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Dangote Subsidiary offers N42.79 billion commercial papers at 23% and 25%

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Dangote Sugar Refinery plc one of Dangote Subsidiary announced the successful issuance of its N42.79 billion Series 4 and 5 commercial papers, issued at 23% and 25% respectively.

The papers were issued as part of the company’s N150 billion commercial paper issuance program.

The Series 4 and 5 issuances comprised N12.93 billion for the 181-day Series 4 and N29.86 billion for the 265-day Series 5.

According to the notice issued by the company, the CP issuance witnessed participation from pension and non-pension asset managers, as well as institutional and individual investors.

As part of its N150 billion commercial paper programme, Dangote Sugar Refinery has issued N39.39 billion in 266-day Series 1 notes at a discount rate of 17.08%. Additionally, the company has issued N6.15 billion in 184-day Series 2 notes at a discount rate of 19.84%.

The company issued N53.47 billion in 254-day Series 3 notes at a discount rate of 21.30%. Hence, with its Series 1 to 5 CPs, Dangote Sugar has raised N141.8 billion.

According to the group’s notice, the company’s strategy of issuing commercial papers aims to diversify its funding sources. The funds raised will be used to support short-term working capital and meet funding requirements.

Dangote Sugar’s Q1 2024 financials reveal that the company incurred interest expenses of N543.2 million on commercial papers, compared to N21.48 million in interest expenses on bank loans.

This indicates that the company’s financing strategy is tilting more towards commercial papers than bank loans.

The high discount rates at which these commercial papers are issued reflect the current high-interest monetary environment in Nigeria. In 2024, the CBN hiked Nigeria’s benchmark interest rate by 750 basis points, to 26.25%, and this action has affected the affordability of working capital for manufacturers.

As of Q1 2024, Dangote Sugar posted a N106.9 billion pre-tax loss, as the company incurred an N103 billion loss due to exchange rate changes during the quarter.

During the quarter, Dangote Sugar posted an operating profit of N5.3 billion, representing a 77% year-on-year decline from the N22.9 billion operating profit posted in Q1 2023. The group’s operating margin during the quarter was 4.3%, in contrast with 22.4% as of Q1 2024.

Although a single quarter is not enough to fully assess the company’s operational efficiency, Dangote Sugar’s Q1 2024 results indicate a need for improvement in this area.

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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