Aliko Dangote gets $650m Afreximbank loan for Lekki refinery

Aliko Dangote gets $650m Afreximbank loan for Lekki refinery

Aliko Dangote, Africa’s richest man, has signed a $650 million loan facility with the African Export-Import Bank (Afreximbank) for his oil refinery project in Lekki, Nigeria.

The seven-year term loan would attract a moratorium of five years, according to facility terms read out during the signing.

Cairo-based Africa’s trade bank also signed a $750 million facility with Nigeria’s development bank, the Bank of Industry.

The loans were signed on Saturday in Abuja, where Afreximbank is holding its annual general meeting and 25th anniversary.

Dangote Group Executive Director Devakumar Edwin said that the oil refinery would cost around $10 billion and should be completed by December 2019.

He said the company would borrow $3.3 billion for the project, arranged by Standard Chartered Bank. The remainder will be funded by equity and through export agencies.

Dangote built his fortune on cement and now has interests in flour milling, agriculture and real estate. He is building the world’s largest single oil refinery and also expanding into fertilizer, aiming to address long-standing problems in Nigeria’s energy markets.

Read: I need a wife – Aliko Dangote, STILL OUT TO BUY ARSENAL

Aliko Dangote gets $650m Afreximbank loan for Lekki refinery

The refinery and petrochemical complex is located on 25,000 hectares of swampy land with a jetty to ferry products by sea within Nigeria and abroad including an undersea pipeline to transport gas. It would account for half of Dangote’s sprawling assets when it is finished next year.

Dangote intends to process different grades of crude to meet local demand for refined petroleum products and also target export markets abroad.

Afreximbank, celebrating its 25 years of operation this year, aims to foster intra-African trade through the creation of a payment platform to ease settlement and currency risks.

Meanwhile, Dangote, has revealed that at 61, he is not getting any younger, and he is willing to take on a new wife.

Also Read: President Buhari’s economic blueprint does not address Nigerians’ needs — Bill Gates

He made the revelation whole speaking with David Piling in a Financial Times interview. Dangote revealed that his schedule is inhibiting romance. .

The billionaire, who is twice divorced and has three grown-up daughters, told FT that he is on the lookout for a new bride. He however adds a caveat: “I’m not getting younger. Sixty years is no joke. .

But it doesn’t make sense to go out and get somebody if you don’t have the time. Right now, things are really, really very busy, because we have the refinery, we have the petrochemicals, we have the fertiliser, we have the gas pipeline.”

Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.