Dangote Set to Borrow N112 Billion From Nigerians to Complete Refinery Project, Full Repayment Date in 10yrs [Video]

• Dangote Industries Limited intends to raise an additional N112 billion from Nigerian investors for the competition of its refinery
• Dangote, Africa’s richest man, has also set a 10-year repayment period for the loan
• The last time a similar announcement was made, the money received was greater than the amount requested, and this time again will be no different

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Dangote Industries Limited has resolved to borrow N112 billion from investors to complete its refinery project.

To complete the project, the company requires an additional $1.1 billion to be partly funded by the new bond this year.

The N112 billion balance is the N300 billion bond raised by DIL in July 2021.

The bond proceeds will be used to partially fund the refinery project, which is set to begin operations in …