Olakunle Alake, the group chief executive officer of Dangote Industries Limited, voiced satisfaction after the company’s N200 billion series 1 and 2 Bonds were successfully listed on the Nigerian Exchange Limited and praised the market’s depth.
On March 29, 2023, at the Exchange, during the Closing Gong Ceremony honoring the launching of the bond, this was said. “We are pleased to have showcased the depth and liquidity of the domestic capital market while we reflect the strong quality of the issuer, despite the current global market realities,” said Alake, who was represented by Mustapha Ibrahim, Group Chief Finance Officer.
Ibrahim claims that the successful issuance of the bond, which was the biggest aggregate local currency bond issued in the capital market thus far, within the year, demonstrated the depth of the market. He added that a variety of investors, including domestic pension funds, asset managers, and insurance firms, participated in the bond’s listing, further demonstrating investors’ confidence in Nigeria’s credit reality.
Speaking at the event, Jude Chiemeka, Divisional Head, Capital Markets, NGX, praised the listing of the bond for giving corporations the chance to generate money.
“This transaction’s listing on our platform not only enables a more liquid capital market, but it also demonstrates our ability to facilitate significant transactions in support of a more robust ecosystem.”
He added that NGX is still dedicated to encouraging deals like this one through our digital gateway and a secure market where corporations and investors can pursue their individual goals.