Dangote industries completes $650 million bond listing

The listing of Dangote industries’ N300 billion ($651 million) Series 1 and 2 bonds on the Nigerian Exchange (NGX) has been completed.

Olakunle Alake, the chief executive officer of Dangote Industries Limited, expressed his delight at the listing during the closing-gong ceremony held at the Exchange on Wednesday to commemorate the listing of the bond.

Alake, who was represented by the group’s chief financial officer, Mustapha Ibrahim, stated: “We are pleased to have demonstrated the depth and liquidity of the domestic capital market while reflecting the strong quality of the issuer, despite the realities of the global market.”

Ibrahim added that the listing of the bond attracted a diverse group of investors, including domestic pension funds, asset managers, and insurance companies, demonstrating investors’ faith in Nigeria’s credit reality.

The listing is the biggest issuance of local currency bonds on the capital market so far this year.

Jude Chiemeka, divisional head of Capital Markets at the NGX, applauded the listing of the bond, which provides corporations with the opportunity to raise capital.

The listing of this transaction on our platform facilitates not only a more liquid capital market but also a more robust ecosystem by demonstrating our capacity to facilitate large transactions.

He added that NGX remains committed to fostering similar transactions via digital gateways such as this and a confident market where corporations and investors can realize their respective goals.