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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.

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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50 Civil Society Groups Criticize Withdrawal of Police at Kano Anti-Corruption Agency

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Civil society groups have raised concerns over the withdrawal of police personnel from the Kano State Public Complaints and Anti-Corruption Commission, criticizing the move during a press conference held in Abuja.

The groups said the withdrawal of approximately 40 police officers, responsible for security and investigative tasks, has not only hindered the commission’s work but also raised questions about the impartiality and independence of law enforcement agencies.

According to them the action is perceived as an attempt to impede ongoing corruption investigations involving Abdullahi Umar Ganduje, the National Chairman of the ruling All-Progressives Congress (APC) and former governor of Kano State.

The civil society groups have also issued recommendations to address corruption effectively in Nigeria.

They emphasize the need for autonomy and integrity within the judiciary, urging the National Judicial Council to monitor its members diligently.

They also call for transparency and accountability in governance, urging political parties to denounce and suspend members facing corruption allegations.

They also call for adequate resource allocation to anti-corruption agencies and also highlighted the essential to uphold their independence and efficiency.

Furthermore The groups called on religious leaders, community leaders, and opinion influencers to promote ethical behavior and combat corruption within their spheres of influence.

The reinstatement of police personnel withdrawn from the Kano State Anti-Corruption Commission are urged to facilitate the commission’s duties effectively.

The Civil society organizations also reaffirm their commitment to the fight against corruption and call for collective action to build a corruption-free Nigeria.

The withdrawal of police personnel from the Kano State Anti-Corruption Commission was allegedly ordered by the Inspector General of Police on April 25th. The move has sparked widespread criticism and calls for accountability in law enforcement actions related to anti-corruption efforts.

The groups are as follows

1. Civil Society Legislative Advocacy Centre (CISLAC)
2. Human and Environmental Development Agenda (HEDA Resource Centre)
3. Resource Centre for Human Rights and Civic Education (CHRICED)
4. Centre for Information Technology and Development (CITAD)
5. African Centre for Media & Information Literacy (AFRICMIL)
6. Borno Coalition for Democracy and Progress (BOCODEP)

7. BudgIT Foundation
8. Corporate Accountability and Public Participation Africa (CAPPA)
9. State of the Union (SOTU)
10. Tax Justice and Governance Platform
11.Transition Monitoring Group (TMG)
12.Women in Media Communication Initiative (WIM)
13.Zero Corruption Coalition (ZCC)
14.Alliance for Credible Elections (ACE)
15.Centre Democracy and Development (CDD)
16. Accountability Lab, Nigeria
17. Centre for Journalism Innovation and Development (CJID}
18.Say NO Campaign – Nigeria
19.Femi Falana Chamber
20.Health of Mother Earth Foundation (HOMEF)
21.Socio-Economic Rights and Accountability Project (SERAP)
22. Good Governance Team
23.21st Century Community Empowerment for Youth Initiative
24. OCCEN-Kano
25. Mothers and Marginalised Advocacy Centre ( MAMA Centre)
26.Social Action
27.Centre for Transparency Watch
28.West Africa Civil Society Forum WASCSOF
29.Global Rights
30 African Centre for Leadership, Strategy & Development (Centre LSD)
31.Partners West Africa
32.Order Paper
33.Say No Campaign
34 Environmental Rights Action/Friends of the Earth, Nigeria. ERA
35.Center for Fiscal Transparency and Public Integrity
36.Amnesty International Nigeria
37. RULAAC – Rule of Law and Accountability Advocacy Centre
38. Connected Development (CODE)
39. Centre for Democratic Research and Training (CRDDERT)
40. Praxis
41.CLEEN Foundation
42.Spaces for Change
43.Abuja School of Social and Political Thought
44.Yiaga Africa
45.Policy Alert
46.Socio Economic Research and Development Centre
47.Procurement Observation and Advocacy Initiative
48.Media Rights Agenda
49.MEDIA INITIATIVE FOR TRANSPARENCY IN EXTRACTIVE INDUSTRIES (MITEI)
50.Centre for Social Justice

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Plateau NLC Demands inclusion of LGA worker’s in the minimum wage

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By Asile Abel,Jos

Plateau state Chairman of the Nigeria Labour Congress NLC Comrade Eugene Manji, has mandated goverment to ensure that the new minimum wage to be implemented covers the local government sector.

“As workers, we want to place on record that, we will no more accept differential salary structures in the Plateau State between state and local government workers in the new minimum wage arrengment.”

Comrade Manji made the appeal at the annual international workers day been marked in Nigeria every 1st of May each year.

The Plateau State NLC boss equally complained that workers are being shortchange of their due rights.

“Even the recent fertilizer that was shared by government of Plateau state, workers were denied.’

Speaking on the insecurity bedeviling Nigerians, Comrade Manji said security operatives are not doing enough in protecting citizens.

“It should be noted that Nigeria is in a sorry state.” People are Killed daily and our national security offices are Celebrating drop on the number of deaths resulting from banditry, kidnapping, armed robberies and other vices as if Nigerian lives do not matter.” He noted.

On his part, Chairman TUC Plateau State chapter, Comrade Kenneth Shammah, reminded government that workers of a state owned hotel (Hillstation hotel) are being neglected.

Comrade Shammah revealed that the said workers are owed 50 months salaries.

“Workers in the Hillstation hotel have not been paid salaries for as for as over 50 months, we therefore appeal for the payment of those salaries to those category of Workers.”

Reacting to the agitations of the workers, governor of Plateau State Barr Caleb Mutfwang, reminded workers that his administration prioritize welfare of workers.

The governor pledged that his administration shall always prioritize welfare of civil servants.

Governor Mutfwang was represented at the event by the Head of Civil Service Plateau State, Barr Rauta Dakok.

Mutfwang told the gathering that his administration has upset the 11 billion naira unpaid salaries of civil servants; according to him, the said salary arrears was abounded by his predecessor, Ex-governor Simon Lalong.

He stressed that his administration has commenced payment of pension arrears from year 1986, since December 2023.

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HISBAH Commandant Offers 50 Slots to Journalists in Next Mass Wedding

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Sheikh Aminu Ibrahim Daurawa HISBAH Commandant Kano

 

Sheikh Aminu Ibrahim Daurawa, Commander-General (CG) of the Kano State Hisbah Board has revealed that the board has offered 50 slots to journalists and media workers in the next batch of the state’s mass wedding program.

Reports indicate that Sheikh Daurawa revealed this in an interview with journalists on Wednesday.

The Hisbah CG said following the success recorded in the last batch of the mass wedding which saw about 1,800 couples married off, the board decided in to include interested members of professional groups and trade unions in the programme.
We have given 50 slots to journalists and other members of the media who are interested in participating in the mass wedding programme,” he said.

He added that the board would also include legal practitioners and health workers in the next batch of the exercise.

Sheikh Daurawa also explained that the essence of the mass wedding program is to entrench moral values in the society and reduce immorality among young men and women.

Meanwhile, Sheikh Daurawa has urged Hisbah personnel across the 44 local government areas of the state to re-commit themselves to the job or resign.

He made the call during a meeting with heads of Hisbah commands in the 44 LGAs in the state at KERD conference hall in Kano city on Wednesday.

According to him, the Hisbah management has since provided written guidelines to help operatives understand their roles and responsibilities.

He explained that the Hisbah board has collaborated with Yusuf Maitama Sule University, Kano (YUMSUK), Amine Kano College of Islamic Legal Studies, Sa’adatu Rimi University of Education and the department of Islamic studies at Bayero University, Kano (BUK) to establish a Hisbah Academy.

He said when established, the Hisbah Academy would be an institution where formal knowledge and skills pertaining to Hisbah work would be taught and certificates would be awarded to its graduates.

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