Green bond Subscription level shows commitment to environment

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The Debt Management Office (DMO) says the results of the second Sovereign Green Bond demonstrates greater commitment from the public towards protecting the environment. The organisation said this in a statement in Abuja, declaring the results of the auction which opened on June 3 as over subscribed.

According to the statement, total value of subscriptions received was N32.93 billion, representing 220 per cent of the N15 billion offered.

It said that the issuance revealed increased knowledge and awareness of green bonds by subscribers.

It, however, said that the proceeds of the green bond would be used to finance projects in the 2019 budget, which would contribute to Nigeria’s commitments to the Paris Agreement on Climate Change.

The projects include Off-Grid Solar and Wind Farm, Irrigation, Afforestation and Reforestation and Ecological Restoration.

Assisting the DMO with this offering were the financial advisors, Chapel Hill Denham Advisory Limited, Capital Assets Limited, Rand Merchant Bank Nigeria Limited and Stanbic IBTC Capital Limited