Page 7 - AfrOil Week 30 2022

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The court also made some orders requiring
an audit firm to “audit the books, records and
inventory of the 7th Defendant relating to the
subject matter suit, particularly with respect to
payments receivables, emergency cargo under
recoveries received by 7th Defendant under the
‘Tripartite Agreement.’”
The international accounting firm was then
tasked with undertaking the audit in May 2018
after a previous audit firm had failed to do so. established by the Court, adding that it carried
Dram Oil now alleges that Deloitte had relied out its job diligently as per established account-
on “irrelevant, misleading and egregiously ing practices.
defective fictions.” Consequently, Dram filed documents
The latter, however, argued that its appoint- through its lawyer, Gasper Lyle Nii-Ampon-
ment to audit was not on the basis of any facts sah, making changes to its response, accusing
established in a court judgement, Joy News Deloitte of displaying a “wanton, intentional,
reports. careless and reckless disposition in the meth-
The audit firm has since then made changes odology and manner in which they conducted
to its defence, further arguing that the terms the audit and arrived at its conclusions, thereby
of reference (TOR) given to it by the High establishing Deloitte’s gross negligence,” the
Court did not include the facts and findings as court document read. ™

Dangote Industries Ltd raises

funds through bond offering

NIGERIA NIGERIA’S Dangote Industries Ltd closed a with a pricing range of 12.25-12.75%, with the
successful bond issuance this week, raising 10-year bond priced at 13-13.5%, with each
NGN187.6bn ($452mn) on the local stock achieving pricing towards the upper end of the
exchange. The company, which is developing a ranges. Dangote is rated AA+ by GCR and AA
650,000 barrel per day (bpd) refinery at Lekki, (ncr) by Fitch, and intends to use the proceeds in
near Lagos, issued the Series 1 Bond offer at the finalisation of the refinery project.
the end of last month as part of its NGN300bn The offering was NGN10bn ($24mn) over-
($722mn) debt issuance programme. subscribed and closed just under three weeks
A seven-year unsecured bond was offered after it was announced.

Dangote refinery construction site, photographed in 2019 by senior
special assistant to governor of Lagos state (Photo: Twitter/@Mr_JAGs)

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