The chairman of the Dangote Group, Aliko Dangote, has disclosed that his company received $2.7 billion in loans from the Central Bank of Nigeria (CBN) to finance the refinery.
The Nigerian billionaire disclosed this in a statement at the refinery recently in Lagos amid an ongoing feud with Nigeria’s regulatory authorities.
He said that the refinery was funded via his Firmâs resources, with little funding from external sources.
According to him, he chose to sidestep project financing due to the challenges of securing funds from international lenders.
He said the company received an allocation from the CBN amounting to $2.7 billion between 2013 and 2023.
Dangote explained that the apex bank still owes the company about $200 million in forwards, which it has yet to collect.
Dangote said:
Africaâs richest man debunked claims that the refinery is responsible for CBNâs FX account depletion.
He said the funds would be returned to the CBN via dividends and payments as soon as the refinery becomes operational and profitable.
Reports say the billionaire businessman had been in a row with Nigeriaâs oil regulators over the $20 billion refinery.
Dangote accused NNPC officials of operating blending plants in Malta, where they allegedly imported inferior petroleum products into Nigeria with fake certificates.
Last week, Farouk Ahmed, the chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Commission (NMDPRA), accused Dangote and other refineries in Nigeria of producing inferior diesel laced with high sulphur.
The Dangote Refinery Management debunked Ahmedâs statement, saying the facilityâs petroleum products are 80% superior to imported ones.
Dangote assured Nigerians that Premium Motor Spirit (PMS), popularly called petrol, from the refinery would be available in the Nigerian market in August.
TimesNow.com.ng previously reported that Dangote Industries Limited (DIL) has condemned a report criticizing the quality of its products, stating that its diesel is 80% superior to the ones imported from abroad.
The companyâs spokesman, Anthony Chiejine, disclosed this in a statement on Friday, July 19, 2024, and called the reports mischievous and meant to destroy the companyâs reputation.
The company was reacting to a video in which the Chief Executive Officer of Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, claimed that local refineries, including the Dangote refinery, produce inferior products compared to imported ones.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
