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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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Kano Gov Abba Kabiru Yusuf bags international sports award in UK

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Kano state governor, Abba Kabir Yusuf , Saturday was honoured in the United Kingdom for his commitment and support to sports development in the state.

 

Our correspondent reports that the award presentation ceremony took place at the Feel Good Too , Ive Farm sports arena located at the Pavilion Walk in London.

The patron W O. Sports, Moses Andishu , while making the presentation, said the award is aimed at appreciating the governor for his consistency towards the development of sports in Kano.

Moses who doubles as SWAN national patron said “this is our token way of saying kudos to mr governor and our aim is to encourage him to do more for the growth of the industry .

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He added that “ we have noticed the reforms been carried out in Kano Pillars football club , we are aware of the efforts ongoing at the Kano state Sports Commission, KSSC and Kano Pillars is taking a new shape again, the state various sports teams now honor national invitations to major competitions, this is worth encouraging.

“we are very much aware of the plans by the governor, who is investing massively in the area of the provision of infrastructure, likewise we have seen investments made to renovate and upgrade major sports facilities, in the state, we just want to say thank you to his excellency and encourage him to invest more in sports

 

The special adviser to the governor on Youths and Sports, Sani Musa Danja , who received the award on behalf of the state governor said , “we are very delighted and happy, his excellency does not joke with anything that has to do with the development of the youths and he has always assured that he will always do everything possible to support the growth of Kano youths.

“I receive this award on behalf of his excellency with humility and honour for my governor , eng Abba Kabiru Yusuf, his works testify for his passion and commitment to sports development, his agenda is to always ensure Kano athletes competes amongst the best of the best by providing all the requirements that is needed for the state to excel in sports , and be rest assured that with my governor in charge sports development will always remain on the burner of the Kano First Agenda.

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President Tinubu Salutes Hon. Kabir Bichi, Chair Appropriation Committee Of The House Of Representatives On His 45th Birthday

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President Bola Ahmed Tinubu celebrates the Chairman, House of Representatives Committee on Appropriation, Hon. Abubakar Kabir Bichi, on his 45th birthday today.

President Tinubu describes Hon. Bichi, who represents Bichi Federal Constituency of Kano State, as a vibrant, resourceful and dedicated lawmaker whose commitment to legislative duties and national development stands out.

President Tinubu remarks: “ As Chairman of one of the most strategic committees of the House, Hon. Bichi has demonstrated uncommon capacity, grit, and leadership in steering the consideration, scrutiny, and passage of the nation’s annual budget, a role central to implementing the Renewed Hope Agenda.

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“I commend him for his effective representation of his constituents and his impactful interventions in education, infrastructure, and youth empowerment, which have endeared him to his people.

“Bichi has distinguished himself since his first election to the House in 2019, where he served as Chairman of the House Committee on Works in the 9th Assembly and now as Chairman of Appropriation in the 10th Assembly.

“ As he marks his birthday today, I urge him to rededicate himself to serving his people and his fatherland.

“ And I pray to Almighty God to continue to bless him with good health, wisdom and strength.”

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
October 3, 2026

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Yari Urges North to Respect Power Rotation, Back Tinubu’s 8-Year Presidency

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The Director-General of the APC Presidential Campaign Council, Senator Abdul Aziz Yari Abubakar, has called on Nigerians in the North to respect the informal power-rotation arrangement and allow President Bola Ahmed Tinubu to complete his constitutionally permitted eight-year tenure.

Yari made the call while addressing journalists at the Kano Government House after a meeting with Kano State Governor Abba Kabir Yusuf.

The former Zamfara State governor said the North should understand and respect the political arrangement that brought the presidency to the South in 2023, arguing that the presidency had been held by a northerner for several years before the emergence of Tinubu.

Yari said, “66 years ago since independence, the country was led by northerners for 47 years,” adding that Nigerians should recognise the importance of maintaining unity and understanding how the country’s political system operates.

According to him, Nigeria remains a country that all citizens must work together to protect, regardless of regional or political differences.

“As we love this country, we don’t have any country other than Nigeria. Nigerians should come and understand how this country works. It is also better than many nations,” Yari said.

The APC chieftain explained that his role as Director-General of the campaign council was not limited to promoting President Tinubu but also included promoting national unity and understanding among Nigerians.

Yari said the current political arrangement should be respected, noting that former President Muhammadu Buhari, a northerner, governed the country between 2015 and 2023 before power shifted to Tinubu from the South in 2023.

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“Having said this, this country, Nigeria, from 2015 to 2023 was led by a northerner, and now from 2023 to 2026 it is led by a southerner,” he said.

He therefore appealed to northerners not to seek to overturn the existing zoning arrangement on the basis of the region’s population, saying the political understanding was important for national stability.

“If we say we want to uproot the zoning arrangement because of our numbers, then my call for northerners is to understand how it works. They even understand more than I do,” Yari said.

He acknowledged that President Tinubu’s administration, like every government, was not perfect, but argued that the challenges facing Nigeria should not solely be attributed to the administration.

“Nobody is perfect. The southerners have also experienced what we are complaining about today when President Buhari was in power,” he said.

Yari also argued that insecurity was not peculiar to Nigeria, saying countries across the world, including the United States, continue to grapple with security challenges despite their level of development.

“On problems, no problem of a country is solved by any government, including even in the United States. They are managing insecurity as we are managing it,” he said.

The APC campaign council director-general further cited gun violence in Chicago as an example of the security challenges faced by other countries, stressing that every nation has its own problems that require continuous efforts to address.

Turning to the economy, Yari said Nigerians should assess the Tinubu administration based on economic indicators and compare the situation at the time the president assumed office in 2023 with the current position.

“When you look at when Asiwaju Bola Ahmed Tinubu came to power in 2023, go and check what was the state of our reserves and what it is today, and what was the rate of inflation in 2023 and what it is today,” he said.

Yari maintained that the administration was making efforts to address the country’s economic and security challenges, while acknowledging that governments at both federal and state levels were working to improve the situation.

He urged Nigerians, particularly those in the North, to give the political arrangement time, arguing that the presidency would return to the region after Tinubu’s tenure if the existing rotation principle was maintained.

“I am calling on northerners to note that by the time Bola Ahmed Tinubu finishes in 2031, it will definitely come back to the North. So, this is how the arrangement is,” Yari said.

He added that federal and state governments were making efforts to address the challenges confronting the country and urged Nigerians to support measures aimed at strengthening national unity and development.

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