$2.4bn of $5.5bn refinery loan repaid, says Dangote

Aliko Dangote

The founder of Dangote Group, Aliko Dangote, has revealed that he has paid off $2.4bn of the $5.5bn loan for his $19bn Lagos-based refinery.

The Africa’s richest man also alleged that powerful oil cartels tried to undermine his refinery project.

Speaking at the Afreximbank Annual Meetings in Nassau, The Bahamas, on Wednesday, Dangote said his 650,000-barrel-per-day refinery will act as Nigeria’s strategic reserve, as reported by This Day Newspaper.

ATTENTION: Click HERE to join our WhatsApp group and receive News updates directly on your WhatsApp!

“We borrowed the money based on our own balance sheet. I think we borrowed just over $5.5bn. But we paid also a lot of interest as we went along, because the project was delayed because of lack of land, also the sand-filling took a long time. Almost five years or so we didn’t do anything.

“We actually started in 2018. We borrowed that much. We have actually, of course, paid interest and some principal, about $2.4bn. We’ve done very well. We now have only about $2.7bn left to be paid. So we’ve done very well for a project of that magnitude,” he said.

Dangote thanked Afreximbank and Access Bank for their support, acknowledging that many had doubted the project’s success.

He stated that the vision would have failed without their backing.

Dangote further remarked that foreign banks showed little interest in supporting Africa’s development.

The billionaire acknowledged that he anticipated resistance, but admitted that he underestimated the ferocity of the opposition, stating that the pushback was far more intense than he had expected.

He stated that both local and international interests, which he likened to a “mafia”, made repeated attempts to thwart the refinery’s completion.

“Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs. I can tell you that. Yes, it’s a fact,” he stated.

READ ALSO: Dangote Refinery Export Jet Fuel to Europe

Dangote, who described himself as a fighter, said they “tried all sorts” to stop him.

“But I’m a person that has been fighting all my life. You know, so I think it’s part of my life to fight,” he said.

He added, “As a matter of fact during the COVID period, some of the international banks really were looking forward to making sure that they push us into default of our loans so that the project will just be dead. And that didn’t happen with the help of banks like Afreximbank.”

Dangote also announced his plans to venture into the steel industry, stating that his goal is to use only Nigerian-produced steel, ensuring self-sufficiency and reducing reliance on imports.

Leave a Reply

Your email address will not be published. Required fields are marked *

VIDEO: Nigerians React As Police Officers Struggle to Recite New National Anthem | Daily Report Nigeria

VIDEO: Nigerians React As Police Officers Struggle to Recite New National Anthem

PHOTOS: Police Destroy Kidnappers Den, Recover Items in Taraba | Daily Report Nigeria

PHOTOS: Police Destroy Kidnappers Den, Recover Items in Taraba

Back to Top