The Lekki Free Zone Company (LFZC) has launched a process to raise about ₦25 billion through issuance of long-term bonds.

The company will use the net proceeds of the new bond issuance to refinance existing credit facilities and to support funding of other capital projects.

LFZC Funding SPV Plc- the special purpose vehicle of LFZC, which had earlier raised ₦25 billion from the debt market, at the weekend, opened another book building to raise additional ₦25 billion.

The book building is expected to close on Wednesday March 15, 2023.