SEC Decries Indiscriminate Issuance of Debt Instruments by Subnationals

Mr. Bola Ajomale, Executive Commissioner, Operations, SEC, stated this at the 2024 International Credit Rating Webinar organised by DataPro Limited.

Ajomale, who identified the tendency for some state governments to issue private bonds guaranteed by the state government, pointed out that the processes do not have any proof of secondary market value and that they need to be assessed for the delivery of the stated project objectives.