By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Dangote Industries lists Series 1 and 2 bonds worth N300bn on FMDQ and NGX
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

Dangote Industries lists Series 1 and 2 bonds worth N300bn on FMDQ and NGX

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: March 30, 2023
Share
4 Min Read
(L-R) Chief Executive Officer of FMDQ, Bola Onadele Koko; Group Managing Director, Dangote Industry Limited, Olakunle Alake and Mustapha Ibrahim, the Group Chief Financial Officer, Dangote Industries Ltd. during the Listing Ceremony of the Dangote Industries Funding Plc's Bonds at FMDQ, in Lagos
(L-R) Chief Executive Officer of FMDQ, Bola Onadele Koko; Group Managing Director, Dangote Industry Limited, Olakunle Alake and Mustapha Ibrahim, the Group Chief Financial Officer, Dangote Industries Ltd. during the Listing Ceremony of the Dangote Industries Funding Plc's Bonds at FMDQ, in Lagos
SHARE

Dangote Industries Limited (DIL) has 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.

The bonds are primarily for part-financing the Group’s 650,000 bpd refinery project, according to Olakunle Alake, Group Managing Director of Dangote Industries Limited.

“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. The bonds remain the largest aggregate local currency bond issuance within a calendar year by any corporate organization in the history of the capital markets,” said Mr. Alake during the listing ceremony.

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.

- Advertisement -

The Dangote Group is not new at raising funds in the local capital markets, but 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, Mr. Alake explained.

“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,” he added.

The reception of the market was buoyed by the strategic importance of the project and its expected impact on the Nigerian economy.

- Advertisement -

“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,” Mr. Alake said.

Mrs. Yemisi Deji-Bejide, the lead Issuing House for series 1 of the bonds and the Chief Executive Officer of Standard Chartered Capital & Advisory Nigeria Limited, 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.

“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 said.

The success of the transaction demonstrated the depth of the Nigerian capital markets and resilience, despite all the volatility in the global markets and the macro headwinds, she added.

“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.”

At the Nigeria Exchange Limited, the Group Managing Director for DIL, Mr. Alake, represented by the DIL Group Chief Finance Officer, Mallam Mustapha Ibrahim, thanked the investor community for their support for the transaction as well as the various advisors and stakeholders.

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

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Dangote Industries
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article David Adeleke (Davido) Spotify Unveils Exclusive Trailer for Davido’s Highly Anticipated Album, Timeless
Next Article We Have Approved Pay Raise For Civil Servants — FG

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 5 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?