Nigeria’s Dangote Sugar Refinery Raises N42.79bn Through Issuance of Commercial Paper Notes


Dangote Sugar Refinery has announced the successful issuance of Series 4 and 5 Commercial Paper notes, raising N42.79 billion.

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According to a statement filed with the Nigerian Exchange Limited, signed by the Company Secretary, Temitope Hassan, these notes were issued under the company’s N150 billion Commercial Paper Issuance Programme.

“Dangote Sugar Refinery PLC hereby notifies the Nigerian Exchange and the investing public of its successful issuance of N42.79 billion Series 4 and 5 Commercial Paper notes,” Hassan stated.

The issuance included N12.93 billion 181-day Series 4 notes and N29.86 billion 265-day Series 5 notes, which received strong investor interest from both pension and non-pension asset managers, as well as other institutional and individual investors.

The Series 4 notes were priced at a 23.00% yield, while the Series 5 notes were priced at a 25.00% yield.

Hassan highlighted that the funds raised will support the company’s short-term working capital and funding needs, and emphasized the strategic importance of diversifying funding sources.

He expressed gratitude for the robust investor participation, noting that it reflects the trust and confidence investors have in Dangote Sugar Refinery’s business model and growth prospects.

“The successful issuance of the notes is in furtherance of the company’s strategy to diversify its funding sources,” he stated.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247news
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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