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HomeBusinessDangote Industries lists N200 bln bonds on NGX, commends market depth

Dangote Industries lists N200 bln bonds on NGX, commends market depth

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By Ifeyinwa Ezeokoli

The Group Chief Executive Officer of Dangote Industries Limited, Olakunle Alake, has expressed delight upon the completion of the listing of the firm’s N200 billion Series 1 and 2 Bonds on the Nigerian Exchange Limited, commending the depth of the capital market.

This was said at the closing gong ceremony commemorating the listing of the bond held at the exchange on March 29, 2023.

Alake was represented at the event by the Group Chief Finance Officer, Mustapha Ibrahim.

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“We are pleased to have showcased the depth and liquidity of the domestic capital market while reflecting the strong quality of the issuer, despite the current global market realities,” he said.

According to him, the depth of the market was reflected in the successful issuance of the bond, which was the largest aggregate local currency bond issued in the capital market so far this year.

He 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.

Speaking at the event, the Divisional Head of Capital Markets at NGX, Jude Chiemeka, applauded the listing of the bond, which provides corporations 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 toward enabling a more robust ecosystem,” Chiemeka said.

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

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