Lagos, Nigeria – 21 November 2025
Chapel Hill Denham is proud to have led a cohort of more than 44 parties as the Lead Issuing House/Bookrunner to the Lagos State Government on its successfully completed ₦14.815 billion Series III Fixed Rate Green Bond and ₦230 billion Series IV Fixed Rate Bond, under the ₦1 trillion Debt and Hybrid Instruments Issuance Programme.
The Series III Green Bond is Nigeria’s first sub-national green bond, and the Series IV Bond is the largest non-sovereign bond issued in Nigeria to date. Both Bonds were oversubscribed by 1.9x and 1.6x respectively, attracting strong participation from domestic institutional and individual investors, including pension funds, asset managers, corporates, insurance companies and other financial institutions.
Commenting on the transaction, His Excellency, Governor Babajide Sanwo-Olu, Executive Governor of Lagos State, said: “For us, this is more than a financial transaction — it is a strong vote of confidence in Lagos’ future and our shared commitment to sustainable development. We remain committed to pursuing solid economic fundamentals, transparent fiscal practices, infrastructure development, and environmental protection and preservation.”
Mr. Abayomi Oluyomi, Honourable Commissioner for Finance, Lagos State, said: “The issuances are a laudable achievement and testament to the sustained willingness of Lagos State to access and responsibly utilise the domestic capital markets. We are grateful to our esteemed investors whose continued partnership enables us to deliver the infrastructure, social services, and environmental improvements that uplift the lives of millions of Lagosians.”
Bolaji Balogun, Chief Executive Officer, Chapel Hill Denham, said: “We are proud to have supported Lagos State on another landmark issuance that strengthens its long-term financing capacity. The strong investor demand reflects confidence in the State’s strategy and reinforces the critical role domestic capital plays in funding Nigeria’s development. We thank Lagos State and the Debt Management Office for entrusting us with this important mandate.”
