Dangote Industries Ltd is exploring additional bond sales in international markets to support expansion, following its debut $750 million private placement in April. The move, confirmed by chief financial officer Murat Erden, targets funding for energy and fertilizer operations. Dangote Fertiliser Ltd, operator of Africa's largest urea plant, completed the bond sale to a select group of global funds. The transaction marks the first time a Dangote entity accessed international capital markets. JPMorgan Chase & Co. and Bank of America arranged the placement. Erden said the bond issuance helps align financing with dollar-denominated revenues and supports long-term capital projects. The bond, issued at par, now trades at about 101.7 cents on the dollar. Dangote Industries, owned by billionaire Aliko Dangote, spans cement, sugar, infrastructure and Africa's largest oil refinery. The refinery aims to double capacity from 650,000 to 1.4 million barrels per day by 2028. Dangote Cement Plc recorded $3.2 billion in revenue last year, while Dangote Sugar Refinery Plc made $610 million. Aliko Dangote, valued at $35.4 billion on the Bloomberg Billionaires Index, plans $40 billion in investments over five years. Projects include a deep seaport in Nigeria, a 20,000 megawatt power plant, and scaling urea output to 12 million tons by 2030. The group also plans to list about 10% of the oil refinery via IPO on African stock exchanges this year.
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