Dangote Industries Limited has completed the listing of the firm’s N300bn series 1 and 2 bonds on Nigerian Exchange Limited and the FMDQ in Lagos.
The Group Managing Director of DIL, Olakunle Alake, during the listing ceremony, told investors that the bonds were primarily for part-financing the Group’s 650,000 bpd refinery project.
He explained that the decision of the company to issue bonds to raise the required capital for part-financing of the refinery project was to encourage the participation of Nigerians in the financing of the project.
Alake revealed that the management of DIL decided to tap into the local capital markets considering the scale of the project being developed, as well as the existing market volatility.
He said, “Today, we are delighted to have successfully completed the largest aggregate local currency bond issuance by a corporate in the Nigerian capital markets within a calendar year.
The proceeds from the Series 1 and 2 bond issuances were dedicated to part-financing the Dangote Petroleum Refinery Project which is the initiative by the Group to establish an Integrated Petrochemical Complex, and the largest Single Train Petroleum Refinery in the world.”