Mimiko promises judicious use of Bond

The Ondo State Governor, Dr. Olusegun Mimiko, has said that the decision of the state government to raise N27 billion through the capital market is to enable it finance its various developmental projects in different parts of the state.
Mimiko, who stated this while speaking at the completion meeting of the bond in Akure on Tuesday, assured the people of the state that the proceeds from the bond will be properly managed towards the realisation of his administration’s transformative agenda.

He said: “This Bond is to finance a myriad of developmental projects across the length and breadth of the state in a bid to actualise our administration’s vision of transforming Ondo State from a sleepy agrarian community into a hub of economic activities with an underlay of a hybrid of industrial, agro-allied and service-propelled economic substructure.
“From inception, this administration has expressed its determination to harness the vast resources of the state for the benefit and well being of the greater percentage of the people. In fact, more than anything else since the introduction of our paradigm shift in governance, the distinguishing feature of our administration from previous ones has remained the emphasis and reliance on grass-roots and people-centred policies and programmes to provide the momentum for state development.”
At the event, the governor outlined the progress already made in each of his administration’s programmes which include urban renewal, rural community development, education, health agriculture, industrialisation, and wealth creation among others.
He told the representatives of the issuing houses that his administration’s integrated community development exercise has opened new opportunities for the people to identify their developmental needs, prioritise them and participate in their implementation.
He said: “This approach has been applied in more than 250 communities with more than 300 projects identified, prioritised and implemented in almost three years of the present administration.”
On health and education, Mimiko stressed that the state is giving the two vital sectors the deserved priority in such a way that the World Bank on its website has listed the state’s Safe Motherhood Programme, known as ‘ABIYE’, as one of the success stories coming out of Africa while its achievements in the education sector have been attracting stakeholders in the education industry in the country.
He further stated that his administration is leveraging on agriculture where it has comparative advantage to tackle graduate unemployment through the introduction of farm settlements where the youths are engaged to carry out modern farming as participant-owners.
In the area of industrialisation, Mimiko reaffirmed the determination of his administration to harness the abundant natural resources and develop Ore in Odigbo Local Government Area of the state into a modern commercial city.
He however expressed delight that the first tranche of the bond was over-subscribed which he said is an indication that the investors believe in the capacity of the state to make the bond issue a reality.
Earlier in his comment, the state’s Attorney General and Commissioner for Justice, Eyitayo Jegede (SAN), presented some important state documents, which include the resolution of the State Executive Council members authorising the bond and the letter of ‘no objection’ from the office of Minister of Finance to the gathering.
He also told the participants that the state government and the issuing houses will retain one copy of each of the signed documents, while the governor thereafter moved the motion for the adoption of the vital resolutions as contained in the agenda.
Among the issuing houses whose representatives were present at the occasion were Stanbic IBTC Bank PLC, Union Capital Market Limited, Standard Chartered, Fidelity Bank PLC, FBN Capital, FCMB Capital Market Limited, Longterm Global Capital Limited and Skye Financial Services Limited among others.