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Dangote pays back 70% of loan used in constructing refinery, says Emefiele

By James Agberebi
22 May 2023   |   1:45 pm
Governor of Central Bank of Nigeria (CBN) Godwin Emefiele, has said that the Dangote Group has paid back about 70 percent of the loans it took to construct its mega 650,000 bpd refinery in Lagos.
Central Bank of Nigeria governor Godwin Emefiele.
Photo/facebook/cenbankng

Governor of Central Bank of Nigeria (CBN) Godwin Emefiele, has said that the Dangote Group has paid back about 70 percent of the loans it took to construct its mega 650,000 bpd refinery in Lagos.

Emefiele disclosed this on Monday during the ceremony to commission the refinery.

Also present at the Commissioning are President Muhammadu Buhari, and Lagos State Governor Babajide Sanwo-Olu among other top dignitaries.

Speaking at the event, Emefiele disclosed the amount that was paid for the refinery.

“The Dangote Group has paid down its total loans outstanding on this Refinery project from $ 9 billion to $ 2.7 billion today.

“This is a reflection of the credit worthiness of the Dangote Group,” Emefiele said.

Dangote refinery is described as Africa’s biggest refinery and among the six biggest in the world.

The project is expected to churn out Premium Motor Spirit (PMS), diesel (AGO), aviation jet fuel and Dual-Purpose Kerosene (DPK), and other refined products.

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