The River State Government plans to issue a 250 billion naira ($1.63 billion) bond in October to fund infrastructure projects in the region, the state governor's office said on Sunday. The funds raised will pay for projects around Nigeria's oil-hub Port Harcourt, capital city of one of the states in Nigeria's oil-rich Niger Delta, the press secretary to Rivers State Governor Rotimi Amaechi said. These would include a city monorail, the first phase of a science
and technology university, an entertainment complex, a city ring road and a highway to the region's main airport.

Reuters said a similar issue two years ago by Lagos State, the major commercial hub in Africa's most populous nation, was well subscribed by investors.

"The Lagos State programme has been very successful and considering that Rivers (State) is second to Lagos in terms of revenue then they should have similar success with investors," said Kayode Akindele, partner at Lagos-based advisory firm JMH-TIA Capital.

Elombah.com reported last week that the Rivers State Governor, Rotimi Amaechi plans to buy a new Jet valued at $48 million (about N7.5 billion). Governor Amaechi said he needs a new aircraft because he doesn't feel safe in the old plane bought by his predescessor, Mr Peter Odilli.

Port Harcourt is the major city in the Niger Delta, the heartland of Africa's largest oil and gas industry, but it lacks sufficient infrastructure and widespread traffic gridlock is common. The greater Port Harcourt region has a population of around 2 million.

"These long-term capital projects that are capable of catalysing the industrialisation and transformation of Rivers State require massive financial investment that can only be obtained from the capital market," said Rivers State Commissioner for Finance Chamberlain Peterside.

"The proposed size of the first tranche of the bond will be about 100 billion naira with five years' tenure, whereas the total bond programme of 250 billion naira is envisaged over the next several months."

Corruption is a major problem in Nigeria and some well-funded infrastructure projects never get off the ground. Peterside said the finance ministry and debt management office would ensure transparent monitoring of the bond issue. ($1 = 153.000 Nigerian Nairas)

gidson12:

eko ile you've been wanking off lately on  rivers state issues, why not stick to your dreamer fashola

ekt_bear:

Good move, if the money will be spent well.

Rhino.5dm:

There is a cartel running the sate and making things difficult for the man. The likes of Abiye sekibo and other vultures have sworn to make the state unprogressive(check sveral dalies for this), but in ALL the guy is doing very good.

StarBoard:

Why?
The fraudster of a governor stated that he saves N1billion every month.
He gets the highest allocation by way of 13% derivation.
Where is all the money gone?If you know Rivers state,you should know that it's unlikely to happen.
If the money that game in naturally isn't enough,how will a bond be sufficient?I hate insinuations like these.
He has all it takes to be in charge,unless he's telling me he isn't able to run the state effectively (which is evident judging from the state of roads in port harcourt),regardless of whatever cartel that exists.

Rhino.5dm:

There is a cartel running the sate and making things difficult for the man. The likes of Abiye sekibo and other vultures have sworn to make the state unprogressive(check sveral dalies for this), but in ALL the guy is doing very good.

Bensonite:

Rhino.
I think his problem is not sekibo or ACN. Nyesor Wike his campaign manager was one of the problems he had hence he tactically sent him out to be minister in GEJ cabinet. The opposition is helping him to be on his toes by asking questions the average rivers may not asked openly. They may be faulty in some but some are meaningful. Take the state procurement law for example, the state house of assembly made a law in 2009 that enables the Governor to spend 30% of the revenue budgeted/actual at the volition of the governor.
We were told the monorail is joint funded by government and PPP, so why is so much money been sink into it again when the state claims to be meeting its obligation.
Why build a new university in a new site when the existing one has all it takes but needed proper funding to be world class. The same mistake made in building a new stadium now they are getting worried how to maintain it. It will rot like the old ones because nothing new in policy has been put in place.

phantom:

stop typing nonsense, if you have a personal problem with amaechi try and settle it with him, You do not live in PH and you are here crying more than the bereaved,

StarBoard:

Muppet.
We know you are Amaechi's NL PRo,but try looking out of your behind for once.
How do you know I don't live in PH?
What personal problem?Are you silly?
This is a public forum,not your village square where you are allowed to show your idiocy and it will be accepted.
Why does he need a bond to develop Rivers?Answer that,you bigoted id.iot

phantom:

, read the article again and COMPREHEND and quit acting like a child,