Lagos — United Bank Africa Capital, the investment arm of the United Bank for Africa Plc in conjunction with other issuing houses have concluded arrangement to raise N18.5billion for the Imo State government through a bond at the nation's capital market.

Other issuing houses to the deal include: Stanbic IBTC, Future View Financial Services Limited and BGL Securities Limited. United Bank for Africa Plc is Co-Underwriter of the bond while UBA Trustees Limited is the Trustees to the Offer.

A statement indicated the deal was sealed Monday during the completion board meeting between the Imo State governments, the issuing houses held at the Imo Hall of the Transcorp Hilton Hotel, Abuja.

The meeting was in connection with the Offer for Subscription of N18.5 billion 15.5% Fixed Rate Bond Issue due 2016(issued under the N40 billion Medium Term Note Programme by the Imo State Government).