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Under the Ekiti State Government of Nigeria N25,000,000,000.00 Bond Issuance Programme

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Under the Ekiti State Government of Nigeria N25,000,000,000.00 Bond Issuance Programme PRICING SUPPLEMENT (“SUPPLEMENTARY SHELF PROSPECTUS”) TO THE SHELF PROSPECTUS DATED DECEMBER 9, 2011 This document is important and should be read carefully. If you are in any doubt about its contents or the action to take, kindly consult your Accountant, Banker, Solicitor, Stockbroker, or an Independent Investment Adviser for guidance immediately. For information concerning certain risk factors which should be considered by prospective investors see 'risk factors ‘from pages 20- 22 investment in this bond is strictly for Qualified Investors. EKITI STATE GOVERNMENT OF NIGERIA Offer for Subscription of N20,000,000,000 14.5% Fixed Rate Bond Due 2018 Under The Ekiti State Government of Nigeria N25,000,000,000.00 Bond Issuance Programme Issue Price: N1,000 Payable in full on Application Application list Opens: November 28, 2011 Application list Closes: December 08, 2011 This Pricing Supplement (“Supplementary Shelf Prospectus”) is prepared for the purpose of Rule 40(C) of the Rules and Regulation of the Securities & Exchange Commission (“the Commission” or SEC) in connection with the N25,000,000,000.00 Bond Issuance Programme established by Ekiti State Government of Nigeria (“the Issuer”). This Pricing Supplement is supplemental to, and should be read in conjunction with, the Shelf Prospectus dated December 9, 2012 and any other supplements to the Shelf Prospectus to be issued by the Issuer. Terms defined in the Shelf Prospectus have the same meaning when used in this Pricing Supplement. To the extent that there is any conflict or inconsistency between the contents of this Pricing Supplement and the Shelf Prospectus, the provisions of this Pricing Supplement shall prevail. This Pricing Supplement may be used to offer and sell the Bonds only if accompanied by the Shelf Prospectus. Copies of the Shelf Prospectus can be obtained from any of the Joint Issuing Houses. The registration of the Shelf Prospectus and this Pricing Supplement shall not be taken to indicate that the Commission endorses or recommends the Bonds or assumes responsibility for the correctness of any statements made or opinions or reports expressed in the Shelf Prospectus or this Pricing Supplement. No Bonds will be allotted or issued on the basis of the Shelf Prospectus read together with this Pricing Supplement later than two years after the date of the issue of the Shelf Prospectus. This Pricing Supplement contains particulars in compliance with the requirements of the Commission for the purpose of giving information with regards to the Securities being issued hereunder (the “Tranche 1 Bonds” or “Bonds”). Application has been made to the Council of the Exchange for the admission of the Bonds to the Daily Official List of the Exchange. The Bonds now being issued will upon admission to the Daily Official List qualify as a security in which Trustees may invest under the Trustee Investments Act, Cap T22, Laws of the Federation of Nigeria, 2004. The Bonds also qualify as a Government security under Section 20(1)(g) of the Personal Income Tax Act, Cap P8, LFN, 2004 as well as Section(19)(2) of the Companies Income Tax Act, Cap C21, LFN, 2004. The Issuer accepts full responsibility for the accuracy of the information contained in this Pricing Supplement. The Issuer declares that having taken reasonable care to ensure that such is the case, the information contained in this Pricing Supplement is, to the best of its knowledge, in accordance with the facts and does not omit anything likely to affect the import of such information and that save as disclosed herein, no other significant new factor, material mistake or inaccuracy relating to the information included in the Shelf Prospectus has arisen or has been noted, as the case may be, since the publication of the Shelf Prospectus. Furthermore, the material facts contained herein are true and accurate in all material respects and the Issuer confirms that, having made all reasonable enquiries, to the best of its knowledge and belief, there are no material facts, the omission of which would make any statement contained herein misleading or untrue. LEAD ISSUING HOUSE/LEAD BOOK RUNNER GREENWICH TRUST LIMTED RC 189502 JOINT ISSUING HOUSES/CO- BOOK RUNNERS UBA CAPITAL LIMITED SKYE FINANCIAL SERVICES FIDELITY BANK PLC FBN CAPITAL IMITED RC 444999 LIMITED RC 103022 RC 446599 RC 672560 CAPITAL BANCORP LIMITED MORGANCAPITAL CHAPEL HILL ADVISORY BGL PLC RC 114135 SECURITIES LIMITED PARTNERS LIMITED RC223042 RC 306609 RC622258 1 FINAL TERMS OF TRANCHE 1 BONDS 1. Issuer: Ekiti State Government of Nigeria 2. Tranche Number: 1 3. Type of Bond: Fixed Rate Bond s 4. Principal Amount: N20, 000,000,000.00 Naira . 5. Tranche 1 Bonds The Upper Limit of the Tranche 1 Bonds shall not exceed an Limit: aggregate amount of N20,000,000,000.00. 6. Enabling Law: Ekiti State Bonds, Notes and Other Securities Issuance Law 2011 . 7. Issuer Rating: Bb+ : (Rating by Augusto & Co Limited) September 2011 BBB: (Rating by Global Credit Rating ) October 2011 8. Bond Rating: A: (Rating by Augusto & Co Limited) September 2011 A- :(Rating by Global Credit Ratin g) October 2011 9. Par Value: N1,000.00 (One Thousand Naira) . 10. Units of Sale: Minimum of 10,000 units and multiples of 1,000 units thereafter. 11. Coupon : 14.5% 12. Currency: Nigerian Naira . 13. Redemption: The Bonds will be fully amortized by 14 (fourteen) equal scheduled payments of N2,383,181,207.94 on each Payment Date (being the interest amount and scheduled redemption amount due and payable on each Payment Date). 14. Early Redemption: The Issuer may in three (3) years after the issuance, in its sole discretion, redeem all or part of the outstanding Bonds at 100% par value plus the interest accrued but unpaid from the last Coupon Payment Date and an Early Redemption charge of 2%. 15. Method of Offer for Subscription by way of Book Building . Offering: 16. Offer Opens: November 28, 2011 17. Offer Closes: December 08, 2011 18. Maturity: 2018 . 19. Tenor: 7 years . 20. Day Count Actual/Actual: Coupon will be calculated on the basis of the actual Fraction: number of days (365 or 366) in each year. 21. Repayment: The Coupon and Principal on the Bon ds will be payable semi -annually in arrears in equal instalments commencing six months from the date of allotment of the Bonds till the Maturity Date of the Bonds. 22. Coupon Coupon on Bond will accrue from the Completion Meeting Date when Commencement applicants are expected to fund their application. Date: 2 23. Business day Modified Following: Where a coupon Payment Date falls on a non - Convention: Business Day, such payment shall be postponed to the next day which is a Business Day. If it falls into the next calendar month, such Coupon Payment Date shall be brought forward to the immediately preceding Business Day. 24. Tax Qualification: All payments made to Bondholders shall be free and clear of Withholding, State and Federal Income and Capital Gains Taxes with no deduction made whatsoever at source in accordance with FGN tax policy on bonds. 25. Listing: An application has been made to the council of the Nigerian Stock Exchange for the admission of the Bonds to its Daily Official List. 26. Status: Registered and Listed Bonds . 27. Security: The Bond will be constituted under a Supplemental Trust Deed which provides for the maintenance of a Sinking Fund managed by the Joint Trustees who shall hold a charge in favour of the Bondholders. The Bond will also be fully backed by an Irrevocable Standing Payment Order (“ ISPO ”) issued by the State to the Accountant General of the Federation. The ISPO authorizes direct deductions from the States monthly Federal Allocation of such sums required to service the Bond. 28. Sinking Fund: Monthly payments shall be made in an amount equal to the principal and interest including all other monies (if any) due and payable by the Issuer in respect of the Bonds into a Sinking Fund held by the Trustees as set out in the Supplemental Trust Deed. 29. Qualified Investors Investors that are permitted to participate in the offer include Qualified Institutional Investors and High-Net-Worth Individuals as defined by the SEC Rules and Regulations 78 (C)(2). 30. Form of Bonds: The Bonds shall be a F ixed Rate Bond s and shall be freely transferable in accordance with the provision of the Supplemental Trust Deed and subject to a prospectus prepared on behalf of the State by duly appointed Issuing Houses. 31. Allotment Schedule : The Allotment Schedule will be filed by the Lead Book Runner with the SEC after the allotment of the Bonds at the Completion Meeting in accordance with the provisions of the SEC Rules and Regulations 78 (C) 32. Governing Law: Nigerian Law: - The Constitution of the Federal Republic of Nigeria, 1999 - The Fiscal Responsibility Act, 2007 - Investments and Securities Act, 2007 - Ekiti State Bonds, Notes and Other Securities Issuance Law 2011. 33. Appendix (i) Appendix A - Tranche 1 Time Table (ii) Appendix B- Monthly Deduction/Remittance (iii) Appendix C- Procedure For Application And Allocation/Allotment (iv) Appendix D- Commitment/Bid Form 3 USE OF PROCEEDS Ekiti State was created on October 1, 1996 under the Military Administration of Late General Sani Abacha from the then Ondo State. The State is bordered by Kwara and Kogi State to the North, Osun State to the West and Ondo State to the East and to the South. The State is majorly an agrarian State as agriculture accounts for over 75% of the income and employment of the total population of the State. However, due to the lack of proper infrastructure in the State, its potentials for revenue generation have largely been untapped thereby hampering growth.
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