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Rating: GCR affirms Dangote Industries Limited AA+(NG)/ A1+(NG

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GCR Ratings (GCR) has affirmed the national scale long-term and short-term issuer ratings of AA+(NG) and A1+(NG) respectively accorded to Dangote Industries Limited (DIL). GCR in its recent report also affirmed the national scale long-term issue rating of AA+(NG) accorded to each of Dangote Industries Funding Plc’s Series 1 NGN10.5Bn Tranche A and NGN177.1Bn Tranche B Bonds and Series 2 NGN112.4Bn Senior Unsecured Bond. The outlook on the ratings has been revised to Evolving from Stable previously.

According to GCR, “the ratings were affirmed on the prospects of significant growth in earnings following the commencement of operations at the new petrochemical refinery and robust earnings expectation from the other businesses.”

In the report, the rating agency decried the impact of naira devaluation on DIL performance stating that, “the ratings are constrained by the adverse impact of the currency devaluation on the profitability and financial position of the group, given its significant foreign debt exposure.”

GCR in recognition of the potential of the Dangote Group added, “the group’s business profile is bolstered by the commencement of refining operations in February 2024 (with the production of diesel, Naphtha, heavy fuel oil, and aviation fuel), which now complements the already well-diversified group businesses.

We have maintained a positive peer comparison consideration for DIL underpinned by the importance of the refinery to the Nigerian economy. However, we have lowered the extent of support applicable under this rating component because we expect the support factors to translate to substantive enhancements to the group’s business and financial profiles over the outlook period. In 2022, DIL raised a cumulative NGN300Bn in Series 1 (Tranches A and B) and Series 2 Senior Unsecured Bonds issued by its sponsored special purpose vehicle, Dangote Industries Funding Plc. Being senior unsecured debt sponsored by DIL, the Series 1 Tranches A and B Bonds and the Series 2 Bond rank pari passu with all other senior unsecured creditors of the group.

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Therefore, the Bonds bear the same national scale long-term rating as that accorded to DIL and any change in DIL’s long-term corporate rating would impact the Bonds ratings. We have reviewed the draft trustees’ bond performance report dated 24 May 2024 and note that the coupons have been paid as and when due and there were no breaches to any covenants and pledges in the trust deeds.

 However, the group remains highly exposed to volatile energy cost dynamics and is reliant on importation of gypsum for cement, raw sugar input, and crude oil for the refinery” GCR stated.

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Breaking :Inferno at Northwest University City Campus

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A raging fire has engulfed the Northwest University City Campus in Kano, with thick smoke billowing from the iconic Ado Bayero building. Reports indicate emergency responders are on the scene.

Details later

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Governor Yusuf Condoles Emir Sunusi II,APC Chairman Over The Demise Of Galadiman Kano

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In a solemn expression of grief, Governor Abba Kabir Yusuf has extended his heartfelt condolences to the Emir of Kano, His Highness Mallam Muhammadu Sanusi II, the Kano Emirate Council, and the Kano State APC Chairman, Alhaji Abdullahi Abbas, following the passing of the esteemed Galadiman Kano, Alhaji Abbas Sanusi.

The late Galadiman Kano, who passed away at the age of 91 on Tuesday night in Kano, was a revered elder statesman and a cornerstone of the Kano Emirate. His life was marked by dedicated service to the Emirate, where he held prominent traditional titles, including Wamban Kano, and served as a trusted advisor to the late Emir of Kano, Alhaji Ado Bayero.

Governor Abba Kabir Yusuf described the loss as a profound tragedy, not only for the Emirate but for the entire state of Kano. He praised the late Galadiman Kano for his wisdom, discipline, and unwavering commitment to preserving Kano’s rich cultural and traditional heritage.

“The passing of Alhaji Abbas Sanusi is a great loss to Kano State. He was a father to many and a custodian of our rich traditions. His wisdom and contributions to the progress of the Emirate will be remembered for generations,” Governor Yusuf remarked.

The Governor also extended his condolences to the people of Kano State, emphasizing the monumental loss of Alhaji Abbas Sanusi. He prayed for Almighty Allah’s mercy upon the departed soul and for strength for the family to endure this great loss.

In a statement signed by Comrade Ibrahim Abdullahi Waiya, Commissioner of Information and Internal Affairs, Governor Yusuf urged the people of Kano to honor the memory of the late Galadiman Kano through prayers and by upholding the values of unity and service that he exemplified throughout his life.

The passing of Alhaji Abbas Sanusi leaves a void in Kano’s traditional leadership, but his legacy of wisdom and dedication will continue to inspire generations to come.

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Hon. Abubakar Bichi Mourns The Passing Of Galadiman Kano, Alhaji Abbas Sunusi At 92

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In a heartfelt tribute, Honourable Abubakar Kabir Abubakar, Chairman of the House of Representatives Committee on Appropriation, has mourned the passing of Alhaji Abbas Sunusi, the Galadiman Kano, who died at the age of 92. The late Galadiman Kano passed away in Kano on Tuesday and was laid to rest the following day in accordance with Islamic rites.

Expressing his condolences, Hon. Abubakar Kabir Abubakar described the news of Alhaji Abbas Sunusi’s passing as a source of profound sadness and shock. He praised the late Galadiman Kano for leading a peaceful and exemplary life, which he deemed worthy of emulation.

The Honourable Member highlighted the special connection between the late Galadiman Kano and the people of Bichi, where he was born during the tenure of his father, the late Emir Muhammad Sanusi I, as the district head of Bichi. This bond, he noted, has continued to foster a sense of belonging among the people of Bichi, a constituency Hon. Abubakar currently represents in the Federal House of Representatives.

In his statement, Hon. Abubakar extended his condolences to the Kano State APC Chairman, Alhaji Abdullahi Abbas Sunusi, who lost his father at a time when his guidance and wisdom were most needed.

“On behalf of my family and the entire people of Bichi Federal Constituency, I pray to Almighty Allah to grant the late Galadiman Kano, Alhaji Abbas Sunusi, eternal rest and Aljannatul Firdausi,” said Hon. Abubakar Kabir Abubakar.

The passing of Alhaji Abbas Sunusi marks the end of an era for Kano State and the Kano Emirate Council, leaving behind a legacy of peace and leadership that will be remembered for generations to come.

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