Aliko Dangote, the founder of the Dangote Group and Africa’s richest man, has announced the repayment of $2.4 billion of the $5.5 billion loan taken for his $19 billion refinery project in Lagos. Speaking at the Afreximbank Annual Meetings in Nassau, The Bahamas, Dangote shared that his 650,000-barrel-per-day refinery will serve as Nigeria’s strategic reserve, as reported by This Day Newspaper.
The project, which faced significant delays due to land acquisition and sand-filling issues, borrowed over $5.5 billion based on Dangote Group’s balance sheet. Despite these challenges, Dangote revealed that substantial progress has been made, with $2.4 billion already repaid and only $2.7 billion remaining. He expressed gratitude towards Afreximbank and Access Bank for their unwavering support, acknowledging that many had doubted the project’s feasibility.
Dangote highlighted the resistance faced from powerful oil cartels, which he claimed made numerous attempts to undermine the refinery project. He compared the intensity of this opposition to that of a mafia, stating, “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.”
Despite these formidable obstacles, Dangote, who describes himself as a lifelong fighter, remained resolute. He recounted how international banks attempted to push the project into default during the COVID-19 pandemic, aiming to halt its progress. However, with the steadfast support of banks like Afreximbank, these efforts were thwarted.
Looking ahead, Dangote revealed his plans to venture into the steel industry, with a vision of using exclusively Nigerian-produced steel. This initiative aims to ensure self-sufficiency and reduce reliance on imports, furthering Nigeria’s industrial development.
