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Dangote Industries Completes Issuance Of ₦187.6bn Series 1 Fixed Rate Senior Unsecured Bond, Marking Nigeria’s Largest Corporate Bond Issuance

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Dangote Industries Limited (“DIL” or the “Group”), one of the leading, diversified, and fully integrated conglomerates in Nigeria and Africa, is pleased to announce the successful completion of its ₦187.6bn Series 1 Bond Issuance (the “Transaction”), which is the largest corporate bond ever issued in the history of the Nigerian capital market

This landmark transaction represents the first issuance by DIL at Group level and comprises of a 7-year Tranche-A bond issued at 12.75% and a 10-year Tranche-B bond issued at 13.50%, under the newly established NGN300 billion Debt Issuance Programme

The bond issuance was well received by the market and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies and high net-worth investors. DIL plans to utilize the net proceeds from the Series 1 bond issuance to part-finance the Dangote Petroleum Refinery Project, an Integrated Petrochemical Complex, and the largest Single Train Petroleum Refinery in the World.

Standard Chartered Capital & Advisory Nigeria Limited acted as the Lead Issuing House and Bookrunner on Transaction, while Meristem Capital, Stanbic IBTC Capital, Vetiva Capital, Absa Capital Markets, Afrinvest Capital, Coronation Merchant Bank, Ecobank Development Company, FBNQuest Merchant Bank, FCMB Capital Markets, Greenwich Merchant Bank, Quantum Zenith Capital, Rand Merchant Bank Nigeria and United Capital acted as Joint Issuing Houses.

Commenting on the significance of the Transaction, Mr. Olakunle Alake, Group Managing Director of Dangote Industries, said:

“Dangote Industries is delighted to have successfully conducted its debut issuance under our newly established Debt Issuance Programme. We are very pleased to have set this remarkable milestone, showcasing the depth and liquidity of the Nigeria Debt Capital Market. The success of this transaction further demonstrates investor confidence in our credit story and the appreciation of the work done by the Group across several key sectors that are crucial to the development of the continent. The proceeds from this landmark transaction will be used to part-finance the Dangote Petroleum Refinery Project which is the initiative by the Group to establish the largest refinery in Africa, thus positioning Nigeria as a net exporter of refined crude. We want to specially thank the investor community for their support on this transaction, as well as our various advisors and stakeholders.”

Also speaking on the transaction, Mr. Olukorede Adenowo, Standard Chartered’s Executive Director, Corporate, Commercial and Institutional Banking, Nigeria & West Africa, said:

“On behalf of the Issuing Houses, we are proud to have led this historic transaction which reflects the strong credit quality of the issuer as well as the resilience of the Nigerian domestic debt capital markets, despite the current global market volatility. We thank the Board and Management of the Dangote Group for continuously striving to develop the domestic debt capital markets and setting records through its various issuances both at the subsidiary and Group levels. We also thank the Securities & Exchange Commission, Nigerian Exchange Limited (“NGX”) and FMDQ Securities Exchange Limited (“FMDQ”) for their unwavering support throughout this entire process.”

The Bond notes will be listed on the NGX and FMDQ.

About the Issuer:

Dangote Industries is one of the leading, diversified and fully integrated conglomerate with operations in Nigeria and Africa across a wide range of industries, including cement, sugar, salt, condiments, packaging, energy, fertiliser and petrochemicals. Its core business focus is to provide local, value-added products and services that meet the “basic needs” of the African populace through the construction and operation of large-scale manufacturing facilities in Nigeria and across Africa. DIL is focused on building local manufacturing capacity to generate employment, reduce capital flight from Africa and increase local value additions.

The Group has 11 distinct business lines, with the cement, sugar and salt business currently contributing majority of the group earnings. These subsidiaries are industry leading players with strong brand values, underpinned by long operational track record, diverse customer base, ongoing investments in capacity expansion and control over their respective value chains. DIL also has two project companies, Dangote Oil Refinery Company Limited (“DORC”) and Dangote Fertilizer Limited (“DFL”), located at the Lekki Free Zone in Lagos State, who (together with DIL) will serve as co-obligors on the Offer. DORC is a 650,000 b/pd integrated crude oil refinery and petrochemical plant, which is expected to be Africa’s largest oil refinery, while DFL is expected to be Africa’s largest granulated urea fertiliser manufacturing facility, with a production capacity of up to 2.8 Mtpa.

DIL is currently domestically rated AA+ by GCR and AA (ngr) by Fitch Ratings.

More information can be found at: https://www.dangote.com/

BIG STORY

Father Seeks Justice Over Son’s Mysterious Death At Pool Party Inside Lagos Hotel

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A grieving father, Henry Airenekhuemen, has demanded justice over the death of his son, Mattias, who reportedly drowned in a swimming pool at Signatious Hotel in the Ajao Estate area of Lagos State.

Airenekhuemen, who spoke to newsmen on Monday, said his deceased son had attended a pool party at the hotel on Saturday evening to sell tickets to earn some money.

He, however, said he received a call from one of his son’s elder brothers that Mattias had been rushed to Isolo General Hospital and that a family member was urgently needed.

He narrated that on arriving at the hospital, he was shocked to see his son’s lifeless body in the car that brought him to the medical facility.

“I was called by one of my son’s elder brothers, who told me that Mattias had been rushed to the Isolo General Hospital and that a family member was needed. When I got to the hospital, I saw my son’s lifeless body in the back seat of the car that brought him.

“When I asked what had happened, I was told that he drowned in the swimming pool at the Signatious Hotel in Ajao Estate. I then asked his friend, who brought him to the hospital, what happened, and he said my son had been with him and a lady. About five minutes after he left them, he said he tried to call my son’s phone, but there was no response.

“He said that when he returned to where they had been sitting, the lady told him my son had left the spot, while showing him his phone, which was still there and charging.

He said it was while searching for him that he found my son’s body in the swimming pool,” he narrated.

Airenekhuemen, however, raised doubts about the drowning claim while also pointing to what he described as unusual physical signs on the body.

“If he truly drowned, why was his stomach flat instead of being swollen? And why was there foam coming out of his mouth and nose?” he asked.

He said the family immediately reported the incident to the police, who visited the hospital, took photographs of the body, and later moved it to the morgue.

The father added that police officers subsequently accompanied the family to the hotel to examine the scene. During the visit, he said questions were raised about the presence of a diver or pool supervisor at the time of the incident, but no answers were provided.

According to him, three persons have so far been detained at the Ajao Estate Police Division.

“The manager who was invited to the station and was asked to provide the CCTV footage, but said he had just started working at the hotel, has been detained. The lady who was with my son was also invited to the station, where she wrote her statement and is currently detained. His friend, who claimed to have found him in the swimming pool, was also detained,” he said.

While expressing suspicion over Mattias’ death, the father said the family received a call from a man who claimed to be a staff member of the hotel and made entreaties.

“Two things that made the death of my son look fishy were that on Sunday, one of my sons, Lucky, got a call from someone who said he was a staff member of the hotel. The person asked him what he wanted to settle the whole issue. Another was that the pool party went on that night even though my son was found dead in the swimming pool,” he lamented.

During a visit to the hotel on Monday, our correspondent observed that there were skeletal activities at the premises.

A man believed to be a staff member of the facility, who was seen at the gate, however, disclosed that the hotel was undergoing renovation and had been temporarily shut down.

“The manager is not around for now. You can check back later,” he added.

When contacted for a reaction, the state Police Public Relations Officer, Abimbola Adebisi, did not respond to calls made to her telephone line. A text message sent to her had yet to be replied to as of the time this report was filed.

 

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BIG STORY

JUST IN: NLC, TUC Suspend Planned Protest, Ask FCTA Workers To Resume

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The Nigeria Labour Congress and the Trade Union Congress have suspended their planned protest in the Federal Capital Territory and instructed workers under the Federal Capital Territory Administration to return to their duties with immediate effect.

The directive followed an overnight engagement involving labour leaders, the Minister of the FCT, Nyesom Wike, and members of the Senate Committee on the FCT.

The meeting, which began late on Monday, stretched into the early hours of Tuesday, culminating in an agreement that led to the unions’ decision to halt the protest action and restore normal activities across FCTA offices.

More to come…

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BIG STORY

US Set To Deport 79 Nigerians On ‘Worst-Of-The-Worst’ Criminal List [Names Attached]

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The United States Department of Homeland Security has said it will deport no fewer than 79 convicted Nigerians listed on its ‘worst-of-the-worst’ criminal list.

Further findings on the DHS website on Monday revealed that the 79 Nigerians were convicted of offences bordering on fraud, drug peddling, assault, manslaughter, and robbery, among others.

An accompanying note showed that the convicts were arrested as part of the United States’ crackdown on criminal immigrants.

The note read, “The U.S. Department of Homeland Security is highlighting the worst of the worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement.

“Under Secretary Noem’s leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations, starting with the worst of the worst, including the illegal aliens you see here.”

The list showed that the convicted Nigerians include Boluwaji Akingunsoye, Ejike Asiegbunam, Emmanuel Mayegun Adeola, Bamidele Bolatiwa, Ifeanyi Nwaozomudoh, Aderemi Akefe, Solomon Wilfred, Chibundu Anuebunwa, Joshua Ineh, Usman Momoh, Oluwole Odunowo, Bolarinwa Salau, and Oriyomi Aloba.

Others are Oludayo Adeagbo, Olaniyi Akintuyi, Talatu Dada, Olatunde Oladinni, Jelili Qudus, Abayomi Daramola, Toluwani Adebakin, Olamide Jolayemi, Isaiah Okere, Benji Macaulay, and Joseph Ogbara.

Also listed are Olusegun Martins, Kingsley Ariegwe, Olugbenga Abass, Oyewole Balogun, Adeyinka Ademokunla, Christian Ogunghide, Christopher Ojuma, Olamide Adedipe, Patrick Onogwu, Olajide Olateru-Olagbegi, and Omotayo Akinto.

Others include Kenneth Unanka, Jeremiah Ehis, Oluwafemi Orimolade, Ayibatonyе Bienzigha, Uche Diuno, Akinwale Adaramaja, Boluwatife Afolabi, Chinonso Ochie, Olayinka A. Jones, Theophilus Anwana, Aishatu Umaru, and Henry Idiagbonya.

Further names on the list are Okechukwu Okoronkwo, Daro Kosin, Sakiru Ambali, Kamaludeen Giwa, Cyril Odogwu, Ifeanyi Echigeme, Kingsley Ibhadore, Suraj Tairu, Peter Equere, Dasola Abdulraheem, Adewale Aladekoba, and Akeem Adeleke.

Also included are Bernard Ogie Oretekor, Abiemwense Obanor, Olufemi Olufisayo Olutiola, Chukwuemeka Okorie, Abimbola Esan, Elizabeth Miller, Chima Orji, Adetunji Olofinlade, Abdul Akinsanya, Elizabeth Adeshewo, Dennis Ofuoma, and Boluwaji Akingunsoye.

Others are Quazeem Adeyinka, Ifeanyi Okoro, Oluwaseun Kassim, Olumide Bankole Morakinyo, Abraham Ola Osoko, Oluchi Jennifer and Chibuzo Nwaonu.

Trump’s administration has continued to crack down on criminal and illegal immigrants across the US, with many Nigerians in the country affected by the policy.

It was earlier reported that some Nigerians went into hiding while others are returning home secretly over the intensified deportation campaign led by President Donald Trump’s Immigration and Customs Enforcement.

The sweeping actions, which include house-to-house enforcement raids, have stirred panic, debate and protest, particularly following a series of high-profile, deadly incidents involving the federal immigration officers.

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