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Aliko Dangote Repays 2.4Billion Borrowed To Build Refinery
Africa’s richest Man, Aliko Dangote has repaid $2.4 billion of the $5.5 billion he borrowed to build the $19 billion refinery.
He made the statement during the Afreximbank annual meetings (AAN) and AfriCaribbean Trade and Investment Forum held Wednesday in Nassau.
Dangote explained several entities, both local and foreign, did everything possible to sabotage the fruition of his refinery.
He expressed commendations to Afreximbank and Access Bank for supporting the vision and ensuring it’s success.
He says, “We borrowed the money based on our own balance sheet. I think we borrowed just over $5.5 billion.”
He stressed that his company had also paid a lot of interest because the project was delayed as a result of lack of land, also the sand-filling took a long time. He says, “Almost five years or so we didn’t do anything,” Dangote said.
“We actually started in 2018. We borrowed that much. We have actually, of course, paid interest and some principal, about $2.4 billion.
“We’ve done very well. We now have only about $2.7 billion left to be paid. So we’ve done very well for a project of that magnitude.”
