On NGX, Dangote Industries lists N200 billion in bonds
Yesterday, Dangote Industries Limited listed series 1 and 2 bonds worth N200 billion on the Nigerian Exchange (NGX) Limited.
Olakunle Alake, group chief executive officer of Dangote Industries Limited, expressed happiness at the completion of the listing of the company’s bonds on the Exchange during the Closing Gong Ceremony honoring the listing of the bond at the Exchange in Lagos.
“We are pleased to have showcased the depth and liquidity of the domestic capital market while we reflect the strong quality of the issuer, despite the current global market realities,” said Alake, who was represented by the Group Chief Financial Officer Mallam Mustapha Ibrahim.
Ibrahim claims that the successful issuance of the bond, which was the largest aggregate local currency bond issued in the capital market thus far, within the year, demonstrated the depth of the market.
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He added that a variety of investors, including domestic pension funds, asset managers, and insurance companies, participated in the bond’s listing, further demonstrating investors’ confidence in Nigeria’s credit reality.
“The listing of this transaction on our platform not only allows for a more liquid capital market, it also shows our capacity to facilitate large transactions towards enabling a more robust ecosystem,” said Mr. Jude Chiemeka, Divisional Head, Capital Markets, NGX, of the bond listing that gives corporations the opportunity to raise capital.
He added that NGX is still dedicated to encouraging transactions like this one through our digital gateway and a secure market where corporations and investors can pursue their individual goals.
Cement, sugar, salt, condiments, packaging, energy, port operations, fertilizer, and petrochemicals are just a few of the diverse industries that Dangote Industries, an integrated conglomerate, has active operations in Nigeria and throughout Africa. Its primary objective is to satisfy the “basic needs” of the population by offering locally produced, high-value goods and services through the development and management of sizable manufacturing facilities in Nigeria and other countries in Africa.
Building local manufacturing capacity is its main objective in order to create jobs, stop capital flight, and boost local value addition.