During a bond issue on the Nigerian market, Dangote Industries Limited raised $451.6 million. The announcement was made last Tuesday, July 19.

This bond was realised as part of a 300 billion naira debt issuance program. The proceeds will be used to finance, in part, the Dangote Group's oil refinery project. The transaction would represent “the largest local currency bond issue in the history of debt capital markets in Nigeria.” Olakunle Alake, CEO of Dangote Industries Limited, said he was delighted “to have completed this first issue [...] that highlights the depth and liquidity of the debt capital market in Nigeria.”

As a reminder, Dangote Industries issued a Series 1 bond, as part of its N300 billion debt issuance program, on June 30, 2018, which includes 11 sectors d 'Distinct activities' The issue included Tranche A bonds, with a maturity of 7 years, and Tranche B bonds, with a maturity of 10 years.