Scaling new heights in
Nigeria’s capital markets

Absa Capital Markets Nigeria Limited successfully completed the Dangote Industries Limited Series 1 bond offering, allocating NGN 187 billion across a 7- and 10-year fixed-rate deal. The recently closed transaction marks the largest corporate bond issuance in the history of the Nigerian capital markets.

Dangote Industries is one of the leading, diversified and fully integrated conglomerates with operations in Nigeria and Africa with 11 distinct business lines across a wide range of industries, including cement, sugar, salt, condiments, packaging, energy, fertiliser and petrochemicals. The use of proceeds will be applied towards part-financing the Dangote Petroleum Refinery project, which when commissioned, will be the sixth largest refinery in the world, in terms of total capacity, and the largest single train petroleum refinery in the world.

As a Joint Issuing House / Bookrunner, we are proud to have played a role on this landmark transaction that directly contributes to the economic welfare of the Nigerian economy and demonstrates our expert knowledge in providing tailored debt and capital raising solutions for our corporate clients across the African continent.

The transaction's success also reflects investors’ confidence in Dangote Industries Limited and Absa, as we continue to prove our capabilities and expertise to drive financial resilience and opportunities for longer term business growth.