Aliko Dangote, the chairman of the Dangote Group, disclosed that the company had repaid $2.4 billion of the $5.5 billion loan it obtained to build the $19 billion, 650,000 barrels per day refinery.
Dangote stated that the refinery would serve as Nigeria’s strategic reserve while speaking on Wednesday at the Afreximbank Annual Meetings in Nassau, the Bahamas.
Dangote stated, “We borrowed the money based on our balance sheet,” as this day newspaper reported. We borrowed, I believe, somewhat more than $5.5 billion. However, we also had to pay a lot of interest as we went along since there wasn’t enough land for the project, and the sand-filling process took a long time. For around five years, we took no action.
“We got going in 2018.” That’s how much we borrowed. Of course, we have already paid roughly $2.4 billion in principal and interest. We’ve performed admirably. There is currently only roughly $2.7 billion outstanding. Therefore, for a project of that size, we’ve done really well.
The richest guy in Africa said that strong oil cartels attempted to sabotage his refinery project.
“Well, I was aware that a brawl would break out. However, I was unaware that the mafia in oil possesses greater power than the mafia in drugs. That’s something I can confirm. Indeed, it is true,” he said.
Remember that owing to difficulties, Dangote Refinery had to reschedule the start of the Premium Motor Spirit (fuel) supply from June 2024 to July 10-15.
Months after it was put into service in May of last year, the refinery started supplying diesel and aviation fuel in April.