News

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

Published

3 years ago

March 30, 2023

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.

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

Federal Government Enforces No Work, No Pay Policy on Striking Health Workers

Published

9 hours ago

January 10, 2026

Nigerian Tracker

By Yusuf Danjuma Yunusa

The Federal Government has mandated the immediate implementation of the “No Work, No Pay” policy against striking members of the Joint Health Sector Unions and Assembly of Health Care Professionals (JOHESU).

The directive was issued via a circular from the Federal Ministry of Health and Social Welfare (FMoHSW) on Saturday.

Addressed to Chief Medical Directors and Medical Directors of all federal health institutions, the circular was signed by Dr. Disu Adejoke, Director of Hospital Services, on behalf of the Coordinating Minister of Health and Social Welfare. The order is a direct response to the ongoing JOHESU industrial action, which began on November 14, 2025.

Effective January 2026, the policy will apply to all participating JOHESU members and any other staff who join the strike. Hospital managements have been instructed to ensure strict compliance with the policy.

While enforcing the sanction, the Ministry directed health institutions to maintain critical services—including accident and emergency care, labour wards, and intensive care units—using all lawful means. This may include hiring temporary locum staff. The circular explicitly states that staff willing to work must be allowed to do so “without hindrance or intimidation.”

Hospital authorities are also tasked with ensuring security within their facilities and providing regular updates to the Ministry on the strike’s impact on healthcare delivery. The government reaffirmed its commitment to preserving essential health services nationwide despite the industrial action.

Expert Warns of Systemic Risks

In a related interview with the News Agency of Nigeria (NAN), Abuja-based public health expert Dr. Gabriel Adakole described the government’s move as a legally justified measure to end the strike. However, he highlighted serious implications for Nigeria’s already strained health system.

“JOHESU members—including nurses, pharmacists, laboratory scientists, and allied health professionals—are essential to hospital operations. Their absence critically weakens service delivery, even where emergency units remain open,” Adakole stated.

He cautioned that relying on emergency-only care and locum staff cannot replace full multidisciplinary services, which raises risks to patient safety and treatment outcomes. The policy, he added, could exacerbate financial hardship for health workers, further demoralize the workforce, and accelerate the ongoing exodus of medical professionals from Nigeria.

“Ultimately, patients bear the greatest cost through delayed treatments and reduced access to care,” Adakole emphasized.

While acknowledging that the “No Work, No Pay” policy may compel a quicker resolution, he stressed that lasting stability in the health sector requires meaningful dialogue, trust-building, and sustained investment in both health workers and infrastructure.

News

President Tinubu Intervenes in Renewed Rivers State Crisis, Summons Wike

Published

11 hours ago

January 10, 2026

Nigerian Tracker

By Yusuf Danjuma Yunusa

President Bola Tinubu has intervened to address the escalating political conflict in Rivers State, reportedly summoning the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to a meeting abroad. This move comes amid renewed impeachment proceedings against Governor Siminalayi Fubara.

The Impending Meeting

According to a top presidency source, the meeting is scheduled to take place in Dubai, United Arab Emirates, following the President’s visit to France. The source indicated that President Tinubu views the latest political maneuvers as a potential threat to stability.

“The President must see the danger in what Wike is doing. I am aware he has summoned him to a meeting in Dubai… Wike cannot impeach Fubara; the President will call him to order,” the source stated. The insider further warned that targeting the state’s first Ijaw governor could provoke unrest in the Niger Delta, with severe consequences for the national economy.

Renewed Impeachment Move

The crisis intensified on Thursday when 27 members of the Rivers State House of Assembly, loyal to Minister Wike, initiated fresh impeachment proceedings against Governor Fubara and his Deputy, Professor Ngozi Odu.

The seven-count notice, read by Majority Leader Major Jack, accuses the governor of gross misconduct, including the demolition of the Assembly complex, extra-budgetary spending, and failure to comply with a Supreme Court ruling on legislative financial autonomy. Deputy Governor Odu faces allegations of reckless spending and obstructing the Assembly.

Speaker Martins Amaewhule defended the move as being “in the interest of Rivers State,” criticizing the governor for not presenting the 2026 budget.

This development shatters a fragile peace brokered by President Tinubu after a previous impeachment crisis led to a six-month state of emergency in March 2025. The truce collapsed shortly after emergency rule ended, with Wike accusing Fubara of reneging on agreements and vowing to block his second-term bid, despite both now being members of the All-Progressives Congress (APC).

While a presidential aide declined to confirm the foreign meeting, stating only Wike’s camp could do so, senior APC officials revealed growing party discontent.

A national leader confirmed plans to brief the President upon his return, noting that “some of our leaders believe Wike should have respected the President and the party because Fubara is now one of our governors.”

A member of the APC National Working Committee criticized Wike’s actions as “a show of disregard for the President, the APC, and national interest,” suggesting they project the President as weak.

An ally of Minister Wike denied his involvement in the impeachment plot, affirming that “Wike is the number one supporter of Mr President.” The ally confirmed the minister’s return to Abuja on Sunday but did not verify the meeting with Tinubu.

Former Senator Andrew Uchendu described the recurring crisis as “an embarrassment to the people of Rivers State” and called for an inclusive dialogue, urging the President to restore order.

News

Group Initiates Recall of Rivers Lawmakers Over Impeachment Move Against Fubara

Published

11 hours ago

January 10, 2026

Nigerian Tracker

By Yusuf Danjuma Yunusa

The Association of Legislative Drafting and Advocacy Practitioners (ALDRAP), a legal-focused civil society organisation, has formally commenced the process to recall 26 members of the Rivers State House of Assembly. This action follows the lawmakers’ signing of an impeachment notice against Governor Siminalayi Fubara on Thursday.

In a letter to the Chairman of the Independent National Electoral Commission (INEC), ALDRAP’s Secretary, Tonye Jaja, requested certified true copies of the voter registers for all state constituencies in Rivers. The association claims that many of its members are constituents of these lawmakers and are legally entitled to initiate a recall.

“Notice of commencement of recall of Rt. Hon. Martin Amaewhule, Speaker of the Rivers State House of Assembly and 25 other legislators of the House of Assembly who signed the impeachment notice dated 8th January 2026 and request for certified true copies (CTCs) of the voter register of all the state constituencies of the Rivers State House of Assembly,” the letter reads.

The letter explicitly cites a Supreme Court judgment from February 2025, which directed the State Assembly to collaborate peacefully with the Governor and resolve conflicts through amicable means. ALDRAP contends that by initiating impeachment proceedings, the legislators have resorted to “belligerent methods” in violation of this ruling.

“Contrary to the judgment of February 2025 of the Supreme Court of Nigeria that enjoined the members of the Rivers State House of Assembly to work in peaceful harmony with the Governor of Rivers State by exploring and exhausting amicable methods to resolve conflicts, the members of the Rivers State House of Assembly have once again initiated belligerent methods.”

Notably, the association highlighted that both the Governor and the lawmakers in question are members of the All Progressives Congress (APC), suggesting internal party dispute resolution mechanisms should have been exhausted first.

“In light of the foregoing, as a public interest organisation of lawyers, the majority of whom are constituents of all state constituencies of the Rivers State House of Assembly, we hereby demand the aforementioned certified true copies (CTC) and put your Commission on notice,” the statement reads.

The impeachment notice, signed by legislators loyal to the former Governor and current Minister of the Federal Capital Territory, Nyesom Wike, accuses Governor Fubara and his deputy, Ngozi Odu, of gross misconduct and unauthorized spending.

This development marks a significant escalation in the ongoing political conflict between Governor Fubara and his predecessor, Nyesom Wike, which has intensified in recent weeks. The move by ALDRAP introduces a new, legalistic dimension to the crisis, potentially subjecting the pro-Wike lawmakers to a direct challenge from their constituents.