Business
DANGOTE LISTS N300B SERIES 1 AND 2 LARGEST BONDS ON NGX, FMDQ
DANGOTE LISTS N300B SERIES 1 AND 2 LARGEST BONDS ON NGX, FMDQ
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Olakunle Alake, Group Managing Director of Dangote Industries Limited told investors during the listing ceremony 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 the refinery project was to encourage the participation of Nigerians in the financing of the project. He noted that the bonds remain the largest aggregate local currency bond issuance within a calendar year by any corporate organization in the history of the capital markets.
Mr. Alake noted that following a very rigorous internal assessment, the management concluded that tapping the local capital markets was inevitable, considering the sheer scale of the project being developed, as well as the existing market volatility.
He said that while the Dangote Group is not new at raising funds in the local capital markets, being a first-time issuer at the holding company level presented a fresh challenge for the Company. However, the challenge was one the management was willing to embrace to ensure the desired outcome was achieved.
According to him: “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.”
Alake recalled that the DIL recorded another first through the N187 billion series 1 bonds (under the N300 billion programme), being the largest corporate bond ever issued in the history of the Nigerian capital markets and the management was pleased to have set the remarkable milestones, showcasing the depth, resilience and liquidity of the domestic capital markets, whilst reflecting the strong credit quality of the issuer, despite the current global market volatility.
(L-R) Chief Executive Officer of FMDQ, Bola Onadele Koko; Group Managing Director, Dangote Industry Limited, Olakunle Alake and Mustapha Ibrahim, the Group Chief Financial Officer, Dangote Industries Ltd. during the Listing Ceremony of the Dangote Industries Funding Plc’s Bonds at FMDQ, in Lagos
He said: “The bonds issuances were well received by the market and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies, and high net-worth investors.
Indeed, the reception of the market was buoyed by the strategic importance of the project and its expected impact on the Nigerian economy. Overall, we strongly believe the success of the Series 1 and 2 bond issuances further demonstrates investor confidence in our credit story and the appreciation of the work done by the Group across several key sectors that are crucial to the development of Nigeria and the continent at large.”
Alake pointed out that his Company was not new in the business of listing securities on NGX. “We are therefore conversant with all the listing requirements and promise to be prompt and up to date in that regard. We count on the cooperation and support of NGX and the stockbrokers to meet this important investors’ objective.”
The DIL Group Managing Director assured that the company would remain resolute in the Nigerian and African story and continue to demonstrate commitment, as one of the foremost pan-African conglomerates, through investments in projects and initiatives that directly improve the quality of lives of Nigerians. “Indeed, these are very exciting times for us as a business, and so we would continue to welcome opportunities to work with stakeholders in the domestic capital markets towards accelerating the economic activities across Africa, whilst maximizing stakeholder returns.
Also speaking at the event, the lead Issuing House for series 1 of the bonds and the Chief Executive Officer, of Standard Chartered Capital & Advisory Nigeria Limited, Mrs. Yemisi Deji-Bejide, expressed appreciation of her organization to the management of the DIL for reposing so much confidence in Standard Chartered by entrusting it with the responsibility.
She said: “Every time we gather at FMDQ for the listing ceremony of an issuance by the Dangote Group, it is always a record milestone. Early in 2022, we issued a bond for Dangote Cement which was the largest corporate bond issuance at the time, and little did we know that a few months down the line, the Group will comfortably break that record.
Mrs. Deji-Bejide described the success of the transaction as a strong testament to the fact that Investors strongly believe in Dangote Group’s credit story and are willing to continue to support the growth of the business. Also, she said it demonstrated the depth of the Nigerian capital markets and resilience, despite all the volatility in the global markets and the macro headwinds.
“Lastly and most importantly, investors are keen to support impactful infrastructure projects in Nigeria, as the proceeds of the bond are being used to fund the largest single train refinery in the world”, Mrs. Deji-Bejide added.
Meanwhile, at the Nigeria Exchange Limited where the symbolic gong ceremony was held to commemorate the listing, the Group Managing Director for DIL, Mr. Alake, who was represented by the DIL Group Chief Finance Officer , Mallam Mustapha Ibrahim thanked the investor community for their support for the transaction as well as our various advisors and stakeholders.
He also commended the Nigeria Exchange Limited (NGX) for its unwavering support throughout this entire process of issuing and listing the bonds as well as their continued commitment towards deepening the Nigerian capital markets.
Business
ACCESS HOLDINGS PLC ANNOUNCES THE APPOINTMENT OF MS. BOLAJI AGBEDE AS ACTING GROUP CHIEF EXECUTIVE OFFICER
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Board of Directors of Access Holdings Plc (‘the Company’) has announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr. Herbert Wigwe, on February 9, 2024.
Ms. Bolaji Agbede
The appointment is subject to the approval of the Central Bank of Nigeria.
Until her recent appointment, Ms. Agbede was the Company’s most senior founding Executive Director in charge of Business Support.
She has nearly three decades of professional experience cutting across banking and business consultancy services. Ms. Agbede commenced her professional career in 1992 at Guaranty Trust Bank and served in various capacities within the Commercial Banking and Operations functions rising to the position of Manager in 2001.
She subsequently served as the Chief Executive Officer of JKG Limited, a business consulting outfit in 2003.
Ms. Agbede joined Access Bank Plc (‘the Bank’) in 2003 as an Assistant General Manager and was responsible for managing the Bank’s portfolio of chemical trading companies.
She served as the Bank’s Head, Group Human Resources between 2010 and 2022 and was appointed the Company’s founding Executive Director, Business Support in 2022.
She has a track record in successful people integration in business combination and culture transformation.
She holds a Bachelor’s degree in Mathematics and Statistics from the University of Lagos (1990) and a Masters of Business Administration Degree from Cranfield University UK in 2002. She is a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.
Ms. Agbede has attended several renowned leadership and professional development programmes including the High-Performance Leadership Programme organised by the IMD and the Strategic Talent Management Programme organised the London Business School.
Business
AFRICA RE: REMEMBERING THE LEGACY OF A COLOSSUS – MR. BAKARY KAMARA
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Africa Re, Africa’s leading reinsurance company, recently held an Evening of Tributes, themed “The Colossus” for its immediate past Group Managing Director, Mr Bakary Kamara. The event which was held on the evening of Saturday, 10th February 2024, at The Sky Restaurant, Eko Hotel, saw friends, colleagues, family and industry leaders gathered to celebrate the life and legacy of Mr. Bakary Kamara.
Born in 1949, Mr. Kamara’s journey in the insurance sector was marked by dedication, vision, and transformative leadership. His tenure at Africa Re saw tremendous growth in premium income, profit and shareholders fund. The Evening of Tributes, organized by the African Reinsurance Corporation, is a powerful testament to the enduring impact “THE COLOSSUS” left on the African insurance landscape.
During the Evening of Tributes, a heartfelt video montage played, telling the story of Mr. Bakary Kamara’s remarkable journey, from his early career to his visionary and influential leadership at Africa Re.
Distinguished speakers, including Mr Corneille Karekezi, the Group Managing Director and Chief Executive Officer (GMD/CEO) of Africa Re, vividly portrayed his character in their heartfelt tributes. “When giants leave this world, they leave behind giants; they leave behind strong institutions, they leave behind strong families, they leave behind good culture. Africa Re is not a normal institution, it’s a very complex institution because we are not in one country. We have all the cultures of the African continent in one institution.”
The evening delved beyond professional accolades, revealing the multifaceted dimensions of Mr. Bakary Kamara. His Children, Former colleagues and mentees shared personal stories that highlighted his compassion, generosity, and unwavering commitment to empowering others.
“My Father would tell us that being educated does not mean you are better than the one who has never been to a western school. Being financially independent does not mean that you are better than one with little means. Being a Muslim does not mean you are better than a Christian or a Jew.” said Hada Kamara.
These poignant testimonials resonated with the audience, showcasing a leader who touched lives far beyond the boardroom.
In his heartfelt tribute, Mr. Ken Aghoghovbia, DMD/COO of Africa Re, spoke of the profound impact Mr. Bakary Kamara had on the institution. “Mr Kamara demonstrated the rare combination of tough love and genuine care. Recognizing the potential within each individual, he pushed us beyond our comfort zones, challenging us to dig deeper, strive harder and never settle for less. Thus, the collective goal of staff under his leadership was to be nothing but the best, and as a result Africa Re became a respectable global brand.”
The Evening of Tributes wasn’t simply retrospective; it was a call to action. Industry leaders discussed how Mr. Bakary Kamara’s vision continues to shape the future of African insurance, emphasizing specific examples of how his legacy is being carried forward. This forward-looking perspective cemented his place as a guiding light, inspiring generations of professionals to build upon his foundation.
As the evening concluded, it became clear that Mr. Bakary Kamara was beyond just a leader; he was a symbol of an unwavering commitment to a brighter future for Africa. His legacy will continue to inspire generations of insurance professionals to build upon his foundation and contribute to the continent’s economic and social development.
As we remember Mr. Bakary Kamara’s remarkable life and the profound impact he made, the African Reinsurance Corporation reaffirms its commitment to its vision – a vision of a stronger, more resilient Africa, where insurance plays a vital role in protecting and enabling progress. Mr. Kamara’s legacy serves as a beacon, guiding us as we continue to fulfil our promise.
Business
FIRSTBANK CLINCHES THE PRESTIGIOUS CORPORATE BANK AWARD AT THE 2023 EUROMONEY AWARDS FOR EXCELLENCE
FirstBank, Nigeria’s premier financial institution and financial inclusion services provider, was announced as the Best Corporate Bank at the recent prestigious Euromoney Awards for Excellence, Nigeria 2023.
The Bank clinched the coveted award based on its 130-year commitment to enabling its corporate customers achieve success through relevant and tailored financial solutions. FirstBank’s continuous investment in technology has been crucial to its leading industry role in optimally meeting the needs of its corporate customers. Recent investments in technology include the development of its smart and interactive Transaction Banking Platform known as FirstDirect2.0.
FirstDirect2.0 provides a one-stop shop online banking platform for corporates, offering best-in-class capabilities such as Payments, Collections, and Account Services, and a locally focused phased implementation of Trade and Supply Chain Finance – a first for the Bank.
The platform offers customers various solutions for corporate cash management (Payments, Collections and Liquidity Management). It will also deliver end-to-end trade solutions for corporate clients covering L/C creation, tracking, bidding and reconciliations.
The Bank’s Corporate Banking model is focused on ensuring that its clients get the same quality of service across the Bank’s geographical locations. The execution of this approach through the deployment of the Global Account Management (GAM) Framework, implemented to enhance cross-relationship management tailored to Customers with a Pan African footprint.
Dedicating the awards to its customers, Dr Adesola Adeduntan, CEO FirstBank Group said: “We are thrilled to announce that we have been recognised as the Best Corporate Bank in Nigeria at the Euromoney Awards for Excellence 2023.
“We say a heartfelt thank you to all our incredible customers for trusting us. This award is dedicated to YOU,” he concluded.
According to Euromoney, the “Awards for Excellence” – is the definitive annual awards programme of the global banking industry. The awards represent the highest distinction to the banks and bankers who matter most in an industry where differentiation is highly sought after and exceptionally difficult to demonstrate.”
“For over 30 years, Euromoney has recognised the banks and that have demonstrated their differentiation, pioneering a comprehensive awards programme that today remains the industry benchmark globally, it concluded.”
Amongst other awards, FirstBank recently added to its awards kitty, Best Corporate Bank Western Africa, 2023, by Global Banking and Finance; Best Internet Banking in Nigeria, 2023 by International Business Awards; the Most Innovative Banking Brand in Nigeria by Global Brands Awards as well as the Financial Institution of the Year 2023 by Afreximbank Pan-African Business and Development.
About FirstBank
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for 130 years.
With over 800 business locations and over 232,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and Corporate financial services to serve its over 42 million Customers. The Bank has an international presence with subsidiaries operating in 9 other countries. These subsidiaries are FirstBank (UK) Limited in London and Paris, FirstBank in the Democratic Republic of Congo, Guinea, Sierra Leone, The Gambia; FBNBank in Ghana and Senegal as well as a Representative Office in Beijing, China. The Bank is at the forefront of promoting digital banking in the country and has issued over 13 million cards, the first bank to achieve such a milestone.
FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with over 23 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.
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