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Dangote Lists N300B Series 1 And 2 Largest Bonds On NGX ,FMDQ

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3 years ago

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Dangote Industries Limited (DIL) has formally listed its N300 billion Series 1 and 2 bonds issued under the Dangote Industries Funding Plc during a grand listing ceremony at both the FMDQ and the Nigeria Exchange Limited (NGX) in Lagos.

Olakunle Alake, Group Managing Director of Dangote Industries Limited told investors during the listing ceremony that the bonds were primarily for part-financing the Group’s 650,000 bpd refinery project.

He explained that the decision of the Company to issue bonds to raise the required capital for part-financing the refinery project was to encourage the participation of  Nigerians in the financing  of the project.  He noted that the bonds remains the largest aggregate local currency bond issuance within a calendar year by any corporate organization in the history of the capital markets. .

Mr. Alake noted that following very rigorous internal assessment, the management concluded that tapping the local capital markets was inevitable, considering the sheer scale of the project being developed, as well as the existing market volatility.

He said that while the Dangote Group is not new at raising funds in the local capital markets, being a first-time issuer at the holding company level presented a fresh challenge for the Company.  However, the challenge was one the management was willing to embrace to ensure the desired outcome was achieved.

According to him: “Today, we are delighted to have successfully completed the largest aggregate local currency bond issuance by a corporate in the Nigerian capital markets within a calendar year. The proceeds from the Series 1 and 2 bond issuances were dedicated to part-financing the Dangote Petroleum Refinery Project which is the initiative by the Group to establish an Integrated Petrochemical Complex, and the largest Single Train Petroleum Refinery in the World.”

Alake recalled that the DIL recorded another first through the N187 billion series 1 bonds (under the N300 billion programme), being the largest corporate bond ever issued in the history of the Nigerian capital markets and the management was pleased to have set the remarkable milestones, showcasing the depth, resilience and liquidity of the domestic capital markets, whilst reflecting the strong credit quality of the issuer, despite the current global market volatility.

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He said: “The bonds issuances were well received by the market and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies, and high net-worth investors.

Indeed, the reception of the market was buoyed by the strategic importance of the project and its expected impact on the Nigerian economy. Overall, we strongly believe the success of the Series 1 and 2 bond issuances further demonstrates investor confidence in our credit story and the appreciation of the work done by the Group across several key sectors that are crucial to the development of Nigeria and the continent at large.”

Alake pointed out that his Company was not new in the business of listing securities on NGX. “We are therefore conversant with all the listing requirements and promise to be prompt and up to date in that regard.  We count on the cooperation and support of NGX and the stockbrokers to meet this important investors’ objective.”

The DIL Group Managing Director assured that the company would remain resolute in the Nigerian and African story and continue to demonstrate commitment, as one of the foremost pan-African conglomerates, through investments in projects and initiatives that directly improve the quality of lives of Nigerians. “Indeed, these are very exciting times for us as a business, and so we would continue to welcome opportunities to work with stakeholders in the domestic capital markets towards accelerating the economic activities across Africa, whilst maximizing stakeholder returns.

Also speaking at the event, the lead Issuing House for series 1 of the bonds and the Chief Executive Officer, of Standard Chartered Capital & Advisory Nigeria Limited, Mrs. Yemisi Deji-Bejide, expressed appreciation of her organization to the management of the DIL for reposing so much confidence in Standard Chartered by entrusting it with the responsibility.

She said: “Every time we gather at FMDQ for the listing ceremony of an issuance by the Dangote Group, it is always a record milestone. Early in 2022, we issued a bond for Dangote Cement which was the largest corporate bond issuance at the time,  and little did we know that a few months down the line, the Group will comfortably break that record.

Mrs. Deji-Bejide described the success of the transaction as a strong testament to the fact that Investors strongly believe in Dangote Group’s credit story and are willing to continue to support the growth of the business. Also, she said it demonstrated the depth of the Nigerian capital markets and resilience, despite all the volatility in the global markets and the macro headwinds.

“Lastly and most importantly, investors are keen to support impactful infrastructure projects in Nigeria, as the proceeds of the bond are being used to fund the largest single train refinery in the world”, Mrs. Deji-Bejide added.

Meanwhile, at the Nigeria Exchange Limited where the symbolic gong ceremony was held to commemorate the listing, the Group Managing Director for DIL, Mr. Alake, who was represented by the DIL Group

Chief Finance Officer, Mallam Mustapha Ibrahim thanked the investor community for their support for the transaction as well as our various advisors and stakeholders.

He also commended the Nigeria Exchange Limited (NGX) for its unwavering support throughout this entire process of issuing and listing the bonds as well as their continued commitment towards deepening the Nigerian capital markets.

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Rivers APC Chapter Rejects Moves to Impeach Fubara

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8 hours ago

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January 8, 2026

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By Yusuf Danjuma Yunusa

 

The Rivers State chapter of the All Progressives Congress (APC) has formally rejected ongoing moves to impeach Governor Siminalayi Fubara and his deputy, warning that such action would destabilise the state and damage the party’s image.

Nigerian Tracker News earlier reported that the political crisis rocking Rivers State deepened on Thursday as members of the Rivers State House of Assembly commenced impeachment proceedings against Governor Siminalayi Fubara and his deputy, Ngozi Oduh.

The move followed a plenary session presided over by the Speaker of the House, Martins Amaewhule, during which the Majority Leader, Major Jack, read a notice of allegations and claims of gross misconduct levelled against the governor.

No fewer than 26 lawmakers were said to have signed the notice, which the legislators alleged was in line with the provisions of the Nigerian Constitution.

Amaewhule announced that the notice would be served on Governor Fubara within the next seven days, in accordance with legislative procedure.

Similarly, the Deputy Majority Leader of the House, Linda Stewart, read out a separate notice of allegations and gross misconduct against Deputy Governor Ngozi Oduh.

In a press statement issued on Thursday and signed by the Rivers APC spokesperson, Darlington Nwauju, the party said its leadership had taken note of the “unfortunate developments” emanating from the Rivers State House of Assembly.

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While acknowledging the constitutional independence of the legislature and its role in checks and balances, the APC said it could not support an impeachment process against a governor elected on its platform.

“Our position as of today on this matter is that we solemnly reject the resort to an impeachment process against our Governor and his deputy,” the statement read.

The party warned against allowing internal disputes associated with the Peoples Democratic Party (PDP) to spill into the APC, describing such a development as unacceptable.

Addressing claims that the impeachment threat is linked to budgetary issues, the APC recalled that during the period of emergency rule, a budget of ₦1.485 trillion was transmitted to the National Assembly by the President in May 2025 and subsequently approved by the Senate on June 25, 2025, and the House of Representatives on July 22, 2025.

According to the statement, the budget was designed to run for one year until August 2026, noting that the governor is not constitutionally compelled to present a supplementary budget if he is satisfied with the existing appropriation.

The party also cited constitutional provisions allowing a governor to spend for up to six months into a new fiscal year.

The APC leadership therefore urged members of the Rivers State House of Assembly, particularly its lawmakers, to resist what it described as “pressures from outside the Assembly chambers” aimed at destabilising the government.

“We will do everything possible to ensure that the Government of Rivers State, which is an APC government, is not destabilised through fratricidal disagreements,” the statement added.

The party called on the lawmakers to immediately discontinue the impeachment process, warning that proceeding with it could tarnish the APC’s image and undermine governance and development in the state.

“Let our state remain a democracy and not a politicocracy,” the statement noted.

The latest development comes amid the lingering political rift between Governor Fubara and his predecessor and political benefactor, Nyesom Wike, which has continued to polarise the state’s political structure.

The All Progressives Congress (APC) had stated that Wike would “certainly be under” his successor, Fubara, should he decide to join the party, underscoring that leadership positions are tied to current office.

The APC Director of Information, Bala Ibrahim, made the comments during an interview on Trust TV.

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How Fubara engaged social media influencers to tarnish image of FCT Minister, Wike -Group reveals

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12 hours ago

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January 8, 2026

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Concerned Rivers People, CRP has revealed how Rivers Governor Siminalayi Fubara engaged social media influencers to tarnish image of the Federal Capital Territory FCT Minister Nyesom Wike.

This was contained in a statement issued and signed by the CRP’s Director of Communication, Robinson Uke where he stated that:

“Bloggers engaged by public officials to influence politics in Nigeria has become the norm as we are aware of deliberate moves by Fubara to denigrate the hardworking FCT minister before Mr President.

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“This obviously will not fly as we are also aware that some bloggers equally turned down mouth watering offers declaring that the minister has not in any way attacked the Rivers Governor either directly or indirectly.

Uke explained that: “All the FCT minister has said is that an agreement is an agreement, Fubara should swallow his pride and respect the agreement.

“This he has not done yet he is lavishing hard earned tax payers money of the state on social media influencers across the country without an Appropriation Act to back his spending.

“This development raises ethical concerns, as it undermines transparency and accountability in governance.

” The Nigerian government has responded by demanding approval for sponsored posts, citing concerns over misinformation and manipulation.

“We want to specially thank those bloggers who are standing by the truth and refused to be used by the drowning Fubara who has betrayal flowing in his DNA.

“To Fubara we wish him the best of luck in his political sojourn as an African proverb says a child who refuses to allow his mother to sleep, the child too will not sleep.

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JUST-IN: Rivers Assembly Initiates Impeachment Proceedings Against Fubara

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12 hours ago

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January 8, 2026

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By Yusuf Danjuma Yunusa

The Rivers State House of Assembly has begun impeachment proceedings against Governor Siminalayi Fubara and his deputy, Ngozi Oduh.

During plenary presided over by the Speaker of the state House of Assembly, Martins Amaewhule, according to a live broadcast on Channels Television on Thursday, the Majority Leader, Major Jack, read out the notice of allegations and gross misconduct against Fubara.

“The governor does not even want to present any budget, because if he wanted to, he would have brought it all this while. Siminalayi Fubara is a mistake. Rivers state has never had it this bad,” the Speaker said.

Twenty-six members of the Rivers State House of Assembly signed the notice, which they alleged was against the Nigerian Constitution.

Amaewhule said the notice will be served to Fubara in the next seven days.

The Deputy Majority Leader of the House, Linda Stewart, also read out the notice of allegations and gross misconduct against Oduh.

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Relying on Section 188 of the Nigerian Constitution, Jack reeled out seven points of alleged gross misconduct against Fubara.

Some of the accusations include the demolition of the Assembly Complex, extra budgetary spending, withholding funds meant for the Assembly Service Commission, and refusal to obey the Supreme Court on the financial autonomy of the house.

After Jack laid his notice before the Speaker, who said the notice would be served to the governor in seven days, the deputy leader, Linda Stewart, also brought forward a notice of gross misconduct against Odu.

According to the report, some of the allegations against Odu included reckless and unconstitutional spending of public funds, obstruction of the House of Assembly from performing its constitutional duties as outlined by the 1999 Constitution, conniving to allow unauthorised persons to occupy offices without proper screening by the legitimate House of Assembly.

“Siminalayi Fubara and Ngozi Odu are nothing but a threat to our nascent democracy. If they are allowed to remain in office, I do not know what will become of our democracy. They are moving about from place to place, spending taxpayers’ money without approval,” the Speaker added.

Other allegations were that she approached another group of people for budgetary approval instead of the legitimate Rivers State House of Assembly, seizure of salaries and allowances accruing to the RSHA and the Rivers State Assembly Service Commission.

The move is the second attempt by the lawmakers to impeach Fubara and his deputy, following a similar one in March 2025.

In the notice signed by 26 members of the Rivers Assembly at that time, the lawmakers accused Fubara and Odu of gross misconduct after the governor fell out with the immediate governor of the state, Nyesom Wike.

Following escalating tensions in the oil-rich state, President Bola Tinubu intervened and declared a state of emergency.

The president suspended Fubara, his deputy and the Rivers Assembly and said the development is “required by section 305(5) of the 1999 Constitution as amended.

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