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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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Dont Go On Air To Defame And Insult -Kano Govt And NBC Urges Political Presenters

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The Kano State Ministry of Information and Internal Affairs, in collaboration with the National Broadcasting Commission (NBC), has organized a two-day sensitization workshop for political programme presenters and media commentators.

While delivering his opening remarks at the event, the Commissioner for Information and Internal Affairs, Comrade Ibrahim Abdullahi Waiya, stated that the ministry organized the workshop to enlighten political programme presenters and media commentators in the state, with the aim of promoting decency in language.

The Commissioner emphasized that any reasonable and patriotic citizen of Kano State should not go on air to insult or defame others under the guise of political opposition.

Comrade Waiya further stated that the Kano State Government has no intention of suppressing political opposition, but is committed to ensuring that political discourse remains meaningful and free from insults or false accusations.

He noted that participants at the sensitization workshop were drawn from various political parties, in line with the government’s objective of promoting civility in political communication across the state.

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Dr Bashir Aliyu Umar during the presentation

Dr Bashir Aliyu Umar during the presentation

In his welcome address, the Permanent Secretary of the Ministry, Alhaji Adamu Bala Muhammad, said the purpose of the training is to enhance the competence of political programme presenters and commentators, ensuring their content complies with regulations and deepens their understanding of NBC rules and guidelines. He added that this will foster peace and unity among the populace.

The Permanent Secretary urged participants to take full advantage of the training by acquiring new skills that will contribute to the growth of politics in both the state and the nation at large.

On the first day of the programme, the Chief Imam of Al-Furqan Jumu’ah Mosque, Sheikh Dr. Bashir Aliyu Umar, delivered a lecture on promoting decent speech and avoiding abusive language in the media from an Islamic perspective. Also, the Kano state Coordinator National Broadcasting Commission (NBC), Malam Adamu Salisu, presented a paper titled “NBC Regulation of Political Programmes: The Kano State Experience.”

In a statement signed by Director Special Duties Sani Abba Yola says tomorrow marks the second and final day of the workshop, during which three papers will be presented by different resource persons. These presentations aim to further enlighten participants on various relevant and important topics related to political broadcasting and responsible media engagement.

 

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In Digital Era, Reading Must Survive—Fombina Imprints Tells Nigerian Youths

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As the world marked World Book Day on April 23, Fombina Imprints Limited, a publishing company, called on Nigerian youths and students to revive their interest in reading, stating that books still play a role in shaping minds and improving the country’s education system—despite the rise of digital media.

At a symposium in Kano themed “Crisis of Standards, Decline of Reading Culture, and the Challenges of Publishing in the Digital Era: The Place of Books in the Restoration and Transformation of Our Education Sector,” Malam Yunusa Zakaria Ya’u, Managing Consultant of Fombina Imprints, said the reading habit should not be allowed to disappear.

Represented by Mr. Isa Garba, Malam Ya’u said, “We must not allow the digital era to swallow the reading culture. Technology should be a bridge, not a barrier, to learning. Our youths must be guided to see that the phone in their hands is also a library, not just a source of entertainment.”

He added, “Books shape values, guide the conscience, and prepare young minds for leadership. This is why we deliberately chose to mark World Book Day with young people—to reconnect them with the written word.”

Malam Ya’u also supported a mixed approach to reading. “Both printed and digital books have a place in our learning journey. What matters is the quality of content. If we want a different Nigeria, we must cultivate minds through deep, reflective reading—whether on paper or screen.”

The event included panel discussions and a display by local bookshops. Speakers from publishing, academia, and literacy groups discussed the decline in reading and the need to support local publishing as part of efforts to address issues in the education system.

Panelists noted a lack of interest in reading among youths, pointing to reduced attention spans and increased screen use. They called for efforts by families, schools, and the government to make books more available and attractive.

Students from Kano schools who attended the event shared their reactions. “It reminded me of why I used to love reading. I’m now motivated to make time for books again,” said Fatima Sani, a secondary school student.

World Book Day was established by UNESCO in 1995 to encourage reading and highlight the importance of books in education and development.

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President Tinubu Issues New Directives On Security,Says Enough Is Enough

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President Bola Tinubu has directed an immediate and comprehensive overhaul of national security strategies, demanding urgent action to end the escalating violence in Borno, Benue, Plateau and Kwara states.

The President, who met with security chiefs at the State House in Abuja for more than two hours, said the killing of innocent people in Borno, Benue and Plateau States must cease.

“Enough is enough,” President Tinubu declared as he once again condemned the senseless targeting of innocent Nigerians.

The National Security Adviser (NSA), Nuhu Ribadu, told newsmen that the service chiefs briefed the President on all the attacks in the states, the death toll, and the destruction of properties.

The NSA said President Tinubu ordered a new approach to tackling the insecurity problems.

Ribadu noted that President Tinubu was also actively monitoring and giving instructions during his work visit to Paris and London.

“Mr President gave us the chance to come and brief him again. It lasted very long. We gave him an update on what was going on.

“Even when he was out there, he was constantly in touch, giving directives and following developments.

“Today, we had the opportunity to come and brief him again, and it lasted hours. It was a very detailed briefing, and it was exhaustive.

“We listened, and we took instructions from him. He gave us new directives. The fact is that Mr President is insisting that we work harder to restore security in the country.

“We gave him information on what has been happening and assured him of our commitment.

“We had carried out his instructions. We went to places with incidences of insecurity, such as Plateau, Benue, and Borno States.

“We went to those particular three states. We gave him feedback because he had directed us earlier to go and meet with the political authorities there,” he added.

The NSA said the President highlighted the need to involve the local councils and state governments more in tackling insecurity cases.

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