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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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APC Ex-Councillors Back Governor Abba’s Choice of Murtala Garo as Deputy

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The Forum of All Progressives Congress (APC) Ex-Councillors has expressed strong support for the nomination of Murtala Sule Garo as Deputy Governor, commending Governor Abba Kabir Yusuf for what it described as a thoughtful and strategic decision, according to a statement signed by its chairman, Hon. Sunusi Kata Madobi.

The forum said the endorsement followed a consultative meeting convened to review recent political developments, noting that the Governor’s action demonstrates a clear commitment to competence-driven governance and the consolidation of administrative stability, the statement added.

Members of the forum, who served across the 44 Local Government Areas, praised Governor Yusuf for prioritizing experience, loyalty, and grassroots connection in selecting his deputy, emphasizing that such attributes are critical to strengthening governance delivery and maintaining public trust, the group stated.

The forum further described Garo as a seasoned public servant with a strong background in party administration and political coordination, stressing that his experience positions him to effectively support the Governor in advancing the administration’s development agenda, according to the statement.

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It added that the nomination was both timely and reflective of the Governor’s dedication to effective governance, noting that the decision shows a deliberate effort to align leadership capacity with the expectations of the people, the forum said.

Highlighting broader implications, the group noted that the move reinforces continuity, institutional strength, and inclusive governance, while expressing confidence that Garo’s experience will enhance executive coordination and improve service delivery, the statement read.

The forum also called on party members, stakeholders, and the general public to rally behind the nomination, urging collective support in the interest of unity, stability, and sustained development, according to the statement.

In addition, the group appealed to political actors to place collective progress above personal interests, warning that only cohesive leadership can deliver meaningful and lasting impact, the forum stated.

Reaffirming its position, the APC Ex-Councillors pledged unwavering support for the administration of Governor Abba Kabir Yusuf and reiterated its commitment to promoting decisions that strengthen governance and improve citizens’ welfare, the statement concluded.

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Tinubu Seeks Senate Approval for Fresh $516 Million Loan

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By Yusuf Danjuma Yunusa

President Bola Ahmed Tinubu has formally requested Senate approval for a loan facility totaling $516,333,007 from Deutsche Bank AG to finance the construction of Sections 1, Phase 1a, and 1b of the Sokoto-Badagry Superhighway.

In a letter addressed to Senate President Godswill Akpabio and read during Thursday’s plenary session, the President described the 1,000-kilometer flagship project as a strategic corridor designed to link Nigeria’s Northwest to the Southwest. The highway will run from Illela in Sokoto State, passing through Kebbi, Niger, Kwara, Oyo, and Ogun, and terminate in Badagry, Lagos State.

According to the letter, the loan will specifically cover 120 kilometers of the total route. The financing arrangement is structured as a syndicated loan secured through Deutsche Bank, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank.

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President Tinubu noted that the Federal Government will provide counterpart funding of ₦265,542,689,569 to cover land acquisition, compensation, and ancillary infrastructure. The loan carries a nine-year tenor, including a three-year grace period, with an interest rate not exceeding the Chicago Mercantile Exchange (CME) SOFR plus 5.3 percent per annum.

The President confirmed that the Federal Executive Council has already approved the financing arrangement and urged the Senate to incorporate the loan into the national borrowing plan. The letter emphasized that the superhighway will improve north-south connectivity, enhance road safety, reduce logistics costs, strengthen trade and food security, and support national cohesion by linking production zones to markets and ports. The central median is also being reserved for future rail integration and utility corridors.

Senate President Akpabio referred the request to the Committee on Foreign and Local Debts, which is expected to report back within one week.

Speaking in support of the project, Senator Mohammed Adamu Aliero (Kebbi Central) described it as a long-overdue initiative, noting that it has been in development for 55 years. “I have inspected the project and I have seen the progress made. I am highly impressed,” Aliero said.

He confirmed that ongoing work includes both concrete and asphalt roads fitted with solar streetlights, and estimated that travel time from Sokoto to Lagos would drop by more than 70 percent — from 13 hours to approximately six hours — upon completion. He urged the Senate to grant expeditious approval once the committee submits its report.

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I Am a Freelance Politician Now: Bala Mohammed Says as He Hosts Peter Obi, Hints at New Coalition

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By Yusuf Danjuma Yunusa

Bauchi State Governor, Bala Mohammed, on Thursday said he is now a “freelance politician” with no direct ties to any political party.

Mohammed made the remark while hosting a chieftain of the African Democratic Congress, Peter Obi, and stakeholders from the South-East in Bauchi.

The governor said the meeting centred on national unity and collaboration, noting that the discussions were not driven by partisan interests.

“Neither PDP nor ADC is standing alone. I am a freelance politician now, and his party is also in limbo. We are looking up to the judiciary.

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“Certainly, we are all in the opposition, and that is why I say this is a political discussion. We will not disclose everything we have discussed in terms of the ‘I’s and ‘t’s we have crossed,” he said.

He added that ongoing engagements among political actors were focused on possible realignment and cooperation ahead of future elections.

“We cannot operate without a platform. At the end of the day, the current political situation may even help unify us and strengthen our chances of winning elections,” he added.

Mohammed described Obi’s visit as symbolic, saying it reflected efforts to build bridges across regions.

“He is talking about unifying the country, building bridges, and creating a new tomorrow for Nigeria. This is what we stand for as a state and as a people. We feel highly honoured by this visit,” Mohammed said.

Speaking earlier, Obi said the visit was aimed at fostering unity and strengthening collaboration across the country.

“My purpose is to solicit support and cooperation among stakeholders, particularly from the Bauchi state, in our quest to unite this country,” Obi said.

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