N200bn Bond Listing: Dangote Industries lauds NGX market depth

The Group Chief Executive Officer, Dangote Industries Limited, Mr Olakunle Alake has expressed delight upon the completion of the listing of the firm’s N200bn series 1 and 2 Bonds on Nigerian Exchange Limited, commending the depth of capital market.

This was said at the Closing Gong Ceremony commemorating the listing of the bond held at the Exchange on Wednesday, 29 March 2023. Alake, who was represented by the Group Chief Finance Officer, Mallam Mustapha Ibrahim said, “We are pleased to have showcased the depth and liquidity of the domestic capital market whilst we reflect the strong quality of the issuer, despite the current global market realities.”

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

The Divisional Head, Capital Markets, NGX, Mr Jude Chiemeka, speaking at the event, applauded the listing of the bond which provides corporates 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 towards enabling a more robust ecosystem.”

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