Olakunle Alake, the group chief executive officer of Dangote Industries Ltd, expressed satisfaction with the successful listing of the company’s N300 billion series 1 and 2 bonds on Nigerian Exchange Limited and praised the depth of the capital market.
This was uttered during the Closing Gong Ceremony honoring the bond’s placement on the Exchange. “We are glad to have highlighted the depth and liquidity of the domestic capital market as we reflect the excellent quality of the issuer, despite the current global market realities,” said Alake, who was represented by the Group Chief Financial Officer, Mallam Mustapha Ibrahim.
Ibrahim claims that the successful issuing of the bond, which was the largest 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 local pension funds, asset managers, and insurance firms, participated in the bond’s listing, further demonstrating investors’ trust in Nigeria’s credit reality.
Speaking at the ceremony, Mr. Jude Chiemeka, Divisional Head of Capital Markets at NGX, praised the listing of the bond for giving corporations the chance to raise money. “The listing of this transaction on our platform demonstrates our capacity to support big transactions toward creating a more robust ecosystem, as well as allowing for a more liquid capital market.
He added that NGX is still dedicated to encouraging transactions like this one through our digital gateway and a secure market where corporations and investors can pursue their individual goals.