The Chairman of Dangote Group, Aliko Dangote, has revealed that the company has paid off $2.4 billion out of the $5.5 billion loan it took for the construction of the $19 billion worth 650,000 barrels per day refinery.
Speaking at the Afreximbank Annual Meetings in Nassau, the Bahamas, on Wednesday, Dangote said the refinery would act as Nigeria’s strategic reserve.
As reported by This Day Newspaper, Dangote said, “We borrowed the money based on our balance sheet. I think we borrowed just over $5.5bn. But we paid also a lot of interest as we went along, because the project was delayed because of a lack of land, also the sand-filling took a long time. Almost five years or so we didn’t do anything.
“We started in 2018. We borrowed that much. We have, of course, paid interest and some principal, about $2.4bn. We’ve done very well. We now have only about $2.7bn left to be paid. So we’ve done very well for a project of that magnitude.”
Africa’s richest man said powerful oil cartels tried to undermine his refinery project.
“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,” he stated.
Recall that Dangote Refinery had shifted the date to commence supply of Premium Motor Spirit (fuel) to July 10-15th from June 2024, due to challenges.
In April, the refinery commenced the supply of diesel and aviation fuel, months after it was commissioned in May last year
