An address by his Excellency, The Governor of Ekiti State, Dr Kayode Fayemi at the closing bell ceremony of the 2nd Ekiti State Bond Issuance on Tuesday 3rd April 2012.

1. AN ADDRESS BY HIS EXCELLENCY, THE GOVERNOR OF EKITI STATE, DR. KAYODE
FAYEMI AT THE CLOSING BELL CEREMONY OF THE 2ND EKITI STATE BOND
ISSUANCE ON TUESDAY 3rd APRIL 2012
Protocol.
It is my great pleasure to address this august gathering. Today marks a
watershed in our march towards a new dawn in Ekiti. I want to specially
appreciate the Director General and Management of the Security & Exchange
Commission, the Director General of the Nigerian Stock Exchange, our highly
esteemed investors and All Parties for their respective and unique contributions
in ensuring the success of the 2nd Ekiti State Bond Issuance. I am aware that
without your collective efforts, today’s Closing Ceremony would not have come to
pass.
2. I am informed that today’s Closing Bell Ceremony, as the name implies, is
the climax of activities bringing into fruition the efforts of the state to access
funds from the capital market for Industrial and Infrastructural development.
Further to our successful outing at the capital market, the NSE approved the
listing of Ekiti State’s N20billion Fixed Rate Infrastructural Development Bond
2018 under our N25billion Debt Issuance Programme on 13th March this year. I
am here today not only to ring the closing bell for the transaction, but also to
express the gratitude of the Government and people of Ekiti State to this august
body and all concerned for the success of the Bond Issuance.

2. 3. Our decision to source funds from the Bond market was borne out of our
commitment to the rapid transformation of Ekiti State. It will be noted that
Infrastructural development is a major component in our 8-Point Development
Agenda for the state. Before the inception of this administration, we were aware
that the low revenue accruable to the state would not be able to cope with the
high level socio - economic development of our dream. Hence the need to access
funds from other sources outside the routine revenue available to the state.
4. We also had the benefit of the history of the success of the First Ekiti Bond
taken under the Niyi Adebayo Administration, my original predecessor. It is on
record today that some of the few tangible projects standing today in the state
are products of the first bond. The projects, among others, include the Ekiti House
in Abuja, the Oju Olobun Apartments in Lagos, the building currently serving as
the Governor’s Office and a few good roads. Let me assure the good people of
Ekiti State and those gathered here today that the proceeds shall be channelled
to projects carefully selected to boost the economic base of the state. We have
swung into action already with several of the projects awarded as approved by
SEC. A total of eleven road projects have been awarded and shall be funded to
completion from the bond proceeds. Besides these road projects, the followings
shall receive funding from the bond:
* Ikogosi warm Spring Development Company Ltd.;
* Construction of Ultra Modern Civic Centre in Ado Ekiti;
* Construction of Ultra Modern Market in Ado Ekiti;

3. * Construction of Lagos Liaison Office;
* Construction of new Governor’s House;
* Construction of new Governor’s Office;
* Rehabilitation and Expansion of Ado Waterworks;
* Rehabilitation and Expansion of Ero Waterworks; and
* Establishment of Ekiti State School of Agriculture.
5. Let me assure the good people of Ekiti that we are fully committed to the
actualisation of these projects. The bond proceeds shall be judiciously utilised to
ensure the completion of all projects earmarked for funding. It is interesting to
note that all the projects were duly inspected and approved by the Security and
Exchange Commission. The Commission will also monitor the execution of the
projects. We have a target of the next 24 months to conclude all the projects.
With God on our side, this will launch Ekiti into a glorious new dawn.
6. It will be recalled that the state received a letter of commendation from the
Security and Exchange Commission for good performance on the first tranche of
the first bond. It is our goal to surpass this achievement by the quantum and
quality of projects. As already mentioned, a large percentage of the projects have
been awarded with works at various advanced stages of completion. I have
directed close monitoring and effective supervision by all concerned to ensure
qualitative performance and timely delivery. I have also directed that a progress

4. report be rendered to SEC on a quarterly basis as a measure of accountability and
transparency.
7. Let me seize this opportunity to commend the Lead Issuer as well as all the
parties for their individual and corporate contributions to the actualisation of the
bond. I also owe our investors a debt of gratitude. Thank you for believing in us.
On this note, I am pleased to ring the closing bell for the listing of Ekiti State Bond
Issuance at the Nigerian Stock Exchange to the glory of God and the benefit of
mankind.
8. Thank you and God bless.