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Fitch Ratings Reduces Dangote’s Creditworthiness

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Fitch Ratings, a reputable international capital company, has reduced the rank of Dangote Industries Limited (DIL) from AA(nga) to B+(nga), citing concerns over the conglomerate’s creditworthiness compounded by Nigeria’s “corporate governance.”
 
Aliko Dangote is Africa’s richest man
Fitch Ratings downgrades Dangote’s creditworthiness
 
“The downgrade reflects significant deterioration in the group’s liquidity position following lower-than-expected disposal proceeds,” Fitch said in the report released on Monday, adding that Dangote Industries has been placed on Rating Watch Negative (RWN).
 
“The group has senior secured debt raised at subsidiary levels amounting to USD2.7 billion at end-2023 representing 49% of total group debt,” Fitch said in the report, which also highlighted the blow that naira devaluation dealt Dangote’s enormous dollar-denominated debt. “We do not expect a positive rating action until the company’s liquidity position improves substantially.”
 
The international rating agency said that Dangote Industries had “immediate debt servicing requirements related to the syndicated loan raised to finance the construction of Dangote Oil Refining Company (DORC)” in Lagos.
 
Fitch said any further delay in meeting funding requirements would increase Dangote’s chances of defaulting “and lead to further rating downgrade.”
 
The Fitch report indicated that Dangote Industries recorded a significant loss in the trillions following Nigeria’s naira devaluation, which caused a “mismatch between USD-denominated debt and domestic revenues.”
 
Specifically, the Nigerian conglomerate suffered a N2.7 trillion in 2023.
 
Fitch Ratings projected the naira devaluation to continue at a higher rate, which could further push Dangote Industries Ltd down the ranks.
 
The report said the Dangote refinery underperformed at 50 per cent capacity in the first half of 2024, churning out 325,000 bpd to 375,000 bpd instead of its 650,000 bpd target of refined crude products.
 
In recent weeks, Dangote Industries Ltd had had its share of run-ins with the Nigerian government over allegations of the attempted monopoly of the oil and gas sector made by oil regulator chief Farouk Ahmed of NMDPRA.
 
There were also claims that the sulphur content of the refined crude products from Dangote Refinery was inferior to that of its imported equivalents.
 
Aliko Dangote had refuted the claims vehemently.
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BREAKING: Jubilation As PDP Wins All 30 LGs In Osun State(See winners)

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By Kayode Sanni-Arewa

The Osun State Independent Electoral Commission, OSSIEC, has announced that the Peoples Democratic Party, PDP, won all the local government and councillorship positions in the just concluded local government elections in the state.

The Chairman of the Commission, Hashim Abioye, made this announcement via a Facebook Live broadcast on Saturday evening.

Abioye stated that PDP candidates secured all the councillorship seats in all 332 wards in the state, as well as the chairmanship elections in all 30 local government council areas.

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The names of the PDP chairmanship candidates and their respective local government council areas:

Babalola Wasiu Kayode – Boripe

Okunade Oluwafemi Adesanya – Egbedore

Adeyenuwo Rotimi John – Ife Central

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Agboola Francis Olajire – Obokun

Azeez Lateef Adeniran – Isokan

Aina Abayomi Adesina – Boluwaduro

Sodiq Samuel Oluwapelumi – Ola Oluwa

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Ajibade Oluwatoyin S. – Irepodun

Adebanjo Oladiti Tunmininu – Ilesa West

Ibironke Alade Adegboye – Atakumosa East

Aroke Muyiwa Aderemi – Ife South

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Kolade Obafemi Kolawole – Olorunda

Moshood Adekunle Kabiru – Iwo

Awotunde Abiodun Sarafadeen – Ifelodun

Akande Taiwo Adekunle – Osogbo

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Dada Feyisayo Ajibola – Atakumosa West

Amodu Taiwo – Ede North

Atolagbe Kayode Olayinka – Ifedayo

Akande Michael O. – Ife North

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Adeyekun Taiwo Adebayo – Oriade

Adeniran Adenike Felicia – Ayedaade

Afolabi Oyekola Lukman – Ede South

Odunyemi Haruna Bukola – Ife East

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Jooda Ambali Babajide – Irewole

Adewale Adeyinka Oluwaseun – Odo Otin

Ogunbiyi Solomon Akinyemi – Ayedire

Raimi Adenike Nafisat – Ejigbo

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Adebisi Jayeola Nasir – Ila

Ilesanmi Taiwo Sunday – Ilesa East

Alade Aderemi Fatai – Orolu

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DSS arrests three for assaulting operatives during LSHA crisis

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By Kayode Sanni-Arewa

The Department of State Services (DSS) has arrested three persons linked to the alleged assault on its officers during the crisis that rocked the Lagos State House of Assembly, following the removal Mudashiru Obasa, as Speaker

Apparently sensing danger, some lawmakers had mobilized their supporters to the Assembly Complex, but these supporters allegedly attacked some DSS officers who were invited by the Assembly leadership to secure the facility. Security sources revealed that “after extensive analysis of CCTV footage, we were able to clearly identify three of the suspects”.
“The suspects, Ibrahim Olanrewaju Abdulkareem, a photographer and two others attached to the Assembly’s Seargent at Arms, Adetu Adekunle Samsudeen and Adetola Oluwatosin Fatimoh, a lady, were consequently tracked and arrested during the week in different parts of Lagos,” The trio have since confessed to the crime and will soon be charged to court, the source said.

It would be recalled that the Lagos Assembly had in a leaked memo dated 14th February, 2025 and addressed to the DSS Director in the State, and Heads of other Security Agencies in Lagos State, told the Security Agencies in Lagos that, there was credible information to the effect that, Obasa had planned to forcefully reinstate himself today, February 18, 2025.
Accordingly, the Assembly management, held the view that, the development posed “a potential security threat” to it and its members.

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Police seal OSSIEC office, officials nabbed, says chairman

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By Kayode Sanni-Arewa

The chairman of the Osun State Independent Electoral Commission (OSSIEC), Hashim Abioye, has claimed that the police have sealed off the headquarters in Osogbo.

In a video post on the OSSIEC X handle, Abioye accused the police of also arresting election officials and blocking journalists from covering the local government election.

According to him, several OSSIEC officials were detained while on their way to polling units on Saturday.

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Attempts by our correspondent to reach Abioye for further details proved abortive as his telephone line was switched off.

The OSSIEC chair, in the post, assured voters that materials had been deployed to affected areas.

So far so good, the reports have been positive and the conduct has been very smooth and peaceful as against the false alarm raised by the police. Everywhere is calm,” Abioye said.

“The only thing is that in some of the areas in which materials are supposed to have arrived for voters to cast their votes, we had reports of police arresting our officials.

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“I don’t know on whose order because there is no court order that warranted the arrest of officers of our officials.

“As it is, we have deployed materials to those units because we have enough on the ground.

For our people in the media community, I want to apologise for the inadequacy of the tags and the jackets because we have enough but the police sealed our office and that was not warranted at all.”

Abioye’s comments come after police had called for the local government election to be called off by the state government, citing a security threat.

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In a statement by its Public Relations Officer, Olumuyiwa Adejobi, on Friday, the Police said it received credible intelligence indicating a likelihood of violence and significant security threats should the planned elections proceed.

The police explained that reports gathered from joint intelligence gathering revealed that various groups, including political elements and other interested parties, are mobilising to instigate unrest, disrupt public peace and undermine the democratic order.

However, the Osun State government acknowledged the police’s advice but insisted on going on with the election.

Channels Television reports that the election eventually went on as scheduled on Saturday.

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