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

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3 years ago

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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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Supreme Court Nullifies Tinubu’s Pardon, Restores Maryam Sanda’s Death Sentence

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6 hours ago

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December 12, 2025

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By Yusuf Danjuma Yunusa

 

Nigeria’s Supreme Court has set aside the presidential pardon granted by President Bola Ahmed Tinubu to Maryam Sanda, the Abuja woman convicted of killing her husband, Bilyaminu Bello, during a domestic dispute.

In 2020, the Federal Capital Territory High Court sentenced Sanda to death by hanging, a verdict later upheld by the Court of Appeal in Abuja.

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In contrast, President Tinubu had subsequently commuted the sentence to 12 years’ imprisonment on compassionate grounds.

However, in a narrow 4–1 judgment delivered on December 12, 2025, the Supreme Court restored the initial death sentence. The apex court dismissed Sanda’s final appeal, ruling that it lacked merit and failed to undermine the findings of the lower courts.

Reading the lead judgment, Justice Moore Adumein held that the prosecution had proved its case beyond reasonable doubt, establishing that Sanda unlawfully caused the death of her husband.

He described the presidential pardon as an inappropriate exercise of executive power, particularly because the clemency was issued while the appeal process in a homicide case was still ongoing.

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Alleged Fraud: Late President Buhari’s Minister of Labour, Ngige, Landed in Kuje Prison

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6 hours ago

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December 12, 2025

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By Yusuf Danjuma Yunusa

On Friday, an Abuja High Court remanded a former Minister of Labour and Employment, Chris Ngige, in Kuje Correctional Centre, pending the determination of his bail application.

The Nigerian Tracker News had earlier reported his arrest by the EFCC on Wednesday.

The Crime’s Commission arraigned Ngige on Friday over alleged N2.2 billion fraud.

The one-time governor of Anambra State and former Minister of Labour and Employment, Ngige, is facing eight count charges of fraud and accepting bribes.

The defendant served as the governor of Anambra under platform of the Peoples Democratic Party (PDP) from May 29, 2003, to March 17, 2006.

He served as minister under former and late President Muhammadu Buhari’s administration from 2015 to 2023.

He is being prosecuted for fraud, which he allegedly committed during his tenure as Minister of Labour and Employment.

The EFCC accused him of awarding seven contracts worth over N366 million “for consultancy, training and supply by the Nigeria Social Insurance Trust Fund (NSITF)” to a company, Cezimo Nigeria Limited, belonging to his associate, Ezebinwa Charles.

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EFCC alleged that Ngige awarded eight contracts worth over N583 million to another company belonging to Mr Charles.

The EFCC also alleged that the defendant used his position to give preferential treatment, awarding eight contracts worth over N362 million to a company, Jeff & Xris Limited, belonging to Nwosu Chukwunwike.

Other companies he awarded contracts include Olde English Consolidated Limited and Shale Atlantic Intercontinental Services Limited, belonging to Uzoma Igbonwa to the sum of N668 million and N161million respectively.

According to the EFCC, these offences violate section 19 of the Corrupt Practices and Other Related Offences Act, 2000.

Also, the anti-graft agency accused Ngige of collecting gratifications from contractors of the NSITF through “his organization, called Senator (Dr Chris Nwabueze Ngige Campaign Organization from Cezimo Nigeria Limited (Zenith Bank Account Number 1011901119).”

The EFCC further alleged that Ngige collected N38.6 million from Cezimo Nigeria Limited, N55 million from Zitacom Nigeria Limited and N26 million from Jeff & Xris Limited.

This according to EFCC contravened section 17(a) of the Corrupt Practices and Other Related Offences Act 2000 and is punishable under section 17(c) of the same Act.

He however pleaded not guilty to all the charges.

The EFCC’s counsel, Sylvanus Tahir, SAN applied for a trial date and urged the court to remand Ngige at Kuje Custodial Centre.

However, counsel to Ngige, Patrick Ikwueto, SAN, noted that they were only informed of the arraignment yesterday and could not file for his bail application.

Ikwueto urged the court to give Ngige a conditional bail on health grounds.

He also attempted to move for an oral bail application for the defendant on self-recognition.
Tahir noted that the court could not be presented with both a written and oral application.

He also noted that Ngige is yet to submit his international passport, which was part of his previous bail conditions.

Ikweto, however, noted that Ngige’s international passport was stolen, and the EFCC has been informed through a letter.

Tahir denied knowledge about the report.

Following their submissions, Justice, Maryam Hassan, ordered his remand at the Kuje Correctional Centre.

Justice Hassan adjourned the case until Monday for hearing and determination of his bail application.

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One Kano Agenda Announces Two-Day Economic and Political Conference

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12 hours ago

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December 12, 2025

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The One Kano Agenda movement has announced plans to host a two-day economic and political conference in Kano State, reaffirming its commitment to unity, progress, and sustainable development.

In a statement signed by the Director of Media and Publicity, Abubakar Dangambo, the group emphasized that the initiative is designed to bring together stakeholders from across the state to deliberate on strategies that will reposition Kano as a hub of economic growth and political stability.

Commitment to Unity and Progress
According to the statement, One Kano Agenda is rooted in inclusiveness, civic consciousness, and forward-thinking leadership. The movement stressed that its guiding principle remains simple: “Kano’s future must be built by all of us, and benefitted by all of us.”

Day One: Economic Summit
The first day of the conference will feature the Kano Economic Summit, focusing on:
– Repositioning Kano as a regional economic powerhouse
– Strengthening local industries, SMEs, and the commerce sector
– Attracting investment and rebuilding economic confidence
– Learning from successful models such as Lagos State’s long-term development vision
– Mapping out an actionable roadmap for Kano’s economic revival

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Organizers noted that the summit is expected to stimulate critical conversations and partnerships that will support job creation, entrepreneurship, infrastructure development, and broader wealth-creation opportunities for citizens.

Day Two: Political Dialogue
The second day will be dedicated to the Kano Political Dialogue, which will address:
– Strengthening political participation and leadership quality
– Promoting youth involvement and political re-orientation
– Reducing political manipulation and violence
– Encouraging issue-based politics grounded in development
– Building a united, peaceful, and politically stable Kano State

The dialogue aims to reshape mindsets, deepen democratic culture, and ensure that politics in Kano becomes a vehicle for progress rather than division.

Why the Conference Matters
The One Kano Agenda described the gathering as a “needed intervention at a decisive moment in the state’s history.” Kano, it said, stands at a crossroads, and the future desired by its people can only be achieved through deliberate planning, honest dialogue, and collaborative action.

“The conference will provide a platform for meaningful engagement, innovative ideas, and a united voice in charting Kano’s next chapter,” the statement read.

Call to Action
The movement called on professionals, youth, community leaders, religious institutions, business owners, and the general public to participate actively in the initiative.

“Together, we can redefine our future. Together, we are One Kano,” the statement concluded.

 

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