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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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Maulud: Dalori urges Muslims to Emulate Virtues of Prophet Muhammad

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Ali Bukar Dalori

 

The deputy National Chairman of the All Progressives Congress (APC) North, Hon. Ali Bukar Dalori felicitated with Muslims over Ei-dul Maulud.

Dalori urged Muslim faithful to emulate the virtues of Prophet Muhammad (SAW).

He said 12 Rabi ul Awwal is an important date on Islamic calendar as it marks the birthdate of Prophet Muhammad (SAW), as an epitome of leadership, wisdom, and kindness.
Dalori said, “This occasion is an important date on Islamic calendar. I therefore urge Muslim faithful to emulate the noble teaching of the prophet of Islam.
“Let us reflect and pray for peace and economic well-being for our dear country.”
However, Dalori sympathized with the victims of floods in Maiduguri, saying the natural disaster was devastating.
He added, “The occasion of Maulud is vital as it gives us a unique chance to reflect on our faith. Let us use this opportunity to pray for brothers and sisters in Miaduguri who were devastated by floods.”

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Gov Dikko, Gawuna, Andishu, Nimrod receives YSFON awards

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Gawuna

 

The Youth Sports Federation of Nigeria, YSFON has conferred the executive governor of Katsina state governor, Radda Dikko with merit award in recognition of  the immense contribution by his led state administration to sports development.

The well attended award conferment ceremony took place last Saturday at Ahmadu Bello stadium Kaduna.

Katsina state commissioner for sports,  Aliyu Lawal Zakari received the award on behalf of the state governor.

Gov Dikko applaud YSFON for its over  four decades of sacrifices and  investments in youths development in Nigeria through sports.

He reassured of his commitment to continue to invest in the development of sports in all areas that will  boost national development.

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The immediate past deputy governor of Kano state, Dr Nasiru Gawuna was also on parade as one of the awardees.

Gawuna was decorated  in recognition of his service to YSFON for several years. YSFON said.

The managing director, FreIvan Support Services, Moses Ted Andishu also bagged an award, for his  contribution to sports developments at the grass root level.

Moses, who is a  UK  business mogul and philanthropist, speaking through his representative, Joseph Andishu, who received the award  on his behalf has  reaffirmed his commitments toward supporting laudable projects that will mentor Nigerian youths towards positive innovations and entrepreneurship using sports as the vehicle to pursue his goals to  continue to better the cause of humanity.

The incumbent national president, Nigeria Volleyball Federation, Engineer Musa Nimrod was honorured by YSFON for his tireless support to  sports activities  involving Nigerian youths.

 

 

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Finally NNPC Tackles Dangote, Releases Estimated Pump Prices of PMS from Dangote Refinery.

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The NNPC Ltd has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country.

The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms length.

The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.

The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.

The pricing

The pricing

Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations the country, based on September 2024 pricing.

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Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd
Abuja

16th September, 2024

 

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