Building refinery was biggest risk of my career – Dangote 

Africa’s richest man, Aliko Dangote, has revealed that helium utilized each his assets arsenic collateral and gave a idiosyncratic warrant to unafraid the archetypal $3.7bn indebtedness for his refinery and fertiliser projects.

Dangote made the disclosure during an exclusive interrogation with Arise News, describing the concern arsenic the biggest hazard helium had taken successful astir 50 years successful business.

When asked astir the biggest hazard of his entrepreneurial career, helium instantly pointed to the refinery and fertiliser projects.

“The biggest determination was the hazard of the refinery and fertiliser,” helium said.

Dangote explained that financing the projects required him to enactment up everything helium had built astatine the time.

“We gave each our assets arsenic collateral,” helium said.

“And isolated from that, I gave a idiosyncratic guarantee.”

He said the archetypal financing was based connected a $3.7bn loan, astatine a clip erstwhile the last outgo and completion of the projects were inactive uncertain.

The refinery yet outgo astir $20 cardinal to build, making it 1 of Africa’s largest privately funded concern projects.

The 700,000-barrel-per-day Dangote refinery began producing petroleum products successful 2024. It has since expanded accumulation to see petrol, diesel, aviation substance and different products.

The installation is present astatine the centre of Nigeria’s efforts to trim its dependence connected imported petroleum products.

Dango...