Lenders would have taken over my assets if refinery project failed – Dangote

Aliko Dangote, president of the Dangote Group, says if the decision to build the Dangote refinery had gone wrong, lenders would have taken over his assets.

Dangote spoke on Monday during a press conference to mark the first anniversary of the launch of petrol from the 650,000 barrels-per-day refinery.

Reflecting on the challenges faced during the refinery’s development, Dangote said the refinery project involved huge risk.

According to the billionaire, he received several warnings from industry experts, investors, local and foreign government officials, who argued that only sovereign nations undertook such a large-scale refinery venture.

“The decision to build the refinery was not easy. If it had gone wrong, lenders would have taken our assets. But we believed in Nigeria and Africa,” he said.

Acknowledging the numerous challenges the refinery has faced since its inception, Dangote emphasised the company’s resolute commitment to Nigeria and Africa.

“The journey has been challenging because we sought to transform the downstream sector in Nigeria. Some believed we were taking food from their tables, which simply isn’t true,” he said.

“What we have done is to make our country and continent proud. Previously, only two African countries were not importing petrol, but regrettably, they have since resumed imports. This is detrimental to Africa.”

In 2024, foreign oil traders reportedly offered loans to provide working capital for Dangote refinery in exchange for fuel from the plant.

On August 4, the African Export-Import Bank (Afreximbank) said it had signed a $1.35 billion financing facility with Dangote refinery.(the Cable)