Dangote Plans $3.5bn Syndicated Loan

The Dangote Group of companies has started a plan to raise a total of $3.5 billion syndicated loan.

This loan, according  to information, is expected to fund the production of fertilizer and oil refinery projects in the country.

The loan which is expected to run for seven years will be split equally between Nigeria and international lenders, via Guaranty Trust Bank, Standard Bank and Standard Chartered Bank.

This was disclosed by a senior official of the group who preferred anonymity, adding that international lenders are weighing up the risk associated with a relatively long-term loan for a debut Nigerian borrower.

Meanwhile, the Nigerian Stock Exchange last week posted a turnover of 2.191 billion shares valued at N24.94 billion in 33,100 deals.

This was in contrast to a total of 1.604 billion shares worth N19.09 billion which exchanged hands the previous week in 26,264 deals.

The financial services sector at the end of last week’s activities led the market by volume after trading 1.599 billion shares worth N15.01 that exchanged hands in 20,976 deals.

Also, Information and Communication Technology (ICT) sector followed with 167.324 million shares worth N357.17 million, traded by investors in 47 deals.