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Saturday, September 7, 2013

Aliko Dangote gets $3.3billion loan from 12 banks to build oil refinery

12 local and international banks have loaned Africa's richest man and foremost industrialist Aliko Dangote $3.3 billion to build Nigeria’s biggest petroleum refinery and petrochemical/fertilizer plants.

The banks are: Standard Chartered Nigeria, Guaranty Trust Bank, Fidelity Bank, Ecobank Nigeria, United Bank for Africa, Access Bank, Zenith Bank, Standard Bank of South Africa, Diamond Bank, First Bank Nigeria, First City Monument Bank, and FirstRand Bank.

Standard Chartered is the global co-ordinator, while Guaranty Trust Bank is the local co-ordinator.

According to a statement released by Dangote Group a few days ago, the factories they plan to build will create about 9500 direct and 25 000 indirect posts. These plants will cut the existing volumes of refined fuel that are imported by almost half which will end the importation of fertilizer in Nigeria.

The company further stated that the 2.8 million tonnes of urea that will be made at these factories will be directed into developing the Nigerian agriculture sector. Aliko Dangote said these factories would showcase Africa as maker of refined oil products and fertiliser.
“As a result, several African nations will be less reliant on importing fuel and fertilizer from foreign markets, reducing the negative impact of negotiating terms within increasingly turbulent international markets"

107 comments:

Anonymous said...

First to comment ooooo! This is really good, and with this I hope there will be more avenues for employment in nigeria. Getting the youths off the streets, this is good!

Anonymous said...

But when we go for a loan of two or three mil to start something the bankers will look down their noses.

ade baptista said...

Let's kip hoping @least smtin 2 smile abt

★★PRINCE CHARMING™★★ said...

So commendable!! I wish such investment is done into the power sector too, so the issue of Electricity can be fixed. I really think capitalism is exactly what Nigeria needs to go forward.

Anonymous said...

What a whole country or government cannot do, an individual can. Thumbs up to u oga.

Anonymous said...

Should be a government project. Too much power in private hands.

Mich said...

Standard Chartered just had to be involved,nice!
No one man should have this kinda monopoly.
But its gonna lead to job creation,wouldn't it?then its a welcomed development.

Anonymous said...

THE BOSSS IS DOING ISH DAT SHOULD HAVE BEEN DONE AGES AGO INSTEAD OF FEEDING THE SUBSIDY CARTEL FAT, CARRY GO JOR #B1GM1

TobiNigeria said...

the powers that be! What are they saying! I know there's one God father somewhere. Holding the powers at bay, ensuring that they don't destroy this guy's work. All the best to dangote and his hidden Godfada controlling thinZ! Up Nigeria!

Anonymous said...

THE BOSSS IS DOING ISH DAT SHOULD HAVE BEEN DONE AGES AGO INSTEAD OF FEEDING THE SUBSIDY CARTEL FAT, CARRY GO JOR #B1GM1

Anonymous said...

What a brilliant idea...@least someone is in his right senses...But I still think wif this involving Dangote,The market will be monopolized.Am sure yall know what Monopoly entails.

Anonymous said...

finally! this should have been done a long time ago. the fact the money is loaned by the banks means it's less likely there would be any corruption/money stealing as it is with government-loaned money

Anonymous said...

All hail the king. More jobs to come.

Anonymous said...

This man will just be getting richer.... It's good though

fibroid and infertility??

Anonymous said...

God bless Dangote and give us the grace to think productive. To be rich Is to think productive.

zinwa ogbonna said...

We see the light at the end of th tunnel, he didn't have to take this huge risk, but he did,.,.i hope everything goes as planned,.,#proudnigerian

Anonymous said...

Nice idea Dangote,@ least ds will create job employments for jobless nigerian youths..u aint like olusegun agagu(former ondo state governor)who has a refinery in s/africa.and d cost of petrol is high in our country.God will make ur dream come tru Aliko.

Anonymous said...

Lovely news.

BONARIO NNAGS said...

A new dawn for our petroleum sector.
imagine how Nigeria would be if our politicians had this spirit of investing in the country.

~BONARIO~says so via NOKIA3310

Anonymous said...

Hmmmm

Anonymous said...

wise man. only the rich reasons richly. but check a poorman, he battles with the petite..

Daniel Sochima said...

A nice development. I like how this man its investing in our nation thereby creating more jobs

Daniel Sochima said...

A nice development. I like how this man its investing in our nation thereby creating more jobs

Beshy said...

Great Initiative, that's what I'm talking about! Dope!!

Adekunle Kazeem said...

Congrat to him, hope this yield much development. We need more competitor asap. Oya Otedola take over.
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Wet Pussy said...

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Anonymous said...

So $3.3 Billion can build a refinery,yet our useless govt cannot come up with this money to maintain and repair the ones we already have?

Banana said...

Imagine what an individual has in mind for the betterment of his country while d president is busy giving his bloated wife head everyday...pls the likes of Dangote, Alakija, Adenuga and co shud come and take a political seat biko nu nu. Its obvious they have better plans for our country...me am tired of suffering oh! Linda post my comment or else u will be raped by spider in ur bathroom!!!!

Debby Akinola said...

Mofe lowo bii Dangote *in olamide's voice*

Anonymous said...

he knows wats up. job creator. baba dangote. kwenu. by vivian/jacque

hilary obiorah said...

Congrats to him, I wish Nigeria had more him. But you do realize this monopoly of some sort?

Anonymous said...

Good thinking. Will it reduce the price of fuel?

dj fx said...

Great Mind,Great thinker...see the need,provide it...N make it(Money)

Anonymous said...

Bcs he's reliable plus HUGE collateral
~D great anonymous!

MAUREEN said...

I luv dis man oo,and na dis kin sugar daddy I dey find

CHRISTOPHER FORTUNE said...

i just love dis guy..smart business man....i will b greater than u someday..amen

Airnorh said...

I hope this doesn't take up to 40 yrs tu build.....but very impressed....

Anonymous said...

God don bless ds man....God abeg bless me as well!!

Anonymous said...

Nice one...GGMMB

Anonymous said...

Asin erhnn i luv dis man pieces see brain business nd everything

Anonymous said...

so be it...1st to comment

Anonymous said...

And where is the factory situated?

Anonymous said...

gengen yeyenatu banks, if its a small business owner now they will boneface and ask you to go bring ur dead great grandfather's skeleton from d grave as collateral

I trust FCMB, they wl not be part of this, baba ijebu no dey take hin money play

lucky man, i'm sure he was not even asked for collateral, his name alone is enough collateral

HYBunny

Anonymous said...

I still do not understand why the Aliko Dangote has to be the person to build the country's first petroleum refinery... its really sad! *sigh*

Anonymous said...

Dangote for presidency 2015. Any objection??

molebaba said...

Is a very good initiative coming from this present administration. If is sole government affair, the project will go down the drain or even mismanagement will fold the refinery as it has with our present ones

Anonymous said...

Good one! It creats job opportunity

kravand said...

nice one Mr Aliko Dangote, a visionary Businessman!!

Anonymous said...

Good one! It creates Job opportunity

Anonymous said...

Nice one Mr Aliko Dangote, A visionary Businessman!!!

kravand said...

nice one Mr Aliko Dangote, a visionary Businessman!!

Moe said...

Please go on nd develop agricultural sector nd ignore the health nd educational sector. We will all become farmers nd turn the cities back to rural areas. For the health sectors, those that re sick or need surgeries will start eating leaves on their farms, who knows that may make dem last a few more hours or days. All I see is Ghadarfi-Like empowerment.its Like Dangote will be owning Nigeria. God help us

Anonymous said...

God bless this man, and may this project come 2 reality. A refinery? My dream workplace?! It must happen in Jesus Name, Amen!!!

Anonymous said...

More good works to make the country better





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Anonymous said...

Goodluck!*cagey*

Anonymous said...

Wow! Dats nice.

Towabs said...

Watch Dangote become the richest man in the world.....soonest

ahmed a said...

This is good. Congrats to Alhaji but the banks should not forget small and medium enterprises. The sme agric sector are forgotten by the banks, you only read on pages of newspaper that the banks are suporting agric but when you get there it is story. I am a victim and it is sad

Anonymous said...

I Just Dey Laugh O!!!!......... Una dey clap now, later una go understand say this na high level gimmick!!....... Naija, shine your eye and copy the Norwegian Model Instead!!! 2nd base Jare'

Anonymous said...

Den y didn't d govt do it. They had a lot of time. Good work Dangote.

sweetie said...

GOD bless dangote!Pls some1 should help me wit dis quest,if dangote build oil refinery who ll owns d oil refinery? Cos I don't want situation whereby hausa ll claim nig oil.can't federal gov get loan 4 it? let tink about future.dangote is a godly man but 90% of hausa's ar ready to take over every position & sit in nig.if dey av d chance dey ll turn d hole nig to 1 religion.

Anonymous said...

U Can Call Me Names But Abeg 4 Once Try & Change Ur Avatar 4 Cryin' Out Loud... **Deuces**

Anonymous said...

This why many Nigerians will never understand how money works. Dangote worth 16b$ but that does not mean he has that money cash. mostly it is tired up in other investments all over the world. Bill Gates worth 70b$ but some times his company Microsoft borrows money for investments and purchases as well.

Tito Smith said...

Spot on Mich,no one man should have this kind of monopoly.We are quick to applaud dangote,soon we will see how much of Nigeria he owns.the only good part is that jobs will be created,besides that,this man is on his way to owning more than half of this country's economy

Anonymous said...

Forgive Me If Am Not Enthusiastic Abt Dis Vry Development. Is Jst Dat It Has Got Monoploy Written All Over It & Dat's Da Last Thing We Need As A Nation Dat's Still On Da Verge Of Development...

Anonymous said...

His own entrepreneur is all about making money and not making positive change. Why oil now while the agricultural sectors you started with is still underdeveloped. Abeg, he should on focus on one at a time. Anyway, hope is venture into oil bizness will bring about positive development in the sectors especially drastic reduction of price. No story of selling crude to you @international price but local content.
Congrat, let me encourage him small.

Jewel said...

The loan Dangote took from Oceanic bank and intercontinental bank was one of the reasons those banks went under. hope these banks giving him loan now won't go under later.

Chibundu Emmanuel said...

thats very good of him atleast it will reduce unemployment in the country. @ mr www.1on1network.com

Chibundu Emmanuel said...

up dangote. still mr 1on1network.com

Eze Chukwumereze said...

I think the loan is just formality and the banks jostled to give him the loan, his net worth alone can build the refinery.

tina charles said...

I have nothing against this. Creating 34,500 jobs and being the only source of refining the oil in nigeria if possible Africa. Lol what a rat race. Creating employment and becoming richer than gates and co. Well at all at all na im bad pass. Kudos and more money to your pocket. Alhaji

Anonymous said...

And dangote becomes the richest man in the world Nigerians pls shine your eyes its not about the employment of 9500 the future of nigerians are in the hands of just 5% of Nigerians you just have to accept what they say and they keep getting richer at yourown expense lets stand up d govt has the money why cant they do it and to these stupid banks soo many ideas out there u wont borrow them money lets see how dis investment goes mayb dey wud be survive d shock that would come with it

realphenomenom said...

Wow lemme comment as 51st pesin dis is nice and splendid!!!

Anonymous said...

Mehn, this shouldn't be in any one man's hand. Dangote thrives in monopoly, and monopoly is nt a healthy economic principle for a nation.

Anonymous said...

9ice one again from Dangote, atleast if our goverment is blind, always an opportunity for someone with sense to make money!

Anonymous said...

Big kudos to you oga dagote for ur great change in africal ,may almight allah be u.(amen) more emploment! up dagote!

msidusogie said...

Lol,none whatsoever...I'll vote o

Anonymous said...

Theses rich guys survive on loans,are they really rich? not as rich as people believe.His cement company loan,every thing loan.Why can' d government fix the refinery,lots of power for an individual,I hope he does't buy up Nigeria in future.

Lakeside said...

I am glad at this news. Aliko is an inspiration to millions of African youth. Going by his track record this will be another success story. It is instructive to note that Aliko will spend $3.3bn to fix the problem of not just petrol importation but also fertilizer importation in Nigeria, meanwhile the NNPC and Petroleum ministry spends almost the same amount regularly on turn around maintenance of our refineries with nothing to show for it. Some of this people should be made to face the wrath of the law, including the The President/Presidency because they are also culpable in all of this corruption.

Anonymous said...

This are the kind of men I love meeting,pls someone should connect me with mega bros Dangote.

Anonymous said...

Make we all shine our eyes o, 9ja make una watch una back sumthing go soon happen!!

morientes bassey said...

I sincerely like d idea, at least it wil provide job opportunities nd reduces unemployment. His worth $20b den y borrowing $3.3b from banks, I HOPE my money is nt involve, I no fit shout.

Anonymous said...

Pls read before u comment, don't comment on hearsay. FCMB is part of it.

Anonymous said...

Hmmm, now we see why d Government owned refineries must never work. And why we had to partially remove subsidy, economically for this to work though, the whole subsidy must be removed. #Occupy Nigeria 2.stay tuned

Anonymous said...

Shout out to Dangote, God make u Bigger!

Anonymous said...

I said Shout out to Dangote, God make u Bigger!!

Anonymous said...

Chief u too much

Anonymous said...

Nigerians applauding monopoly, the same thing that got us into this mess. A group of people, Military or Civilian running and controlling 90 percent of Nigeria's resources.

We perish for lack of knowledge...

Anonymous said...

Thank God!!! More importantly, PLEASE DO NOT BUILD YOUR REFINERY NEAR our oil city. We are so sick from it!!!!! Put one near the corridors of power so that they can have their share of asthma and leukemia.

















Anonymous said...

If he try am he will become a pauper tomorrow and he knows it. Ask d Abiolas. Politics is superior to economics.No be gvt patronage dey help am? D guy is not smarter dan everyone but he seems to be luckier. He's smart though by being a supporter of every govt in power in order to protect his biz interests. Even if Osuofia becomes d President of Nigeria tomorrow, he go lick his ass. Lol

Jamabo Dasetima said...

Welcome development , at least this will cut down the rate of unemployment and encourage more rich nigerian to invest in the country.

Anonymous said...

Ode, stp exhibiting your ignorance on here. 3.3billion is a lot of money and it's not the duty of govt to own or repair refineries, if Jonathan did not remove subsidy do you think the banks will be ready to give loans. The only source of info you have is from lib so I don't blame you.

Anonymous said...

Chai! See how petroleum is going to be controlled by the northerners and the southerners are foolishly shouting resource control, d original bad guy is wisely plotting its control. Firstly they will kill the southern banks with this debt just as they did to oceanic and intercontinental then d islamic banks will thrive and by the time u know it oil is a northern property and automatically the economy of this country rests with the North. Nigerians wake, open ur eyes ppl,see what I see

Anonymous said...

Dangote for President!!

Anonymous said...

You must be an idiot to turn this into tribe it's people like you that are destroying Nigeria twisted idiot

Anonymous said...

If it is not govt's duty to own and operate refineries, why are there four such in Nigeria? Why are the 13 largest oil companies in the world state owned, producing 75% of global output?

Anonymous said...

I pity Nigeria.....the FG has battled with refineries for years....they make the process seem impossible by continuous sarbotage , then they come back to buy the scrap or start their own.....Nitel, Nigeria airways etc....how does an individual get such approval? Not hating on the man but its just strange...I feel sorry for guys giving the man props on this forum, the bitter truth is most of you all will never get to his level because people like him have bought your futures indirectly...

Anonymous said...

Cut down unemployment my $&@" . The largest contributors to Nigeria's GDP have employed the least. 25000 jobs out of 5million.

Anonymous said...

Rubbish!! No rules no laws....how did this happen?

Anonymous said...

Let an unknown Nigerian come tomorrow with 3.3bn dollars for the same purpose, I can bet my life that he won't smell the approval...you all be commending people ruining our future..

AGB said...

No one man should have this kind of monopoly? Did Dangote choose to monopolize anything or the other daft & blind "big men" in Nigeria would rather go & invest their monies in other countries? Dangote in my opinion is a great & visionary Nigerian man who makes his money majorly in Nigeria & recycles & reinvests his profit in Nigeria. That's no monopoly, that's foresight while a lot of counterparts are running to other countries. God Bless this man. Amen.

AGB said...

Lmao! I totally agree with you.

Anonymous said...

...the horns cannot be too heavy for the cow that must bear it.

Mr Alike never give up.up
Remain blessed as u continue to think 4 the love of others.

Anonymous said...

Anon 12.29pm u are 1 of the biggest fools to ever exist, why insult some1 for his or her opinion. Now take ur insult back. Goat! In short u r an imbecile!

Jennykiss said...

Thumbs up to Mr Dangote, his proving that his not just rich on paper &in signature but very rich in the mind too...

However, lets give it a year or so to see if it would be realized, the true reasons and culprits behind this gesture, how it would begin to affect living standards and oil prices, and while it had to be an individual and not the government taking up this project.....lets just wait and see!#Godhelpus#

On a lighter note: if he really wanted to be philanthropic and bold, why did he have to borrow the funds? or isnt he the richest African man anymore? #justasking#

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