UPDATED: Dangote Industries completes N300bn bond listing

Forum 1 year ago

UPDATED: Dangote Industries completes N300bn bond listing

Dangote Industries has completed its listing of the firm’s N300bn series 1 and 2 Bonds on Nigerian Exchange Limited.

The Chief Executive Officer, Dangote Industries Limited, Mr Olakunle Alake, speaking at the closing-gong ceremony to commemorate the listing of the bond held at the Exchange on Wednesday, expressed delight at the listing.

Alake, who was represented by the Group’s Chief Finance Officer, Mustapha Ibrahim, said, “We are pleased to have showcased the depth and liquidity of the domestic capital market whilst we reflect the strong quality of the issuer, despite the current global market realities.”

Ibrahim further noted that the listing of the bond recorded participation from a wide range of investors including domestic pension funds, asset managers and insurance companies and further demonstrates investors’ confidence in Nigeria’s credit reality.

The listing is the largest aggregate local currency bond issued in the capital market so far within the year.

The Divisional Head, Capital Markets, NGX, Mr Jude Chiemeka, speaking at the event, applauded the listing of the bond which provides corporates with the opportunity to raise capital.

“The listing of this transaction on our platform not only allows for a more liquid capital market, but it also shows our capacity to facilitate large transactions towards enabling a more robust ecosystem.”

He further noted that NGX remains committed to fostering similar transactions through our digital gateways such as this and a confident market where corporates and investors can achieve their respective objectives.