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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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Tinubu’s Aide Changes President’s Name to “Malam Bala Tanimu Ashiru,” Accuses Opposition of Spreading Rumors About President’s Health

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President Bola Ahmad Tinubu

Political assitant to President Bola Ahmad Tinubu, Ibrahim Masari, has accused the opposition of spreading rumors about the President’s health, noting that President Tinubu is hale and hearty.

NIGERIAN TRACKER reports that Masari made these remarks during an interview with the Hausa medium, DCL Hausa, which was monitored by NIGERIAN TRACKER.

Masari added that he had seen President Tinubu, and after their stay in London, they flew to France. He emphasized that the rumors circulating in Nigeria are the handiwork of opposition elements.

Ibrahim Masari also noted that many hurdles were placed in the President’s path to prevent him from winning the 2023 elections, but the President managed to overcome them.

He added that even the current rumors are being spread by opposition elements, but they will not succeed.

While addressing the President, instead of referring to him as Bola Ahmad Tinubu, Masari called him “Malam Bala Tanimu Ashiru,” explaining that “Bola” stands for “Bala,” “Tinubu” stands for “Tanimu,” and “Asiwaju” stands for “Ashiru.”

This nomenclature has been used by several northern politicians to appeal to northern voters when supporting a southern candidate.

During the Babangida Transition in the 1990s, presidential candidates like Chief Olu Falae were addressed as “Auwalu Falalu” by northern politicians, while candidates like Olusegun Obasanjo were addressed as “Uba Surajo,” and Goodluck Jonathan was called “Mainasara.”

In the comments section, many people accused Ibrahim Masari of sycophancy

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Grenada PM says Dangote Refinery will save Africa from being a Dumping Ground

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DSC4451: L-R: President/CE, Dangote Industries Limited, Aliko Dangote and Prime Minister, Grenada and Chairman CARICOM, Hon. Dickon Mitchell, during the Prime Minister’s visit to Dangote Petroleum Refinery, Petrochemicals and Fertiliser Plant in Lekki, on Friday October 10, 2024.

The Prime Minister of Grenada, Dickon Mitchell, has described the Dangote Petroleum Refinery and Petrochemicals as a significant investment in industrialisation and manufacturing needed by developing countries for their industrial growth.

He noted that it is through this type of investment that Africa and the developing countries can reverse the cycle of exporting raw materials while importing finished products from developed countries.

This is as Dangote hinted at potential partnerships with the Caribbean community in the production of cement and fertilisers as well as petroleum products.

Mitchell, who is the chairman of the Caribbean Community (CARICOM or CC) – a political and economic union of 15 member states and five associated members throughout the Americas, The Caribbean and Atlantic Ocean, disclosed this on Thursday during his tour of the Dangote Petroleum refinery and Petrochemicals complex in Ibeju Lekki, Lagos.

Mitchell said the investment is a tribute to the President of Dangote Group, Aliko Dangote and his vision not just for Nigeria but Africa as a whole.

“This investment is a tribute to Dangote and his remarkable vision. It is the first of its kind in Nigeria and Africa, symbolising what the developing world needs: significant investment in industrialisation and manufacturing. This is an incredible achievement and a testament to Mr. Dangote’s vision, not just for his company, but for Nigeria and Africa as a whole.

“Dangote exemplifies what an African leader should be. We need not just political leaders, but business leaders who are willing to invest in Africa, particularly in manufacturing and industrialisation. We must ensure that we don’t continue to export our raw materials to the developed world, where they can be turned into sophisticated products and sent back to us. We need to reverse that cycle; it is the only way to grow the wealth of Africa and the developing world. Additionally, we need to support this with training and invest in job opportunities,” he said.

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Applauding the sophistication and automation at the refinery, the Prime Minister expressed optimism for Nigeria’s future, especially given the number of young Nigerians trained and working at both the refinery and fertiliser plants. The $20 billion refinery, the largest private investment in Africa, stands out for its team of young professionals, predominantly aged between 26 and 28, most of whom hold advanced degrees and were educated in Nigeria.

“It has been a wonderful experience to witness the shared skills, depth of sophistication, and automation here. Seeing so many bright young Nigerians, particularly in the laboratories, is truly inspiring. I believe this bodes well for the future development of Nigeria,” he added.

Mitchell stated that the Caribbean Community would be exploring partnership opportunities with the Dangote Group to enhance its economy.

“One of the reasons I am here is to pursue synergies and partnerships between the diaspora and Africa, particularly in areas such as the refinery, cement, and fertiliser. We believe there are fantastic opportunities to develop partnerships between the Caribbean and Africa,” he added.

On his part, Dangote described the visit as symbolic, noting that many Caribbean countries are beginning to discover crude oil and are exploring opportunities to build their own refineries. This would help them address the challenge of exporting crude while importing refined petroleum products at high costs.

“The visit shows that many countries are proud of what we have been able to achieve because a lot of countries have been unable to deliver their refineries. It shows their pride in seeing a Black person like them at the Caribbean, although I am from Nigeria, succeed. For them, this is a dream, especially as many Caribbean countries are beginning to discover oil but still depend largely on exporting crude while importing petroleum products, which is costlier than in America. Their dream is to set up a refinery—perhaps not of this size—but one that would cater to their people,” he said.

Africa’s wealthiest man emphasized that the company is looking for partnerships in the Caribbean not only in petroleum products but also in cement and fertilizer production. He mentioned ongoing discussions about importing crude from these countries while supplying them with refined products.

“There are numerous partnerships in place. He is not only the Prime Minister of Grenada but also the Chairman of the Caribbean Community (CARICOM). We are exploring collaboration in areas such as cement and petroleum, including the possibility of buying crude from them while selling some of our petroleum products to them. We already export to the U.S., Mexico, and other regions, so there is significant collaboration we are looking to develop between us and them,” he added.

The 650,000 barrels per day (bpd) Dangote Oil Refinery—the largest single-train refinery in the world—is designed to process a wide variety of crude oils, including those from Africa, the Middle East, and US Light Tight Oil. It conforms to Euro V specifications and is built to meet stringent standards set by the US Environmental Protection Agency (EPA), European emission norms, the Department of Petroleum Resources (DPR), and the African Refiners and Distributors Association (ARDA). The refinery has the capacity to satisfy 100% of Nigeria’s demand for petrol, diesel, kerosene, and aviation jet fuel, with additional surplus available for export.

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President Tinubu,Obasanjo, Jonathan To Grace Burial Of Iwuayanwu

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In a bid to ensure that the late President General of the Ohaneze Ndigbo Worldwide, elder statesman and business mogul Chief Emmanuel Iwuanyanwu, gets a befitting burial, the Local Organizing Committee (LOC) has disclosed that adequate security has been put in place during and after the burial scheduled for November 1 at his country home, Atta, in the Ikeduru Council Area of Imo State.

Prince Charles Amadi, chairman of the committee, who disclosed this on Wednesday at a press briefing held at the Oriental Glass House, Owerri, said that the “late Ahaejiegamba Emmanuel Iwuanyanwu was an illustrious son of Ndigbo and Nigeria in general and must be honoured in a dignified way.

“The essence of this press briefing is to partner with the press to give a befitting burial to a great son of Ndigbo and to let the public know activities leading to the final burial ceremony of our departed great son, which will be held on November 1, 2024, at his country home in Atta community in Ikeduru Council Area of Imo State.

“Our departed great son will commence his final journey on October 16 from Lagos to Abuja on the 18 and to the state,” he said.

He also disclosed that the security measures put in place are to have a hitch-free funeral, as many dignitaries within and outside the shores of the country, including President Bola Ahmed Tinubu, the two former Presidents Goodluck Jonathan and Olusegun Obasanjo are other dignitaries that will witness the final departure of the elder statesman.

Prince Amadi added that the leaders of socio-cultural organizations across the federation, like Afenifere, PANDEF, Arewa Consultative Forum, and leaders of other ethnic nationalities, will be present to pay their last respects to Iwuanyanwu.

WA Pilot

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