Connect with us

News

Dangote Lists N300B Series 1 And 2 Largest Bonds On NGX ,FMDQ

Published

on

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.

Advert

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.

News

Hon. Abubakar Kabir Bichi launches 4th postgraduate scholarship program, sponsors 122 students

Published

on

 

Hon. Abubakar Kabir Bichi the member representing Bichi Federal Constituency and Chairman House Committee on Appropriation has launched the fourth edition of his postgraduate scholarship support programme, approving scholarships worth N25,853,128.50 for 122 students from the constituency.

The programme was officially launched on Sunday during the fourth edition of his flagship Postgraduate Support Programme held at  Zibsah event Centre off FCE (T) Bichi Old Campus Road.

The scholarship initiative, which targets postgraduate students pursuing Master’s and PhD degrees in institutions across Nigeria, forms part of the lawmaker’s sustained investment in education and human capital development.

Speaking during the inauguration, Bichi said the programme was designed to support students in achieving their academic aspirations and contribute to the development of Bichi Federal Constituency through education.

Advert

He disclosed that 122 postgraduate students were selected as beneficiaries under the fourth edition of the programme, with a total N25,853,128.50 approved for their sponsorship.

The lawmaker also announced that 21 postgraduate students were awarded scholarships for studies in Malaysia as the first batch. About 80 percent of the beneficiaries have graduated, while a second batch, larger than the first, is expected to depart in September.

According to him, he constructed more than 700 classrooms across the 12 wards of the local government area to address infrastructural deficits in primary and secondary schools.

Bichi added that he is currently sponsoring the salaries of 500 temporary teachers, earning N60,000 monthly, as part of efforts to strengthen the quality of education and address teacher shortages in public schools.

The lawmaker’s educational intervention also included  scholarships for more than 500 students enrolled in schools under the Kano State Science and Technical School Board, covering tuition fees, learning materials, accommodation needs and other essential expenses.

Bichi’s scholarship programme extends to students from Bichi studying in universities, colleges of education and other tertiary institutions across Nigeria.

He further revealed that an E-Library currently under construction in Bichi will provide students with access to digital learning resources and modern research facilities.

He noted that his development agenda also covers infrastructure, healthcare and youth empowerment projects aimed at improving living standards and creating opportunities for residents of the constituency.

 

Continue Reading

News

Sarkin Yakin Kano, Ambassador Ahmad Umar Loses Mother at 78

Published

on

 

Ambassador Ahmad Umar, OON, the Sarkin Yakin Kano (War Commander of Kano Emirate) and Hakimin Gundumar Mariri (District Head of Mariri), has lost his mother at the age of 78.

Family sources confirmed that the matriarch passed away on Tuesday, prompting an outpouring of condolences from family members, associates, traditional leaders, and well-wishers.

In a statement shared with close associates, the family announced the passing

Advert

“Inna lillahi wa inna ilayhi raji’un” — “Indeed, we belong to Allah, and indeed, to Him we shall return.”

 

According to the announcement, the funeral prayer (Salatul Janazah) is scheduled to take place at 4:00 p.m. at Kofar Kudu, the main entrance of the Palace of the Emir of Kano, where relatives, friends, and sympathizers are expected to gather to pay their final respects.

Ambassador Ahmad Umar  is a respected diplomat and traditional titleholder who serve as Sarkin Yakin Kanoand the District Head of Mariri (Hakimin Gundumar Mariri). He is also a recipient of the national honour of Officer of the Order of the Niger (OON).

 

Continue Reading

News

BUK, European Space Agency Equip Journalists with Satellite Tools for Climate Reporting

Published

on

The participants during the workshop

Anas Yushau Yusuf

Journalists and media practitioners have been equipped with practical skills in the use of Earth Observation technologies to improve climate change and environmental reporting during a capacity-building workshop organised by Bayero University Kano (BUK) in collaboration with the European Space Agency (ESA) and Future Earth.

The one-day workshop, titled “Achieving Transformative Flood Risk Management in Informal African Cities Using Demystified Earth Observation,” was held at Bayero University Kano. It brought together journalists from various media organisations to explore how satellite imagery, geospatial data and Earth Observation platforms can support evidence-based reporting on environmental and climate-related issues.

In his welcome address, the Project Lead, Prof. Aliyu Salisu Barau, said the training was designed to empower journalists with practical tools that would improve the quality, accuracy and credibility of environmental reporting.

“As the climate change crisis continues to unfold across our societies, the public depends on accurate, timely and evidence-based reporting,” he said.

According to him, participants would gain hands-on experience with Earth Observation platforms that can help journalists verify environmental claims, strengthen investigative reporting and communicate complex climate issues more effectively.

Prof. Barau noted that environmental challenges such as flooding, drought, land degradation and rapid urbanisation require reporting that is supported by scientific evidence rather than assumptions.

Advert

The Deputy Vice-Chancellor (Research and Development) of Bayero University Kano, Prof. Amina Mustapha, described climate change as one of the most pressing development challenges confronting Northern Nigeria and the wider Sahel region.

She urged journalists to pay greater attention to environmental stories that directly affect communities, including desertification, the shrinking Lake Chad, food insecurity, climate-induced displacement and the implementation of initiatives such as the Great Green Wall.

Prof. Mustapha stressed that the media has a critical role in informing the public, influencing policy discussions and promoting accountability through accurate and well-researched environmental reporting.

Delivering her remarks virtually, Freya Muir, Research Coordinator at the European Space Agency and Future Earth, highlighted the importance of Earth Observation data in supporting climate monitoring, disaster preparedness and sustainable environmental management.

She explained that satellite-generated data provides reliable information that can help governments, researchers, humanitarian organisations and journalists better understand environmental changes and communicate risks before disasters occur.

The workshop featured technical sessions on the fundamentals of Earth Observation, accessing satellite data for evidence-based reporting, visual storytelling using geospatial information, investigative environmental journalism, and the application of Earth Observation tools for early warning communication and climate risk reporting.

Participants also took part in a hands-on practical session where they were introduced to digital Earth Observation platforms and guided through the process of accessing and interpreting satellite data for story development.

The training forms part of an ongoing collaborative project aimed at strengthening flood risk management in informal African cities by making Earth Observation technologies more accessible to researchers, policymakers and the media.

For many participants, the workshop demonstrated that modern journalism increasingly requires the ability to interpret scientific data alongside traditional reporting methods. By combining satellite imagery with field reporting, journalists can produce more accurate, compelling and impactful stories that contribute to public awareness and informed decision-making on climate and environmental issues.

The workshop ends with a renewed call for stronger collaboration between scientists, academic institutions and the media to ensure environmental reporting is rooted in credible evidence and serves the public interest.

Continue Reading

Trending