Headlines

Reps move to remove Code of Conduct Tribunal from executive control

The House of Representatives on Thursday took steps to remove the Code of Conduct Tribunal (CCT) from the control of the executive arm of the Nigerian Government and domicile it in the Judiciary – an independent arm

Nigeria services sector deficit widens 58.8% on insurance debits

Nigeria’s services sector deficit has widened in the second quarter of 2021 by 58.84 percent on account of rising debits from insurance. Data from FBNQuest shows that the deficit on services accounts widened from $2.94 billion in the first quarter of 2021 to $4.67 billion in the second quarter, a 58.84 percent.

Railway workers commence 3-day warning strike over poor welfare

Workers of the Nigeria Railway Corporation (NRC) have on Thursday embarked on a three-day nationwide strike over poor warfare. This is coming after the workers vow to halt all train operations nationwide. Esan Segun, the secretary-general of the Leaders of National Union of Railway Workers NUR

Nigeria’s GDP slows to 4.03% in Q3

Nigeria’s economy maintained a positive growth trajectory in the third quarter of 2021, recording a 4.03percent growth. But the reported growth is slower than the massive 5.01percent GDP recorded in the previous quarte

Insurers push to de-risk FG over contract abandonment

Nigerian insurers are pushing to de-risk the Federal Government over contract abandonment. In this vein, they are working to make insurance bonds compulsory for all Federal Government’s contracts, as data reveal 11,886 abandoned federal and state government

Global Spectrum Energy posts lowest profit in 4years on revenue decline

An integrated oil and gas offshore support vessel services company, Global Spectrum Energy has reported its lowest nine-month profit in four years in the period ended September 30 2021, according to its financial repor

Central Bank digital currency: Bridging unbanked space, stimulating digital transactions

When the Central Bank of Nigeria (CBN) mooted the idea of the eNaira in 2017 as part of the CBN Governor, Godwin Emefiele’s initiatives to strongly position the national currency in the digital space, not many believed it would sooner become a reality

Dangote Cement Plc Series 1, 2, and 3 Commercial Paper Issuance Now Open

We are pleased to inform you that the Series 1, 2 and 3 Commercial Paper issuance (“CP or the “Issuance”), under the recently established Dangote Cement PLC (“Dangote Cement”) NGN150 billion CP Issuance Programme is now open and scheduled to close on Wednesday, 24 November 2021.

Dangote Cement PLC is Africa’s leading cement producer, with a combined installed capacity of 48.6Mta across its operations in 10 African countries. Dangote Cement operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales and distribution of cement. Dangote Cement has a strong track record in the Nigerian debt capital markets, having successfully issued both short and long-term debt.

Dangote Cement is assigned a AAA long-term rating by GCR and Aa3.ng long-term rating by Moody’s due to its position as one of the largest cement manufacturers in Nigeria and Sub-Saharan Africa. Dangote Cement has also consistently reported robust operating and net profit margins compared to its peers in Sub-Saharan Africa and in other jurisdictions. The Issuer has adequate working capital, satisfactory cash flow, and a very experienced management team. The Issuer is the first Nigerian corporate to receive the AAA issuer rating by GCR.  

Please see below, the indicative terms of the proposed offer.

 Issuer:Dangote Cement PLC 
Arranger and Dealer:Stanbic IBTC Capital Limited 
Target Size:Up to NGN50billion 
Series: 123 
Tenor:90-days180-days270-days 
Discount Rate (%):8.3255%8.6175%9.3112% 
Implied Yield (%):8.5000%9.0000%10.0000% 
Offer Open Date:Wednesday, 18 November 2021 
Offer Close Date:Wednesday, 24 November 2021 
Allotment Date:Wednesday, 24 November 2021 
Funding Date:Friday, 26 November 2021 
Maturity Date:Thursday, 24 February 2022Wednesday, 25 May 2022Tuesday, 23 August 2022 
Use of proceeds:To fund short-term working capital requirements and for general corporate purposes 
Issuer Rating:AAA (GCR); Aa3.ng (Moody’s) 
Minimum Subscription:NGN5 million 
Tax Consideration:Free and clear of withholding taxes 


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