Dangote Cement Plc, the largest cement producer in Sub-Saharan Africa with an installed capacity of 45.6 million metric tons annually across its operations in 10 African Countries, has gotten approvals from its board of directors to access the capital markets for medium-term debt funding.
This was disclosed in a notification which was sent by the company to the Nigerian Stock Exchange (NSE) and signed by the Deputy Company Secretary, Edward Imoedemhe.
Dangote Cement Plc, which is the largest company by market capitalization on the Nigerian Stock Exchange, is planning an inaugural issuance of bond under its N300 billion shelf programme.
The multinational firm intends to issue its maiden series of bonds (the ‘series 1 bonds’) immediately and subjects to obtaining regulatory approvals and favourable market conditions.
[READ MORE: Dangote Cement report N610 billion in revenue)
The management of Dangote Cement Plc disclosed that the proceeds of the series 1 bond would be used to refinance existing short-term debt that was previously used for cement expansion projects. The raised funds from this exercise will also be used as additional working capital as well as for general corporate purposes.
The book-building for the Series 1 bonds is expected to commence following its approval by the Security and Exchange Commission (SEC).
Series 1 bonds are non-marketable bonds which are designed to offer low-risk investments. Their non-marketable feature means that they cannot be bought or sold in the secondary markets. The two types of interest that a series 1 bond earns are an interest rate that is fixed for the life of the bond and an inflation rate.
Meanwhile, in June 2018, Dangote Cement had applied to raise a N150 billion fresh capital through the issuance of commercial paper. The funds from the commercial paper were to be deployed towards capital expenditure, working capital and general corporate purpose.
About Dangote Cement Plc: It is a publicly-traded cement manufacturer with headquarters in Lagos. The company is engaged in the manufacture, preparation, import, packaging and distribution of cement and related products in Nigeria with plants and import terminals in 9 other African countries.
It is a subsidiary of Dangote Industries Limited and the largest traded company traded on the NSE.
Lagos State government seals warehouse repackaging expired curry powder
Following an anonymous tip, LASCOPA has sealed off a warehouse where expired curry powder was being packaged.
The Lagos State Consumer Protection Agency (LASCOPA), under the aegis of the Lagos State Government, has sealed a warehouse for repackaging unwholesome and expired curry powder.
This disclosure was made this morning in a press release to the general public, which was seen by Nairametrics, via the official website of Lagos State Government.
Acting on an anonymous tip-off from a member of the public, the Special Monitoring Team of LASCOPA, led by its General Manager, Mrs. Kemi Olugbode, paid an unscheduled assessment visit to the warehouse, to verify the claim. The tip turned out to be genuine.
This decision is in line with the State Government’s core mandate of protecting consumers from unwholesome products. The warehouse which was sealed by LASCOPA, for repackaging unwholesome and expired curry powder with the name Chinchilli and Ducross for sale, was said to be owned by Canvest Nigeria Limited. The warehouse is located at Plot 4, Cocoa Industrial Road, Ogba, Ikeja.
The General Manager, speaking after the exercise, said the enforcement team discovered thousands of expired products stored in cartons, while some were found in sacks that were ready to be repackaged for sale in the market.
The Head of LASCOPA, emphasized that the staffs of the company involved in the fraudulent operation have been arrested. Olugbode disclosed that the property will remain sealed until the government commences prosecution of the owners of the warehouse, and all those involved in the illicit activity are apprehended.
Mrs. Olugbode, also encouraged members of the public to support the present administration’s determination to rid Lagos of all illegal activities, by reporting those who are engaged in unwholesome activities that are detrimental to the health of residents.
FG to seek international cooperation to curb illicit financial flows
FG hopes to strengthen international cooperation in curtailing the menace of illicit financial flows.
The Federal Government has said that there is a compelling need to strengthen international cooperation in the global effort to curtail the menace of illicit financial flows, as current international mechanisms are not strong enough.
This was disclosed by President Muhammadu Buhari in a speech delivered on his behalf by Vice President Yemi Osinbajo on Thursday at the Financial Accountability, Transparency and Integrity (FACTI) Panel Video Conference.
Osinbajo’s spokesman, Laolu Akande, in a statement in Abuja, explained that the event was held at the sidelines of the ongoing United Nations General Assembly (UNGA).
The session also featured presentations by the immediate past President of the United Nations General Assembly, Prof. Tijjani Muhammad-Bande, and Amb. Mona Jul of the Economic and Social Council (ECOSOC).
He said, “The current international mechanisms for asset recovery are not good enough as can be seen in the amount lost to illicit financial flows and the length of time taken before the repatriation of just a small fraction is made.
“The FACTI Panel report can play an important role in bridging the expectations of source and destination countries as well as in harmonising the process of assets recovery and return. We agree with the Panel on the importance of having a balanced approach that reflects the situation in different regions and the priorities of different stakeholders. I believe that for the global aspiration to recover better from the impact of the pandemics and to yield any inclusive result, we must comprehensively address existing structures that make it impossible for countries to generate and retain a sizeable chunk of their resources. The success of the FACTI panel’s final report will be measured by the clarity of its recommendations in support of global governance reforms.”
According to the President, evidence suggested that the contemporary international tax system used a taxing rights regime that was not fit for purpose.
He added that the system makes combating tax abuses, especially by multinational corporations, difficult for most developing countries.
“It is my hope that the final report of the FACTI Panel would introduce proposals that would lead us towards a fairer international tax regime .I also hope that the report would contain proposals that would address the continuing advocacy for country-by-country reporting, open disclosure and automatic exchange of information on beneficial ownership, as well as eliminate financial secrecy jurisdictions and tax havens that facilitate base erosion and profit shifting. Profit shifting, harmful tax competition–the so-called “race to the bottom–and the taxation of the digital economy should also receive adequate attention and focus in the report of the Panel. FACTI Panel’s report should assess how effectively we are meeting our commitments to combating the scourge and strengthening cooperation in dispute settlement and peer learning, particularly in assets recovery and return,” he said.
Other leaders who spoke at the forum included the Prime Minister of Norway, Erna Solberg, the Prime Minister of Pakistan, Imran Niazi and Former President of Lithuania, and FACTI Panel Co-Chair, Dalia Grybauskaite.
Ibrahim Mayaki, former Prime Minister of Niger and FACTI Panel Co-Chair, also spoke at the event.
N4.16 billion unpaid lottery revenue recovered by EFCC
The EFCC has made a recovery of the sum of N4.16 billion for the government from lottery companies.
The Economic and Financial Crimes Commission (EFCC) has announced that it recovered over N4.16 billion for the government from lottery companies which they had refused to remit.
This was disclosed by the Acting Chairman. Mohammed Umar Abbah on Thursday evening, at the EFCC Headquarters during a meeting with Williams Alo of the Ministerial Task Force for recovery of unpaid revenues from lottery businesses.
The EFCC acting chairman said that the lottery companies were not forthcoming with remitting the revenue which had forced the anti-graft agency to intervene.
“We mapped out strategies which resulted in the recovery of over N1.16 billion from lottery companies, operating in Abuja with over N3 billion from their counterparts, operating in Lagos State,” he said.
He added that the EFCC would continue with its cooperation with the Federal Government to ensure lottery companies owing the Federal Government are made to cough out revenues they owe the government, which has already been handed over to the lottery trust fund.
“Let me acknowledge the efforts of this Commission for the assistance it has rendered not only to the Federal Government of Nigeria but specifically to the lottery industry in Nigeria. It is in our record that the EFCC has assisted the lottery business in no small way, because a lot of recoveries have been made for us by the EFCC and the money recovered has always been handed over to the lottery trust fund,” Mr. Alo said.