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Dangote Lists N300B Series 1 And 2 Largest Bonds On NGX ,FMDQ

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Dangote Industries Limited (DIL) has formally listed its N300 billion Series 1 and 2 bonds issued under the Dangote Industries Funding Plc during a grand listing ceremony at both the FMDQ and the Nigeria Exchange Limited (NGX) in Lagos.

Olakunle Alake, Group Managing Director of Dangote Industries Limited told investors during the listing ceremony that the bonds were primarily for part-financing the Group’s 650,000 bpd refinery project.

He explained that the decision of the Company to issue bonds to raise the required capital for part-financing the refinery project was to encourage the participation of  Nigerians in the financing  of the project.  He noted that the bonds remains the largest aggregate local currency bond issuance within a calendar year by any corporate organization in the history of the capital markets. .

Mr. Alake noted that following very rigorous internal assessment, the management concluded that tapping the local capital markets was inevitable, considering the sheer scale of the project being developed, as well as the existing market volatility.

He said that while the Dangote Group is not new at raising funds in the local capital markets, being a first-time issuer at the holding company level presented a fresh challenge for the Company.  However, the challenge was one the management was willing to embrace to ensure the desired outcome was achieved.

According to him: “Today, we are delighted to have successfully completed the largest aggregate local currency bond issuance by a corporate in the Nigerian capital markets within a calendar year. The proceeds from the Series 1 and 2 bond issuances were dedicated to part-financing the Dangote Petroleum Refinery Project which is the initiative by the Group to establish an Integrated Petrochemical Complex, and the largest Single Train Petroleum Refinery in the World.”

Alake recalled that the DIL recorded another first through the N187 billion series 1 bonds (under the N300 billion programme), being the largest corporate bond ever issued in the history of the Nigerian capital markets and the management was pleased to have set the remarkable milestones, showcasing the depth, resilience and liquidity of the domestic capital markets, whilst reflecting the strong credit quality of the issuer, despite the current global market volatility.

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He said: “The bonds issuances were well received by the market and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies, and high net-worth investors.

Indeed, the reception of the market was buoyed by the strategic importance of the project and its expected impact on the Nigerian economy. Overall, we strongly believe the success of the Series 1 and 2 bond issuances further demonstrates investor confidence in our credit story and the appreciation of the work done by the Group across several key sectors that are crucial to the development of Nigeria and the continent at large.”

Alake pointed out that his Company was not new in the business of listing securities on NGX. “We are therefore conversant with all the listing requirements and promise to be prompt and up to date in that regard.  We count on the cooperation and support of NGX and the stockbrokers to meet this important investors’ objective.”

The DIL Group Managing Director assured that the company would remain resolute in the Nigerian and African story and continue to demonstrate commitment, as one of the foremost pan-African conglomerates, through investments in projects and initiatives that directly improve the quality of lives of Nigerians. “Indeed, these are very exciting times for us as a business, and so we would continue to welcome opportunities to work with stakeholders in the domestic capital markets towards accelerating the economic activities across Africa, whilst maximizing stakeholder returns.

Also speaking at the event, the lead Issuing House for series 1 of the bonds and the Chief Executive Officer, of Standard Chartered Capital & Advisory Nigeria Limited, Mrs. Yemisi Deji-Bejide, expressed appreciation of her organization to the management of the DIL for reposing so much confidence in Standard Chartered by entrusting it with the responsibility.

She said: “Every time we gather at FMDQ for the listing ceremony of an issuance by the Dangote Group, it is always a record milestone. Early in 2022, we issued a bond for Dangote Cement which was the largest corporate bond issuance at the time,  and little did we know that a few months down the line, the Group will comfortably break that record.

Mrs. Deji-Bejide described the success of the transaction as a strong testament to the fact that Investors strongly believe in Dangote Group’s credit story and are willing to continue to support the growth of the business. Also, she said it demonstrated the depth of the Nigerian capital markets and resilience, despite all the volatility in the global markets and the macro headwinds.

“Lastly and most importantly, investors are keen to support impactful infrastructure projects in Nigeria, as the proceeds of the bond are being used to fund the largest single train refinery in the world”, Mrs. Deji-Bejide added.

Meanwhile, at the Nigeria Exchange Limited where the symbolic gong ceremony was held to commemorate the listing, the Group Managing Director for DIL, Mr. Alake, who was represented by the DIL Group

Chief Finance Officer, Mallam Mustapha Ibrahim thanked the investor community for their support for the transaction as well as our various advisors and stakeholders.

He also commended the Nigeria Exchange Limited (NGX) for its unwavering support throughout this entire process of issuing and listing the bonds as well as their continued commitment towards deepening the Nigerian capital markets.

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Executive Council: Kano Deputy Governor Absent Amidst Calls for Resignation”

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The Deputy Governor of Kano State, Comr. Aminu Abdussalam Gwarzo, was absent from the 38th State Executive Council meeting held on March 12, a development that has fueled discussions about the ongoing political uncertainties within the state’s administrative machinery.

The meeting, presided over by Governor Abba Kabir Yusuf, was attended by members of the state executive council. However, the deputy governor’s seat remained vacant throughout, despite the official notice of the meeting.

His absence from this critical engagement is believed to stem from lingering political disagreements following Governor Yusuf’s decision, along with several allies, to defect to the All Progressives Congress (APC).

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While some commissioners who did not follow the governor resigned voluntarily in the face of the political realignment, the deputy governor refused to step down, despite holding two key positions: Deputy Governor and Commissioner for Higher Education.

The situation has triggered strong reactions both within and outside government circles, with some officials openly suggesting that a deputy governor who does not share the same political platform as the governor should consider resigning in the interest of the state.

This development has also reignited discussions around the impeachment proceedings initiated against the deputy governor by the Kano State House of Assembly.

Political commentators argue that his continued stay in office, despite the realignment, has created an administrative vacuum within the state’s governance structure. They question whether his actions prioritize the interests of the Kano people or serve personal ambitions, warning that such a stance could stagnate governance and undermine stability.

According to some Kano residents, the deputy governor should at least resign his position as Commissioner for Higher Education to allow the ministry to function smoothly in the interest of the state and its people.

As of the time of this report, neither the deputy governor’s office nor the state government had issued an official statement regarding his absence from the March 12 Executive Council meeting.

 

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NUJ Kano Online Chapel Tightens Membership Standards, Approves 31 Applicants After Rigorous Screening

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The Chairman of the Kano Online Chapel of the Nigeria Union of Journalists, Abubakar Abdulkadir Dangambo, has received the report of the membership screening committee and commended the panel for carrying out its assignment with orderliness, fairness and transparency.
Dangambo gave the commendation while receiving the committee’s report, explaining that the panel was constituted to help sanitize the journalism profession and ensure that all applicants seeking membership met the required standards.
He said the establishment of the committee became necessary in view of the growing number of online media practitioners and social media influencers applying for membership, noting that the committee strictly applied the NUJ constitution and guidelines in screening applicants to ensure due process and compliance with the union’s procedures.
According to him, the exercise will go a long way in strengthening professionalism in line with constitutional provisions, stressing that it will help preserve the integrity of journalism among operators of online media platforms in Kano State.
Presenting the report, Chairman of the Membership Screening Committee, Aliyu Mudi Suleiman, said the panel worked diligently in reviewing the credentials of applicants, including registration documents such as Corporate Affairs Commission (CAC) certificates, educational qualifications and other relevant requirements.
He disclosed that out of the 46 applicants screened so far, 31 were approved, while seven were placed on hold for further review.

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He added that eight applicants were not approved for failing to meet some of the conditions stipulated in the union’s constitutional provisions.
Aliyu Mudi Suleiman further stated that the committee also forwarded recommendations to the leadership of the union, particularly on ways to improve the process of admitting new members in future.

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NOA, ICRC Seal Deal to Raise Awareness on Compulsory Gunshot Victim Treatment

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By Yusuf Danjuma Yunusa

The National Orientation Agency (NOA) and the International Committee of the Red Cross (ICRC) have launched a strategic partnership to educate the public on the legal rights of gunshot victims, aiming to end the tragic loss of life caused by delayed medical intervention.

The collaboration was formalized during a high-level meeting at the NOA headquarters in Abuja. Lanre Issa-Onilu, the Director-General of NOA, was represented at the event by the Director of Social Mobilisation, Ayoola Olufemi.

In a statement released via the agency’s official X handle, officials underscored the urgent need to disseminate information regarding the Compulsory Treatment and Care for Victims of Gunshot Act. This federal law, enacted in 2017, mandates that all hospitals must provide immediate emergency care to victims, irrespective of their ability to pay or produce a police report upon arrival.

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“Delays in providing medical treatment to gunshot victims often result in preventable loss of lives,” Olufemi stated. “Many Nigerians are unaware that hospitals are required by law to provide immediate care before demanding police reports, administrative documentation, or financial guarantees.”

Olufemi highlighted that the NOA, with its extensive network of 818 offices across the country, is uniquely positioned to lead this public enlightenment campaign. He stressed that the initiative is designed to empower citizens with knowledge of their rights under the law.

Echoing this sentiment, the Deputy Head of the ICRC in Nigeria, James Matthew, praised the partnership and emphasized the life-saving potential of the campaign. He noted that educating healthcare providers and the general public is critical to ensuring compliance.

“Through NOA’s broad national reach, the ICRC will help ensure gunshot victims receive timely medical care. Improved awareness will save lives, particularly in emergencies,” Matthew said.

The signing ceremony was attended by key stakeholders from both organizations. NOA representatives included the Director of Health and Social Care, Dr. Ayoola Olufemi; Director of Legal Services, Dogo Williams; and Meriam Yakubu. The ICRC delegation featured Humanitarian Affairs Adviser Juliet Kelechi Unudi. Members of the press, including correspondents from the Federal Radio Corporation of Nigeria (FRCN), News Agency of Nigeria (NAN), Armed Forces Radio, Science Newspaper, and Daily Trust, were also present to cover the event.

The nationwide sensitisation campaign is expected to clarify misconceptions about the Act, promote prompt medical intervention, and ultimately save countless lives across Nigeria.

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