ABUJA (Reuters) - First Bank said on Monday it wants to raise a 500 billion naira bond in what would be Nigeria's first corporate bond in three years. Nigeria's oldest bank said it would hold an extraordinary shareholders meeting to vote on the bond issue on August 20 in the capital, Abuja. Industry sources told Reuters on Thursday First Bank had received regulatory approval from Nigeria's central bank and the Securities and Exchange Commission. It is also seeking approval from the Nigerian Stock Exchange to trade the bond at the bourse. The bank aims to use the bond issue to raise funds for infrastructure projects such as the Lagos-Ibadan highway, one source said. Analysts have welcomed plans for Nigeria's first corporate bond issue since Access Bank's 13.5 billion naira convertible bond in October 2006. Nigerian companies have not ventured into the corporate bond market for several years because of the high cost of issuing debt and tax concerns, bank officials said. New central bank Governor Lamido Sanusi said earlier this month he wants more companies to raise funds through the bond market. Sanusi said the regulator would seek to reduce the cost of corporate bond issues and work with tax authorities to have a tax-free yield curve. | 
