‎Dangote Says Refinery Gamble Risked All His Assets‎

‎Dangote Says Refinery Gamble Risked All His Assets‎

By Abiola Adigun
Albarka 89.9 FM

Africa’s richest man, Aliko Dangote, has revealed that lenders would have seized his assets if his $20 billion refinery project had failed.
Dangote, president of the Dangote Group, spoke  at a press conference marking the first anniversary of petrol output from the 650,000 barrels-per-day Lagos-based refinery. He described the project as one of the most ambitious and riskiest private-sector undertakings in Africa.
“The decision to build the refinery was not easy. If it had gone wrong, lenders would have taken our assets. But we believed in Nigeria and Africa,” Dangote said.
The billionaire industrialist recalled that investors, industry experts, and even government officials—both local and foreign—had warned him against pursuing the mega-project, stressing that only sovereign nations usually embarked on such large-scale refinery ventures.
Dangote admitted the project faced multiple hurdles but said the Group remained resolute. “The journey has been challenging because we sought to transform the downstream sector in Nigeria. Some believed we were taking food from their tables, which simply isn’t true,” he said.
He added that the refinery was built to reduce Africa’s dependence on fuel imports, a challenge that has plagued the continent for decades. “What we have done is to make our country and continent proud. Previously, only two African countries were not importing petrol, but regrettably, they have since resumed imports. This is detrimental to Africa,” he said.
The refinery, which came onstream in 2024, has attracted strong interest from global oil traders. Last year, some foreign traders reportedly offered loans in exchange for guaranteed supplies from the facility. On August 4, the African Export-Import Bank (Afreximbank) announced a $1.35 billion financing package for the project, underscoring its regional significance.