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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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Court Adjourns Nafiu Gombe’s Suit Challenging Mark’s Leadership of ADC

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By Yusuf Danjuma Yunusa

The Federal High Court in Abuja on Wednesday adjourned a suit filed by Nafiu-Bala Gombe against Sen. David Mark-led leadership of the African Democratic Congress (ADC), until June 8 for hearing.

Justice Peter Lifu adjourned the case after Gombe’s lawyer, Robert Emukpoeruo, SAN, applied for an adjournment following the absence of counsel to parties seeking to join the suit in court.

When the case was called, only the Independent National Electoral Commission, INEC, and parties seeking joinder were not represented in court.

Although it was confirmed from the court record that INEC was duly served with hearing notice, parties seeking to join were not served.

Counsel to ADC, Shaibu Aruwa, SAN, called the attention of the court to the history of the suit in relation to parties applying for joinder.

He said the former trial judge, Justice Emeka Nwite, had taken judicial notice of them in the previous proceedings.

Aruwa, therefore, urged the court to accord the parties seeking joinder the same respect to come and say why they needed to be joined in the interest of fair hearing.

Besides, he said issues had already been joined with the parties seeking to join the case, and that the plaintiff was in the know.

Responding, Emukpoeruo gave a titbit about the Supreme Court judgement which ordered for an accelerated hearing of the case, in line with the earlier Appeal Court judgement.

The lawyer, who applied that all pending processes be filed and served, sought an adjournment to give the parties seeking to join the leverage for fair hearing.

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ADC’s counsel, Aruwa; Suleiman Usman, SAN, who appeared for Sen. David Mark; Realwan Okpanachi, who represented Ogbeni Rauf Aregbesola and P. I. Oyewole, lawyer to Chief Ralp Nwosu, did not oppose the application for adjournment.

The defence counsel however informed the court that the attitude of the plaintiff, in applying for the reassignment of the case when the matter was before Justice Nwite, had allegedly frustrated the order of accelerated hearing of the apex court.

But Justice Lifu, who said that nobody has the right to choose which court his case should be determined, said based on the directive of the chief judge who assigned the case to him and the Supreme Court decision for accelerated hearing, he was bound to do justice to the matter.

The judge said the court would take the full responsibility for inability to effect service of the hearing notices on the parties seeking to join the suit.

He subsequently adjourned the matter until June 8 for hearing.

Justice Lifu, who ordered accelerated hearing of the case, directed the bailiff of the court to serve all the parties seeking to be joined in the suit within 24 hours of the order.

“In the circumstances of this case and overall interest of justice and order of the Supreme Court and the Appeal Court, this case is hereby given accelerated hearing,” he said.

He ordered all the parties to file and serve all their processes before the next adjourned date.

The aggrieved former National Deputy Chairman of ADC, Nafiu Bala, had filed the suit marked: FHC/ABJ/CS/1819/2025.

The plaintiff, in the suit, is seeking an order restraining Mark, the embattled National Chairman of ADC; Aregbesola, the National Secretary, and members of their interim National Working Committee (NWC) from parading themselves as the party’s leaders.

He had argued that the emergence of Mark, Aregbesola and other NWC members as party’s leaders breached the provisions of the party’s constitution and the Electoral Act.

Gombe had sued ADC, Mark, Aregbesola, Independent National Electoral Commission (INEC) and Ralph Nwosu as 1st to 5th defendants respectively in the suit.

Nwosu was the former ADC National Chairman who stepped down for David Mark leadership of the party.

The former Vice President Atiku Abubakar emerged as ADC presidential candidate on May 27 after defeating two other aspirants, including Rotimi Amaechi, former Minister of Transportation, at the party’s national convention.

Also, Dumebi Kachikwu, in a national convention conducted by another faction of ADC, emerged the presidential candidate of the party for the 2027 general election.

The 2023 presidential candidate of the party was adopted by factional members of the party as sole presidential candidate on May 24.

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Court Sentences Four to Death over Owo Church Massacre

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By Yusuf Danjuma Yunusa

The Abuja Federal High Court on Wednesday sentenced four members of the Al-Shabaab terrorist group to death by hanging for their involvement in the June 5, 2022, attack on St. Francis Catholic Church, Owo, Ondo State, which left more than 40 worshippers dead and over 100 others injured.

The trial judge, Justice Emeka Nwite, made the declaration after convicting Idris Abdulmalik Omeiza, 25; Al Qasim Idris, 20; Jamiu Abdulmalik, 26; and Abdulhaleem Idris, 25, on a nine-count terrorism charge filed by the Department of State Services on behalf of the Federal Government.

The court, however, discharged and acquitted the fifth defendant, Momoh Otuho Abubakar, 47, after finding insufficient evidence linking him to the terrorist attack.

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In the judgment, Justice Nwite held that the prosecution successfully established the guilt of the four convicts beyond reasonable doubt, noting that the evidence before the court clearly showed that they were members of, and active participants in, the activities of the terrorist group responsible for the deadly church attack.

The court found that the convicts were principal members of an Al-Shabaab terrorist cell operating in Kogi State and that they took part in the assault on the church during a Pentecost service.

According to the prosecution, the attackers stormed the church, held worshippers hostage, and unleashed violence that resulted in massive casualties and destruction.

They were said to have used improvised explosive devices and AK-47 rifles in attacking furtherance of their extremist religious ideology.

To establish its case, the prosecution called 11 witnesses and tendered 23 exhibits, including confessional statements and a digital forensic examination report.

Among the exhibits admitted by the court was a technophone device alleged to contain communications exchanged by the defendants before and after the attack.

One of the prosecution witnesses, a Catholic priest who survived the incident, gave a chilling account of how the assailants detonated at least three explosive devices inside the church, triggering panic and bloodshed among worshippers.

Justice Nwite held that the totality of the evidence presented by the prosecution firmly linked the four convicts to the attack and justified their conviction on the terrorism charges.

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Insecurity:Sack Service Chiefs, Pastor Adeboye Urges FG

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By Yusuf Danjuma Yunusa

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has urged the federal government to give Nigeria’s security chiefs a 90-day deadline to eliminate terrorists across the country or resign from office.

Adeboye made the call in a video shared on X on Tuesday in which he expressed concern over the country’s security situation and urged authorities to act swiftly against those responsible for the violence.

Addressing the government, the cleric said security chiefs should be held accountable for delivering results in the fight against terrorism.

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“If I were asked to make suggestions, I would say quietly to our government, ‘Move fast and tell our security chiefs, get rid of these terrorists within 90 days or resign,” he said.

The cleric also called on the government to go beyond targeting terrorists and focus on those financing and supporting their activities.

“When giving orders to the service chiefs this time around, we should make it clear to them that they are not only to eliminate the terrorists; they should eliminate their sponsors, no matter how influential they may be,” he added.

Adeboye recalled advising a former Nigerian president to issue a similar ultimatum to security chiefs in the past, noting that although the directive was given, it was not fully enforced when the deadline elapsed.

According to him, the experience underscored the need for stronger political will and strict enforcement of directives aimed at ending insecurity.

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