According to the story, Dangote has put his whole fortune into the refinery project, even borrowing money to do so.
According to the article, Dangote may only generate money by selling bonds issued by his cement company, Dangote Cement.
According to a new report, Africa’s richest man, Aliko Dangote, lacks the financial means to construct his refinery by 2023.
According to a study issued by Fitch, the world’s largest global rating agency, the Nigerian tycoon needs an additional $1.1 billion (900 billion) to finish the refinery, but has already invested all of his money and even borrowed to fund the project.
The Dangote refinery project is still on target to be finished by 2023, according to the report, and will require an extra USD1.1 billion in capex in 2022, which will be partially funded by the new bond.
According to the article, Dangote Industries Limited (DIL) plans to establish a USD750 million local bond program to partially fund the completion of its refinery and petrochemical complex. Under the planned program, DIL’s subsidiaries Dangote Oil Refining Company Limited (DORC) and Dangote Fertiliser Limited (DFL) will be co-obligors.
