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UBA underwrites N5bn Ogun State bond

Ogun State is currently raising N60 billion Bond to support its infrastructural development as well as promotion of various economic activities. According to the deputy…

Ogun State is currently raising N60 billion Bond to support its infrastructural development as well as promotion of various economic activities.

According to the deputy managing director of UBA, Philips Oduoza during a courtesy visit to the Ogun State governor, Otunba Gbenga Daniel, the bank was encouraged to lend the support to the state as a result of continued development being experienced in the state in all the sectors despite global economic challenges.

“We know that Ogun State is floating a bond of N60 billion. UBA, a leading bank in Africa is participating through underwriting of N5 billion in the first instance and we will also lend our support to the good people of Ogun State anywhere it is needed,” he said.

Oduoza urged the state governor to mobilize the people of the state to take advantage of N200 billion agricultural support fund since the total running cost is nine per cent.

The state governor, Otunba Gbenga Daniel who was delighted about the visit said the state would avail itself with the N200 billion agric credit adding that the state, mainly agrarian had involved itself in various agricultural activities in the last six years.

Daniel said the state now the biggest producer of cassava today as well as leader in rice cultivation, emphasizing that the state had commissioned a modern rice plant.