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Lagos State Government of Nigeria THIS DOCUMENT IS IMPORTANT AND YOU ARE ADVISED TO CAREFULLY READ AND UNDERSTAND ITS CONTENTS. IF YOU ARE IN DOUBT ABOUT ITS CONTENTS OR THE ACTION TO TAKE PLEASE CONSULT YOUR STOCKBROKER, SOLICITOR, BANKER OR AN INDEPENDENT INVESTMENT ADVISER. THIS PROSPECTUS HAS BEEN SEEN AND APPROVED BY THE MEMBERS OF THE LAGOS STATE EXECUTIVE COUNCIL AND THEY JOINTLY AND INDIVIDUALLY ACCEPT FULL RESPONSIBILITY FOR THE ACCURACY OF ALL INFORMATION GIVEN AND CONFIRM THAT, AFTER HAVING MADE ENQUIRIES WHICH ARE REASONABLE IN THE CIRCUMSTANCES AND TO THE BEST OF THEIR KNOWLEDGE AND BELIEF, THERE ARE NO OTHER FACTS, THE OMISISON OF WHICH WOULD MAKE ANY STATEMENT HEREIN MISLEADING For information about risk factors which should be considered by prospective investors, see Risk Factors on page 50. LAGOS STATE GOVERNMENT OF NIGERIA N167,500,000,000 DEBT ISSUANCE PROGRAMME For the Issuance of a Bond or Series of Bonds with maturities of 5 years and longer THIS SHELF PROSPECTUS AND THE SECURITIES THAT IT OFFERS HAVE BEEN APPROVED AND REGISTERED BY THE SECURITIES & EXCHANGE COMMISSION. IT IS A CIVIL WRONG AND CRIMINAL OFFENCE UNDER THE INVESTMENTS & SECURITIES (NO. 29 OF 2007) ACT TO ISSUE A PROSPECTUS WHICH CONTAINS FALSE OR MISLEADING INFORMATION. THE CLEARANCE AND REGISTRATION OF THIS PROSPECTUS AND THE SECURITIES WHICH IT OFFERS DOES NOT RELIEVE THE PARTIES FROM ANY LIABILITY ARISING UNDER THE ACT FOR FALSE AND MISLEADING STATEMENTS CONTAINED HEREIN OR FOR ANY OMISSION OF A MATERIAL FACT. “THIS SHELF PROSPECTUS IS TO BE READ AND CONSTRUED IN CONJUCTION WITH ANY SUPPLEMENT HERETO AND ALL DOCUMENTS WHICH ARE INCORPORATED HEREIN, BY REFERENCE AND, IN RELATION TO ANY TRANCHES (AS DEFINED HEREIN) OF INSTRUMENTS, TOGETHER WITH THE APPLICABLE PRICING SUPPLEMENT/SUPPLEMNTARY SHELF PROSPECTUS. THIS SHELF PROSPECTUS SHALL BE READ AND CONSTRUED ON THE BASIS THAT SUCH DOCUMENTS ARE INCORPORATED AND FORM PART OF THIS SHELF PROSPECTUS” THE REGISTRATION OF THE SHELF PROSPECTUS AND ANY SUPPLEMENTARY PROSPECTUS (PRICING SUPPLEMENT) THEREAFTER DOES NOT IN ANY WAY WHATSOEVER SUGGEST THAT THE SECURITIES AND EXCHANGE COMMISSION ENDORSES OR RECOMMENDS THE SECURITIES OR ASSUMES RESPONSIBILITY FOR THE CORRECTNESS OF ANY STATEMENT MADE OR OPINION OR REPORT EXPRESSED THEREIN. LEAD ISSUING HOUSE/BOOK RUNNER: RC 622258 JOINT ISSUING HOUSES/BOOK RUNNERS: RC261272 RC 733583 RC446599 RC672560 RC 125097 This Shelf Prospectus is dated the [.] day of [.], 2012 Table of Contents 1. DEFINITION OF TERMS....................................................................................................................................................... 3 2. INFORMATION RELATED TO THE SHELF PROSPECTUS ................................................................................................... 7 3. PRICING SUPPLEMENT ........................................................................................................................................................ 9 4. PARTIES TO THE OFFER ..................................................................................................................................................... 10 5. THE PROGRAMME ............................................................................................................................................................. 18 6. DECLARATION BY THE ISSUER ........................................................................................................................................ 19 7. PARTICULARS OF THE PROGRAMME ............................................................................................................................... 20 7.1. SUMMARY OF TERMS & CONDITIONS OF THE PROGRAMME ...................................................................... 20 7.2. TERMS & CONDITIONS OF THE BONDS ......................................................................................................... 23 8. TAX CONSIDERATIONS ................................................................................................................................................... 29 9. LAGOS STATE .................................................................................................................................................................... 30 9.1. OVERVIEW OF LAGOS STATE ......................................................................................................................... 30 9.2. ECONOMIC REVIEW ........................................................................................................................................ 31 9.3. GOVERNANCE AND BEST PRACTICES ............................................................................................................ 32 9.4. LAGOS STATE’S TEN POINT AGENDA ........................................................................................................... 32 9.5. MEDIUM TERM STRATEGY OF THE STATE .................................................................................................... 35 9.6. FINANCES OF LAGOS STATE ........................................................................................................................... 35 9.7. CONCLUSION ................................................................................................................................................... 37 10. THE LAGOS STATE EXECUTIVE COUNCIL ...................................................................................................................... 38 11. USE OF PROCEEDS ............................................................................................................................................................ 44 12. RISK FACTORS & MITIGANTS ......................................................................................................................................... 50 13. THE N167.5 BILLION DEBT ISSUANCE PROGRAMME .................................................................................................... 54 14. NIGERIA OVERVIEW .......................................................................................................................................................... 58 15. STATUTORY AND GENERAL INFORMATION ................................................................................................................... 62 16. RATINGS REPORT ............................................................................................................................................................. 65 17. FINANCIAL FORECAST........................................................................................................................................................ 67 17.1. REPORTING ACCOUNTANTS’ REPORT........................................................................................................... 67 17.2 LETTER FROM JOINT ISSUING HOUSES ......................................................................................................... 68 17.3 REVENUE AND EXPENDITURE FORECAST ...................................................................................................... 69 17.4 ASSUMPTIONS ................................................................................................................................................. 70 18. FINANCIAL SUMMARY ....................................................................................................................................................... 71 18.1 REPORTING ACCOUNTANTS REPORT ............................................................................................................ 71 18.2 STATEMENT OF ASSETS AND LIABILITIES ..................................................................................................... 72 18.3 STATEMENT OF REVENUE AND EXPENDITURE .............................................................................................. 74 18.4 NOTES TO THE FINANCIAL STATEMENTS ..................................................................................................... 75 19. OTHER GENERAL INFORMATION ...................................................................................................................................... 81 19.1 STATEMENT OF INDEBTEDNESS ..................................................................................................................... 81 19.2 CLAIMS, LITIGATIONS AND DISPUTES .......................................................................................................... 81 19.3 COSTS & EXPENSES ......................................................................................................................................... 81 19.4 DOCUMENTS AVAILABLE FOR INSPECTION ................................................................................................. 81 19.5 RELATIONSHIP BETWEEN THE STATE & ADVISERS ...................................................................................... 82 20. FORM OF SUPPLEMTARY SHELF PROSPECTUS/ PRICING SUPPLEMENT .......................................................................... 97 2 1. DEFINITION OF TERMS “Afrinvest” Afrinvest (West Africa) Limited „‟Allotment Date‟‟ The date on which the Bonds are allotted to successful bidders “Bidder‟‟ Any Qualified Investor who makes a Bid pursuant to the terms of a Pricing Supplement “Bonds” Any bonds which may be issued by the State under the programme in accordance with the terms of this Shelf Prospectus and any subsequent Supplementary Shelf Prospectus/Pricing Supplement “Bonds Law” The Lagos State Bonds, Notes and
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