has approved the listing of Lagos State Government’s dual-series bonds, amounting to N244.82 billion, under its N1.00 trillion Debt and Hybrid Instrument Issuance Programme. This announcement followed a meeting of the Board Listings and Markets Committee of FMDQ Securities Exchange Limited, as disclosed in a release issued on Tuesday, February 24, 2026.
The listing encompasses a N14.82 billion 5-Year 16.00% Series 3 Fixed Rate Green Bond and a N230.00 billion 10-Year 16.25% Series 4 Fixed Rate Bond. The purpose of these bonds is to bolster infrastructure and sustainable development projects within Lagos State.
FMDQ Securities Exchange Limited emphasized that its Board Listings and Markets Committee has sanctioned the listing of these two Lagos State bond issuances under the N1 trillion Debt and Hybrid Instrument Issuance Programme. The Exchange has characterized this transaction as one of the most substantial sub-national debt capital market transactions in the history of Nigeria.
According to the Exchange, the dual-series issuance, which is sponsored by Chapel Hill Denham Advisory Limited, a Registration Member (Listings) of FMDQ Exchange, is set to support Lagos State’s strategic programs and solidify its position as a premier commercial hub in Africa.
The Series 3 Fixed Rate Green Bond signifies a key achievement for Lagos State and Nigeria’s broader sustainable finance activities. Consistent with global green bond standards, the issuer has committed to allocating the proceeds specifically to eligible green projects.
The Exchange also pointed out that the approval of these dual-series bonds will further reinforce the domestic debt capital market and underscores the increasing inclination of sub-national issuers in Nigeria to adopt green finance instruments.
Lagos State has a proven history of utilizing Nigeria’s capital markets to fund infrastructure development. The dual-series bonds that are now listed on FMDQ trading were initially issued in 2025 under the same N1.00 trillion programme.
These issuances highlight Lagos State’s ongoing reliance on the domestic bond market as a means to finance significant infrastructure projects and initiatives focused on sustainability, thereby reinforcing its leading role among sub-national issuers in Nigeria’s capital market.
