{"id":70498,"date":"2023-03-30T15:58:12","date_gmt":"2023-03-30T14:58:12","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=70498"},"modified":"2023-03-30T15:58:12","modified_gmt":"2023-03-30T14:58:12","slug":"dangote-lists-n300-billion-series-1-and-2-largest-bonds-on-ngx-fmdq","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/dangote-lists-n300-billion-series-1-and-2-largest-bonds-on-ngx-fmdq\/","title":{"rendered":"Dangote Lists N300 billion Series 1 And 2 Largest Bonds On NGX, FMDQ"},"content":{"rendered":"
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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.<\/p>\n

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\u2019s 650,000 bpd refinery project.<\/p>\n

\"\"He explained that the decision of the Company to issue bonds to raise the required capital for part-financing\u00a0the refinery project\u00a0was to encourage the participation of\u00a0 Nigerians in the financing\u00a0 of the project.\u00a0 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. .<\/p>\n

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.<\/p>\n

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.\u00a0 However, the challenge was one the management was willing to embrace to ensure the desired outcome was achieved.<\/p>\n

\"\"According to him: \u201cToday, 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.\u201d<\/p>\n

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.<\/p>\n

He said: \u201cThe 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.<\/p>\n

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.\u201d<\/p>\n

Alake pointed out that his Company was not new in the business of listing securities on NGX. \u201cWe are therefore conversant with all the listing requirements and promise to be prompt and up to date in that regard.\u00a0 We count on the cooperation and support of NGX and the stockbrokers to meet this important investors\u2019 objective.\u201d<\/p>\n

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. \u201cIndeed, 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.<\/p>\n

Also speaking at the event,\u00a0the lead Issuing House for series 1 of the bonds and the\u00a0Chief Executive Officer, of\u00a0Standard 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.<\/p>

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She said: \u201cEvery 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,\u00a0 and little did we know that a few months down the line, the Group will comfortably break that record.<\/p>\n

Mrs. Deji-Bejide described the success of the transaction as\u00a0a strong testament to the fact that Investors strongly believe in Dangote Group\u2019s 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.<\/p>\n

\u201cLastly 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\u201d, Mrs. Deji-Bejide added.<\/p>\n

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.<\/p>\n

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.<\/p>\n

CAPTION:<\/b><\/p>\n

Pix From Left — Chief Executive Officer of FMDQ, Bola Onadele Koko; Group Managing Director, Dangote Industries Limited, Olakunle Alake and Chief Executive, Stanbic IBTC Capital Ltd, Funso Akere, during the Listing Ceremony of the Dangote Industries Funding Plc\u2019s Bonds at FMDQ, in Lagos.<\/i><\/p>\n

Pix 2<\/i><\/b><\/p>\n

From Left — Chief Executive Officer, Standard Chartered Capital & Advisory Nig. Ltd, Yemisi Deji-Bejide; Chief Executive Officer of FMDQ, Bola Onadele Koko; Group Managing Director, Dangote Industries Limited, Olakunle Alake and Chief Executive, Stanbic IBTC Capital Ltd, Funso Akere, during the Listing Ceremony of the Dangote Industries Funding Plc\u2019s Bonds at FMDQ, in Lagos<\/i><\/p>\n

\u00a0Pix 3<\/i><\/b><\/p>\n

From Left — Chief Executive Officer of FMDQ,\u00a0 Bola Onadele Koko; Group Managing Director, Dangote Industry Limited, Olakunle\u00a0 Alake and Mustapha Ibrahim, the Group Chief Financial Officer, Dangote Industries Ltd.\u00a0<\/i><\/b>during the Listing Ceremony of the Dangote Industries Funding Plc\u2019s Bonds at FMDQ, in Lagos<\/i><\/b><\/p>\n

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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.\u00a0<\/p>\n","protected":false},"author":6,"featured_media":70499,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[9149],"coauthors":[2391],"class_list":["post-70498","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-dangote-industries-ltd"],"yoast_head":"\nDangote Lists N300 billion Series 1 And 2 Largest Bonds On NGX, FMDQ - National Wire<\/title>\n<meta name=\"description\" content=\"Dangote Industries Limited (DIL) has formally listed its N300 billion Series 1 and 2 bonds issued under the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/dangote-lists-n300-billion-series-1-and-2-largest-bonds-on-ngx-fmdq\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dangote Lists N300 billion Series 1 And 2 Largest Bonds On NGX, FMDQ - 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