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Ambode says LAWMA still part of waste control framework, floats N50bn bond

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Contrary to trending speculation that the Lagos State Government may have eased out the role of Lagos State Waste Management Authority (LAWMA) in the new Clean Lagos Initiative, government weekend, said the agency is still in charge.

While explaining the reasons behind the floating of N50 billion bond to enable it achieve cleaner environment through effective waste management system, the state’s Commissioner, Ministry of Environment, Babatunde Adejare said LAWMA still operates in partnership with private sector participants for collection of wastes within the state.

According to him, “the current waste management framework, specifically the residential and general waste management system has degenerated over the years and needs to be improved through private sector participation”.

“In an effort to create a waste management and recycling solution, the Lagos state Ministry of Environment and an environmental utility group, Visionscape has concluded plans to issue a N50 billion project-backed corporate bond in two tranches.

The first tranche of N27 billion will be offered from today, Monday August 14, 2017 at 17.5 per cent coupon for a with five-year tenor. The offer ends on August 25, 2017.

The fund, he said, “would be used to finance the mobilization of assets for residential and general waste collection under the Cleaner Lagos Initiative of the Ministry of Environment of Lagos State”.

“It will also be deployed to the renovation and upgrade transfer loading stations and landfills in the state.  It has an issue rating of A+ by Augusto and Co. Limited at an issue price of N1,000 per unit.

It would be recalled that the cleaner Lagos initiative is a programme launched by the Lagos State Governor, Akinwunmi Ambode to effectively manage waste collection and create jobs across the 37 local government areas in the state. He said that the project will create over 27,500 jobs.

The Commissioner averred that the recent passage of the Environmental Management and Protection Law 2017, has the clearly empowered the state to involve the private sector in the state’s waste management system.


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