- Repays $2.4bn loan facility
Africa’s richest man and founder of Dangote Group, Aliko Dangote, says combined forces of local and international criminal organisations, described as “mafia”, severally tried to sabotage and ensure his $19 billion refinery project located in Lagos failed to come on stream.
However, he said amid the huge challenges, the cheering news is that about $2.4 billion of the $5.5 billion loan taken to finance the refinery’s construction has already be repaid
Speaking at the Afreximbank Annual Meetings (AAN) and AfriCaribbean Trade and Investment Forum in Nassau, The Bahamas on Wednesday, Dangote claimed several entities did some unthinkable things aimed at frustrating the 650,000 barrels per day oil facility.
According to the billionaire businessman, who acknowledged being conscious that resistance would always exist, the rash and harmful nature of the opposition was not in anyway anticipated.
He said; “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. The local and foreign mafia tried several times to sabotage the refinery from coming to fruition”.
While describing himself as a fighter, Dangote said the ‘Mafia’ “tried all sorts” to stop him, “But I’m a person that has been fighting all my life. You know, so I think it’s part of my life to fight.
“As a matter of fact, during the COVID period, some of the international banks really were looking forward to making sure that they push us into default of our loans so that the project will just be dead. And that didn’t happen with the help of banks like Afreximbank.”
The Oil Mogul, who addressed issues around adequate crude oil feedstock for his refinery from the international oil companies (IOCs), said; “In a system where for 35 years people are used to counting good money, and all of a sudden they see the days of counting that money have come to an end, you don’t expect them to pray for you.
“Of course, you expect them to fight back. And I think that is the process that we’re now really going through. But the truth is that, yes, the country, the sub-region, and also the continent, sub-Saharan Africa, need this refinery.
“So, you expect them to fight through non-supply of crude, non-purchase of the product, but I think it’s all temporary. We’ll get there.”
Also unveiling plans to diversify into the steel sector, he said the Dangote Group is aiming to utilise solely Nigerian-produced steel towards achieving self-sufficiency in the sector.
In jettisoning the initial June 2024 target date due to what it called “minor” logistical issues, Dangote Refinery recently pushed forward the launch of its petrol sales to July 10-15, 2024.
