During a spectacular listing ceremony held at both the FMDQ and the Nigeria Exchange Limited (NGX) in Lagos, Dangote Industries Limited (DIL) officially listed its N300 billion Series 1 and 2 bonds issued under the Dangote Industries Financing Plc.
During the listing ceremony, Olakunle Alake, Group Managing Director of Dangote Industries Limited, informed investors that the bonds were largely used to partially finance the Group’s 650,000 bpd refinery project.
He clarified that the firm decided to issue bonds in order to raise the necessary funds for partially funding the refinery project in order to promote Nigerian participation in the financing of the project.
He pointed out that the bonds continue to be the greatest overall local currency bond issue by a corporate organization within a calendar year in the history of the capital markets.
Alake stated that given the size of the project being developed and the current market volatility, the management came to the conclusion that using the local capital markets was unavoidable after conducting a very thorough internal study.
Although the Dangote Group has raised money in the local capital markets before, he claimed that being a first-time issuer at the holding company level brought unique challenges for the business.
The greatest total local currency bond issue by a corporation in the Nigerian capital markets within a calendar year, he added, was successfully accomplished today.
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