Aliko Dangote, the founder of Dangote Group, revealed that he has paid off $2.4 billion of the $5.5 billion loan used to build the $19 billion Lagos-based refinery.
He disclosed this while speaking at the Afreximbank annual meetings in Nassau, The Bahamas, on Wednesday, June 12.
Africa’s richest man named Afreximbank and Access Bank as a big part of the refinery funding.
He stated that the vision would have failed without their backing, Punch reports.
His words:
Speaking further, Dangote remarked that foreign banks showed little interest in supporting the project.
The billionaire also revealed that a group of oil mafia fought to ruin the vision of the refinery, stating that the pushback was far more intense than he had expected.
He stated that local and international interests, which he likened to a “mafia”, repeatedly attempted to thwart the refinery’s completion.
Dangote added:
TimesNow.com.ng earlier reported that Dangote spoke on the positive impact of his new oil refinery on Nigeria’s economy.
The refinery, located in Lagos, is one of the largest in the world and is expected to be launched by President Muhammadu Buhari.
Some of the benefits expected from the refinery include export savings in manufacturing plastics and textiles.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
