Finance

FMDQ lists N300bn Dangote industries’ bonds 

FMDQ lists N300bn Dangote industries’ bonds 

LAGOS  – Following its commitment to facilitate growth and development in the Nigerian debt markets and the economy at large by continuously promoting an efficient, transparent, and well-regulated market, FMDQ Securities Exchange Limited (Exchange), Nigeria’s largest securities exchange by turnover, through its Board Listings and Markets Committee has approved the listing of the Dangote Industries Funding PLC N187.58 billion Series 1 (Tranche A & B) and N112.42 billion Series 2 Senior Unsecured Bonds under its N300.00 billion Debt Issuance Programme on its platform. 

The Series 1 and 2 bonds were listed on FMDQ Exchange in November 2022 and March 2023, respectively. 

Dangote Industries Funding PLC is a special-purpose vehicle set up by Dangote Industries Limited to raise finance through the listing of debt securities. 

Dangote Industries is a diversified and fully integrated conglomerate with an annual group turnover of over US$4 billion with vibrant operations in Nigeria and Africa across a wide range of sectors including cement, sugar, salt, condiments, packaging, energy, port operations, fertilizer, and petrochemicals. 

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To mark this noteworthy achievement FMDQ Exchange, in keeping with its tradition, held a prestigious listing ceremony at its offices on Wednesday, March 29, 2023. 

Present to celebrate the successful admission of the bonds on the FMDQ Exchange was the issuer, Dangote Industries Limited, represented by the Group Managing Director, Mr. Olakunle Alake and other representatives of Dangote Industries. 

Also present at the Ceremony were the sponsors of the bonds and Registration Member (Listings) of FMDQ Exchange – Standard Chartered Capital and Advisory Nigeria Limited (Lead Sponsor to the Series 1 Bonds), Stanbic IBTC Capital Limited (Lead Sponsor to the Series 2 Bond), Absa Capital Markets Nigeria Limited, Afrinvest Capital Limited, Coronation Merchant Bank Limited, Ecobank Development Company Limited, FBNQuest Merchant Bank Limited, Futureview Financial Services Limited, FCMB Capital Markets Limited, Greenwich Merchant Bank Limited, Quantum Zenith Capital & Investments Limited, Meristem Capital Limited, Rand Merchant Bank Nigeria Limited, United Capital PLC and Vetiva Capital Management Limited (Co-Sponsors to the Bonds), as well as other parties to the issue. 

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Ms. Tumi Sekoni, Managing Director, FMDQ Exchange, represented by Ms. Jumoke Olaniyan, Senior Vice President, Business Development Division, FMDQ Exchange while welcoming the guests to the ceremony, congratulated the issuer and sponsors to the issue for achieving this milestone, noting that their decision to raise funds from the debt markets via the Exchange’s platform was a testament to the highly efficient time-to-market and unrivaled listing and quotation service offered by FMDQ Exchange. 

She also commended the sponsors of the bonds for their concerted efforts toward ensuring the success of the issuances. She reiterated the Exchange’s commitment to continue to innovate and provide efficient services, to support issuers and investors, toward achieving an operationally excellent and globally competitive debt market. 

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In his address at the ceremony, Alake said, “We thank the investor community, Securities and Exchange Commission, FMDQ Exchange, and our team of professional advisers led by Standard Chartered Capital and Advisory Nigeria Limited and Stanbic IBTC Capital Limited for ensuring successful outings on both our debut and subsequent bond issuances. 

“The Series 1 and 2 bond issuances represent the largest aggregate local currency corporate bond issuances within a calendar year and under a single programme in the history of the Nigerian debt markets. Proceeds of the series 1 and 2 bonds were dedicated to part-financing the Dangote Petroleum Refinery Project which is the initiative by the Dangote Group to establish an Integrated Petrochemical Complex and the largest Single Train Petroleum Refinery in the World. 

Ultimately, the completion of the refinery would facilitate our ability as a country to meet our local demand for refined crude products, gearing us towards self-sufficiency.” 

Independent

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