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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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Dangote Plans Electricity Generation to Boost Investment, Industrialisation in Nigeria

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Africa’s richest industrialist, Alhaji Aliko Dangote, has said his investments in electricity generation will help address Nigeria’s power challenges and attract more investors into the country.

Dangote stated this during an interactive session with members of the Northern creative industries and selected journalists at the Dangote Refinery in Lagos.

The billionaire businessman identified inconsistent government policies and inadequate electricity supply as some of the major obstacles discouraging investors from bringing their capital into Africa.

He said the lack of reliable electricity had continued to undermine industrial development and economic growth, stressing that investors would be more willing to establish businesses in Nigeria and other African countries if the necessary infrastructure was available.

Dangote said his investments in power generation were aimed at addressing some of these challenges and creating an enabling environment for businesses to thrive.

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“People are not coming to invest in Africa due to inconsistencies in government policies and lack of electricity. Now we are generating electricity, and that will make them generate,” he said.

He further disclosed that his group was committing about $70 billion towards investments aimed at making business and economic development more feasible across Africa.

According to him, the investments are part of efforts to strengthen the continent’s productive capacity, improve infrastructure and encourage more private-sector participation in economic development.

On the relationship between the media and his business empire, Dangote said he had no intention of investing in media organisations, insisting that journalists must remain committed to reporting the truth.

He said although he valued the media and maintained cordial relationships with journalists, he would prefer an independent media environment where reporters could freely discharge their professional responsibilities.

“I will not invest in media. You have to tell the truth, and I don’t want to offend anybody, but we will continue to be friends of the media,” Dangote said.

The industrialist also disclosed plans to deepen investments in agriculture, revealing that his group was signing an agreement with the Niger State Government on farming activities.

He said the arrangement would involve the establishment of a rice mill to support large-scale rice production, with about one million hectares of land expected to be cultivated under the initiative.

The proposed agricultural investment, he explained, is expected to strengthen local food production, support farmers and contribute to Nigeria’s food security objectives.

Dangote also announced plans to commission an ultra-modern theatre at the Murtala Muhammad Specialist Hospital in January, as part of efforts to support healthcare infrastructure.

He said the facility would provide improved medical services and contribute to strengthening the country’s healthcare delivery system.

 

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ADC Accuses Kaduna Govt of Sealing Arewa House to Block Atiku’s Northern Stakeholders’ Meeting

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By Yusuf Danjuma Yunusa

The African Democratic Congress (ADC) has raised the alarm over the closure of Arewa House, which was set to host a meeting of its presidential candidate, Atiku Abubakar, with Northern stakeholders.

In a statement on Wednesday, Phrank Shaibu, spokesperson for the ADC presidential campaign council, said, “My campaign team had proposed Arewa House as the venue for our consultation with stakeholders on Thursday and, today, the APC government decided to seal the building.”

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But the ADC said, “We will not be intimidated,” condemning the sealing off.

The statement described the move as “a troubling pattern”.

“During our campaign flag-off in Sokoto, the APC government also tried to frustrate us. The people stood firm, and their will prevailed. Now, as Atiku prepares to consult stakeholders at Arewa House, the venue has been sealed”.

“We hold President Bola Tinubu and the APC politically responsible for this pattern of obstruction. An outgoing president and a ruling party should respect democratic competition, not use public authority to impede the opposition, restrict political consultation or weaken Nigerians’ right to choose,” the statement said.

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NASWDEN backs FG’s move to license, regulate scrap business, raises alarm over attack on members

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The National President, National Association of Scrap and Waste Dealers Employers of Nigeria (NASWDEN), Alhaji Fatai Ogunwale, has expressed the support of the association for the Federal Government’s Proposed licencing and regulations of Scrap business.

A statement made available to the News Agency of Nigeria (NAN) by its National President, Alhaji Fatai Ogunwale, on Tuesday, stated that the move was also to curb theft and vandalism in the country.Read Daily News

In a Two-Day stakeholders meeting in Lagos, the Federal Government under the supervision of the Federal Ministry of Steel Development, had moved to regulate Scrap industry business and operation in Nigeria.

The theme of the event is “Validation of the proposed Scrap metal Collection, Trading, Recycling and Regulations 2026”.

According to the President of the association, the move was targeted at those who engaged themselves in illegally stealing of metals and vandalism of critical infrastructure including electricity cables, railways components and manhole covers amongst others.

He expressed gratitude to the Federal Government for the initiative and warned against double taxation scrap metal dealers carrying scraps to end users or rolling mills across the country.

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Ogunwale also called on the Federal Government to eradicate touts on our expressways who harrass NASWDEN members ,extort them while going about thier legitimate scrap business.

The President also informed stakeholders that NASWDEN had earlier launched anti Vandalism and currently working with security agencies to protect critical national infrastructure and the nation’s assets.

According to him, the move also involved the issuing of loading inspection confirmation clearance papers to members to check theft and vandalism by criminals parading themselves as scrap dealers.

In his remarks, the Minister of Steel Development, Shuiabu Audu, stated that the framework would establish an organised transparent scrap metal value chain in the country.

The Minister was represented by the Director of Metallurgical Raw Metal Development and Investment Promotion in the ministry, Mr Ime Eprikpo.

“The proposed Scrap metal collection, trading, recycling and regulations 2026, are also expected to improve the supply of the locally sourced raw materials to steal manufacturing companies.

As well as to formalise the activities of scrap dealers and strengthen environment and occupational safety standards, ”he added

I’m his remarks, the Deputy National President of NASWDEN, Comrade Aminu Hassan Soja called on the Federal Government to as a matter of urgency, tackle the issue of alleged attacks on its members by one Uche Ogbu Luke.

According to Soja, Luke is an impostor who allegedly uses armed thugs to intimidate and extort scrap dealers along highways across the South-East and South-South regions of the country.

” We call on the federal government tomurgently intervene and put an end to the activities of one Uche Ogbu Luke, whom he describes as an impostor allegedly using armed thugs to intimidate and extort scrap dealers along highways across the South-East and South-South regions of the country,” he alleged.

He urged the relevant security agencies to “investigate the allegations, apprehend those involved and protect innocent scrap dealers from harassment, intimidation and unlawful extortion”.

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