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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.

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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.

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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Despite Dangote’s Withdrawal, ICPC Vows to Continue Investigation on Ex-NMDPRA Boss

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By Yusuf Danjuma Yunusa

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has declared its intention to proceed with an investigation into the sacked Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, despite the withdrawal of a petition against him by businessman Aliko Dangote.

Mr. Dangote had earlier petitioned the anti-graft agency, alleging that Mr. Ahmed misappropriated $5 million for the payment of his children’s school fees. The ICPC had consequently invited Mr. Dangote in December to formally adopt the petition as required by law.

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However, in a statement issued on Wednesday, the Commission confirmed the petition’s withdrawal. It noted receipt of a formal letter dated January 5, 2025, from Dr. O.J. Onoja, SAN, the legal counsel to Aliko Dangote. The letter, titled “Notice of Withdrawal of Petition against Engineer Farouk Ahmed,” stated that the petitioner was withdrawing the complaint in its entirety and indicated that another law enforcement agency had taken over the matter.

The ICPC, in its response, asserted its statutory authority to continue the probe. Citing sections 3(14) and 27(3) of its enabling Act, the Commission stated that investigations had already commenced in the public interest.

“The ICPC will therefore continue to investigate this matter in line with its statutory mandate and in the interest of transparency, accountability and the fight against corruption for the benefit of Nigeria,” the statement concluded.

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League of Veteran Journalists Independent of Ministry, Says Waiya as Journalists Adopt Constitution

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Comrade Ibrahim Abdullahi Waiya addressing the Press after the meeting

 

 

The Kano State Commissioner for Information and Internal Affairs, Comrade Ibrahim Abdullahi Waiya, has clarified that the Kano League of Veteran Journalists (KALVEJ) is an independent professional body and not an appendage of the State Ministry of Information.

Speaking during the ratification and adoption of the League’s Charter, which has now become its Constitution, the Commissioner explained that although the Ministry supports and relates with the League, such engagement is strictly on a professional basis.

He emphasized the importance of preserving the independence of professional bodies to enable them operate effectively and in line with global best practices, noting that the Ministry maintains similar professional relationships with bodies such as the Nigeria Union of Journalists (NUJ), the Nigerian Institute of Public Relations (NIPR), and other related professional organizations.

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The Constitution was ratified and adopted at the Tahir Guest Palace, Kano, during a session attended by members of the League drawn from various segments of the journalism profession, including academics.

The session featured extensive discussions, comments, observations, and detailed scrutiny of the draft document by members. Key observations raised included the absence of clear provisions on members’ welfare, gender representation, and sustainable funding mechanisms for the League.

Following exhaustive deliberations, members resolved that all issues raised during the session be forwarded to the Constitution Drafting Committee and Secretariat for further consideration and necessary amendments.

At the end of the session, a motion was moved and unanimously adopted mandating the Constitution Drafting Committee to continue managing the affairs of the League for a period of one year, pending the conduct of elections for substantive executives.

In his remarks, the Chairman of the Committee, Alhaji Ahmed Aminu, expressed gratitude to members for the confidence reposed in the committee. He assured the gathering that all concerns raised, particularly those relating to the welfare of members, would be adequately addressed in the revised Constitution.

Signed
Sani Abba Yola
Director, Special Duties
Kano State Ministry of Information and Internal Affairs
7th January, 2026

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Court Orders Interim Forfeiture of Malami’s 57 Properties

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By Yusuf Danjuma Yunusa

A Federal High Court in Abuja has ordered the interim forfeiture of 57 properties valued at about N213.2 billion, allegedly linked to a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), and his two sons, Abdulaziz and Abiru-Rahman Malami.

Justice Emeka Nwite granted the order on Tuesday, January 6, 2026, following an ex-parte application filed by the Economic and Financial Crimes Commission (EFCC). The court held that the assets, acquired between 2016 and 2024, are reasonably suspected to be proceeds of unlawful activities.

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The diverse portfolio of properties spans Abuja, Kebbi, Kano, and Kaduna states. It includes luxury hotels and duplexes in Abuja’s Maitama, Asokoro, Wuse II, and Jabi districts; farmlands and housing estates in Birnin Kebbi; and commercial plazas, warehouses, and school facilities in other locations.

Justice Nwite directed that the interim forfeiture order be published in a national newspaper. This will allow any interested party 14 days to show cause why a final forfeiture order should not be granted in favour of the Federal Government. The matter was adjourned to January 27, 2026, for a report of compliance.

In a related case before the same court, Malami, his wife Bashir Asabe, and his son Abubakar Abdulaziz are currently standing trial over separate alleged money laundering charges involving N8.7 billion.

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