Dangote Lists Largest N300 Billion Bonds on Nigeria Stock Exchange, FMDQ to Fund Refinery
- Dangote Industries Limited has listed the most significant bonds on the Nigerian Stock Exchange and Financial Markets Dealers Quotations
- The company listed the N300 billion series 1 and 2 on the Nigerian Stock Exchange and FMDQ
- The company said the bonds would be used to finance the refinery in Lagos partly
Dangote Industries Limited officially listed its N300 billion series 1 and 2 bonds under the Dangote Industries Funding Plc at the grand listing event at the Financial Markets Dealers Quotations (FMDQ) and the Nigerian Stock Exchange (NSE) in Lagos.
The company's Group Managing Director, Olakunle Alake, disclosed at the event that the bonds are primarily for part-funding the company's refinery project.
Source: Getty Images
Nigerians to participate in building refinery
Alake said that the decision to issue the bonds raise the required funds was to encourage Nigerians to participate in the refinery project, noting that the bonds are the largest aggregate local currency bond issuance in a calendar year by any company or organisation in the history of the capital market.
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According to the Dangote Industries GMD, the development followed a strict internal assessment. The management agreed that tapping local capital markets was unavoidable due to the project's scale, including market uncertainties.
Daily Trust reports that the Dangote Industry chief stated that while the company raises funds in the local capital market, the event represents a new challenge.
He said:
"Today, we are delighted to have completed the largest aggregate local currency bond issuance by a Nigerian capital market corporation within a calendar year."
Dangote Group makes promises as refinery production set to commence after over N11trn investment
Legit.ng reported that the general manager of Dangote Sugar (North), Abdulsalam Waya, has said Dangote refinery would commence production soon.
The refinery, which costs an estimated $25 billion(over N11trn), promises to end the issue of fuel scarcity in the country finally, The Punch reports.
Waya assured this during the Dangote Day at the 44th Kaduna International Trade Fair on Saturday, February 11. Waya, who was representing the Dangote Group, also said the company is the biggest employer of labour outside the government, saying it has touched the lives of millions of Nigerians in many ways through its products.
Source: Legit.ng
