The Chief Executive Officer, CEO, of Dangote Refinery, Aliko Dangote has opened up on how much loan his company got from the Central Bank of Nigeria.
He revealed that his company secured a total of $2.7 billion in loans from the Central Bank between 2013 to 2023 to finance the refinery.
The richest man in Africa made this known in a statement at his mega refinery in Lagos.
He explained that the refinery was primarily funded through the company’s own resources, with minimal external assistance.
Dangote said that he chose to bypass project financing due to the challenges of securing funds from international creditors.
He said:
“On the loan that we got, part of the loan was taken by Dangote Industries, which is a local company. Dangote Industries got allocation from Central Bank and the total allocation that we got, including the money that we lost in terms of interest, was about $2.7 billion from 2013 to 2023.
“Out of the $2.7 billion we still have more than $200 million of forwards that we’re yet to collect from the CBN. So, it’s the total of $2.5 billion we got from the CBN in real cash which was paid in terms of interest and principal payment.”
Post Category: News
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