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

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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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State Police: 24 State Assemblies Approve Constitutional Amendment–Presidency

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By Yusuf Danjuma Yunusa

The Presidential Working Group on the National Policing Bill says 24 State Houses of Assembly have approved the Constitution (Sixth Alteration) Bill, 2026, providing for a dual policing system.

The approval meets the constitutional threshold of two-thirds of the 36 states required for the amendment to proceed.

The Working Group commended the State Houses of Assembly for their action and acknowledged the National Assembly for passing the amendment in both chambers.

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This is contained in a statement issued by Femi Gbajabiamila, Chief of Staff to the president and chairman of the Working Group, on Friday in Abuja.

“In line with Section 9 of the Constitution, the amendment can now be returned to the National Assembly for transmission to Mr President for assent.”

Mr Gbajabiamila said the approval provided constitutional backing for the policing framework outlined in the Working Group’s draft National Policing Bill, 2026.

He added that the draft bills were undergoing legislative drafting, review and validation at the Federal Ministry of Justice.

The bills are expected to be returned on or before October 30, after which the Working Group will give them final consideration before presenting them to President Bola Tinubu.

The Working Group urged stakeholders to support a smooth transition to a dual policing system aimed at improving public safety.

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ECOWAS Court Faults Process Backed by Council of Ministers in Darma Removal Case

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The ECOWAS Community Court of Justice has ruled that the removal and replacement of former ECOWAS Commissioner for Internal Services, Prof. Nazifi Abdullahi Darma, were unlawful, overturning a process that culminated in his replacement being formalised by the Council of Ministers.

Darma disclosed the outcome while briefing journalists in Abuja on the Court’s recent judgment.

He said the dispute arose after a memorandum dated 30 October 2025 by the then President of the ECOWAS Commission, Dr. Omar Alieu Touray withdrew responsibilities previously exercised by Darma and initiated steps that eventually led to his replacement.

While Darma challenged the actions before the ECOWAS Court on 3 November 2025, the Federal Republic of Nigeria subsequently recalled him and nominated a successor.

The Council of Ministers later formalised the replacement.
However, the Court found that the legal requirements for ending his mandate had not been satisfied.

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According to Darma, the Court held that the memorandum triggering the process was based on adverse allegations that affected his responsibilities and was issued without giving him an effective opportunity to respond.

“The Court found that these actions were taken without prior notice or an effective opportunity for me to respond,” he said.

The Court further ruled that managerial powers vested in the President of the Commission could not be used to extinguish or transfer responsibilities assigned by Community law to another statutory office.

Darma said the Court also rejected the argument that Nigeria’s recall automatically ended his tenure as Commissioner.

“Once appointed, a Commissioner derives his mandate from Community law and not from the nominating Member State,” he quoted the Court as holding.

The Court consequently declared that his removal and replacement were unlawful, notwithstanding the subsequent actions taken to formalise the change in office.

The judgment ordered the payment of outstanding salaries, allowances and accrued entitlements up to the expiration of his tenure and awarded him US$50,000 in general damages.
Because his tenure expired on 31 August 2026, the Court did not order reinstatement.

Describing the ruling as significant for regional governance, Darma said it reaffirmed that ECOWAS statutory office holders can only be removed through procedures recognised by Community law.

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Dangote Cement Gboko Commits Millions in Scholarship Scheme

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Dangote Cement Plc, Gboko Plant has awarded multi-million-naira scholarships to tertiary and secondary school students from its six host communities in Benue State.

The company also presented starter packs, working tools and certificates to graduates of its Youth Empowerment Programme to enable them to establish their own businesses, apply the skills acquired during the training and become financially reliant.

The Minister of Solid Minerals Development, Dr. Henry Dele Alake, lauded Dangote Cement Plc for its community development interventions, calling on other private sector players to adopt similar initiatives to promote socio-economic development in their host communities.

Dr. Alake, who was represented by the Federal Mines Officer of the Federal Ministry of Solid Minerals Development in Benue State, Engr. Achi Gregory, urged the company to sustain its commitment to implementing community development programmes agreed upon with its host communities.

Speaking at the official presentation ceremony, Group Head, Social Performance, Dangote Cement Plc, Mr. Wakeel Olayiwola, said the implementation of the Community Development Agreement underscores Dangote Cement’s commitment to equipping young people with practical skills and resources to promote entrepreneurship, create employment opportunities and improve livelihoods in its host communities.

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Mr. Olayiwola, who was represented by the Head of Social Performance of the Dangote Cement, Gboko Plant, Dr. Johnson Kor, said the scholarship and youth empowerment programmes came against the backdrop of several other programmes recently executed by the company, which include farmers and women empowerment programmes.

The Acting Plant Director, Dangote Cement, Gboko, Engr. Arbind Singh, said: “This annual scholarship scheme for indigent students of the host communities is an indication of our company’s commitment to its Corporate Social Responsibilities (CSR).”

Engr Singh, who was represented by the company’s General Manager, Production, Engr Tabershima Soom, said: “The Gboko Plant has already launched 150 Women Empowerment Programme and 50 Farmerss Empowerment Programme where women were provided with cash to support their businesses, and farmers were supported with farm inputs.”

The beneficiary communities for these programs are: Tse-Kucha, Quarry, Amua, Mbazembe, Mbatur, and Pass Brothers.

Speaking on behalf of the Benue State Attorney-General, the Chairman of the Mineral Resources and Environmental Management Committee (MIREMCO), Barr. Dooshima Orosaga, commended Dangote Cement Plc for its compliance with the Community Development Agreement (CDA), urging the beneficiaries and host communities to maximise the benefits of the company’s interventions.

Chairman of the Gboko Local Government, Hon Yina Elias said the government will continue to provide the support needed for the company to succeed, adding that the Dangote Cement Plc is an exemplary company in Corporate Social Responsibilities programmes.

In his remarks, the District Head of Ukpekpe, Chief Tsegba Igbarumun, commended Dangote Cement Plc’s Gboko Plant for its contributions to the community, assuring the company of the community’s continued support.

He said the community valued its mutually beneficial relationship with the company and would continue to serve as its ambassadors.

A beneficiary of the Youth Empowerment Programme, Mr Ignatius Aondohemba, expressed appreciation to Dangote Cement Plc for the support, pledging to put the skills and resources provided to good use and build a business that would enable him to become an employer of labour.

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