…As FMDQ OTC Securities Exchange lists Mixta Real Estate Plc***
The former Managing Director of Nigerian Ports Authority
(NPA), Ibadan High Chief, Adebayo Babatunde Sarumi on Thursday advised the
authorities to work towards the establishment of an alternative corridor as a
more enduring solution, to the perennial gridlock at the Lagos Apapa Ports
axis.
Sarumi gave the in Lagos, pointing out the need to focus more at expanding the port access roads, instead of the city roads.
He also urged the government to compensate the occupants of
both sides of the ports access roads and take possession of the spaces for
corridor expansion.
“The option of opening up an alternative corridor to move
cargo out of the Lagos ports was proffered a long time ago.
“The idea was suggested when the city started encroaching on
the port access roads.
“If people had listened at that time and created the
appropriate corridor for the expansion, we will not have what we are having
today.
“However, it is still not too late. I saw a miracle from Iganmu to Okokomaiko where Lagos State created five lanes on each side of the highway, and they were still able to manage a metroline of two lanes,’’ he said.
The Ibadan High Chief highlighted that during his tenure as
the NPA Managing Director, he had suggested that the Apapa port area would need
a port approach access on Creek Road up to Liverpool Junction.
The NPA former boss said that the port approach access road
would also extend from Wharf Road up to Leventis Junction.
Meanwhile, the FMDQ OTC Securities Exchange on Thursday
achieved the listing of Mixta Real Estate (Nigeria) Plc bonds and commercial
papers (CPs) on its platform.
The listing is to address housing and infrastructure
deficit.
The Exchange listed Mixta N2.9 billion tranche A and N2.32
billion tranche B Series 2 Bonds under a N30 billion debt issuance programme.
It also quoted the company’s N9.84 billion Series 1 and
N2.08 billion Series 2 Commercial Papers under a N15 billion commercial paper
issuance programme in a strategic move to address housing deficit.
Speaking at the event in Lagos, Ms Tumi Sekoni, Associate
Executive Director, Capital Markets, FMDQ, commended the issuer for the
successful issuances.
Sekoni said that the use of the proceeds of the bonds CPs
would help address the nation’s housing and infrastructure gap in a sustainable
manner.
She said that the proceeds would help to deliver prosperity
for Nigerians and further deepen the domestic debt capital market (DCM),
invariably contributing to the nation’s development.
Sekoni reiterated FMDQ’s commitment to continuing to deliver
strategic initiatives towards the development of a highly liquid, deep and
well-developed DCM in Nigeria.
Mr Kola Ashiru-Balogun, Mixta Real Estate Managing Director,
said that the proceeds would help the company to develop affordable housing
units to Nigerians.
“These issuances play an important role in implementing our
business strategy to develop affordable housing units; our modest contribution
to bridging Nigeria’s significant housing deficit.
“The confidence the Nigerian capital market has in us as
demonstrated in these issuances is encouraging; we are more than ever committed
in our quest to make strategic partnerships and provide innovative solutions
whilst utilising effective long-term financing mechanisms,” Ashiru-Balogun
said.
He said that the company would remain committed to
affordable housing, adding that it would continue to embrace the capital market
for growth and development.
Speaking on behalf of the sponsor to the bonds and CPs, Mr
Kayode Akinkugbe, stated; “we are pleased to have advised Mixta PLC on the
issuances of its bonds and CPs.
Akinkugbe, Managing Director, FBNQuest Merchant Bank Ltd. ,
said that it was pleased to support Mixta in obtaining bridge finance to
address housing challenges.
He said that the transaction would enable the company to
finance affordable housing projects and extends the tenor of its debt
portfolio.
Ms Kaodi Ugoji, Associate Executive Director, Corporate
Development, FMDQ, in her closing remarks, applauded the issuer for achieving
the feat.
She also commended the sponsor to the issue and Registration
Member (Listings & Quotations) of FMDQ for their concerted efforts towards
ensuring the success of the issuances.
Ugoji noted that through consistent collaboration with its
stakeholders, FMDQ would not relent in its efforts to further deepen and
effectively position the Nigerian DCM for growth.