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Dangote signs $3.3bn loan pact for refinery, fertilizer

By AMECHI OGBONNA

Guaranty Trust Bank and Standard Chartered Bank yesterday led nine other local and international commercial banks arrange a $3.3billion loan facility for Dangote lndustries Ltd for the purpose of constructing the biggest petroleum oil refinery and petrochemical/fertilizer plants in Nigeria.

The plants, which will cost a total of $9 billion are expected to generate up to 9,500 direct and 25,000 indirect jobs, in addition to reducing current volumes of refined fuel imports by around 50 per cent and effectively stopping the importation of fertilizer.

The $9 billion project will be financed by $3 billion equity and $6 billion loan capital. Wednesday’s signing ceremony commits the first tranche of loans secured by Dangote, comprising a $3.3 billion medium term loan facility supported by a consortium of 12 local and international banks. This first facility was jointly co-ordinated by Nigeria’s Guaranty Trust Bank Plc as the local coordinator and Standard Chartered Bank as the global coordinator.

The President of Dangote Group, Alhaji Aliko Dangote, in his address at the signing ceremony event held in Abuja stated that with a refining capacity expected to reach 400,000 barrels of crude oil per day and producing a variety of refined fuel products from local crude resources, Nigeria will cut its current volumes of imported fuel products by a massive 50 per cent. The 2.8 million tonnes of urea will be channeled into growing the local agriculture sector, which is essential in producing healthy crops and promoting Nigeria and West Africa’s agricultural development. The petrochemical plant will produce polypropylene, which is a common component of most plastic and fabric products. Speaking at the event Managing Director of GRB, Segun Agbaje said: “This is the largest syndication by banks in Nigeria and it is being undertaken with the knowledge that the successful implementation of Dangote Refinery and Fertilizer project will have far reaching implications for Nigeria’s economic growth.”

Agbaje further stated that GTBank was proud to be associated with Dangote Industries on the landmark project and praised its Chairman, Alhaji Aliko Dangote, for his steadfastness, hard work and genuine desire to see remarkable economic improvement in the country.

 

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13 Comments

  1. THE NOON September 5, 2013 at 4:35 am

    The passion of Alhaji Aliko Dangote in His economy vision to redeemed Nigeria and Africa from 21st century economic mental slavery by in investing on key areas of non oil sectors of the economy which the unprecedented out-put capacity has produce thousands of Bread-Winners in many families across Nigeria and improved GDP on the basic commodities of agricultural products, cement and viable distribution capacities. The signing ceremony of Dangote refinary is a turning-point in the oil and gas sectors of the economy His unprecedented economy achievement in the non oil sector of economy made it clear that Dangote will also redeemed Nigerians from oil and gas related problems and challenges of bureaucratic corruption, Goverment subsidy, petroleoum products price instability, black market and crude oil theft. Congratulations Nigerian! Congratulations Dangote Groups!! Congratulations Nigeria Banks!!!

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  4. Ndidi September 5, 2013 at 9:02 am

    Good news and I hope the ensuing jobs go to Nigerians and not to the unemployed of the various foreign companies who are partnering with Dangote. As for refineries, it’s a pity our governments never built any abroad instead of leaving it all for oyinbo to make money from our God-given resources. But this is what happens when we listen to IMF, World Bank etc instead of being in charge of ourselves. It will be sited at the OK-LNG Free Trade Zone, between Ogun and Ondo states and the complex is planned to be the biggest industrial zone in Nigeria (if not West Africa).
    Ndi-Igbo let’s just watch and do nothing while the SW develops (and rightly so), but our Igbo lands become a desert because we won’t stop kidnapping. In fact I am aware of at least 4 big projects that had been planned for us but are now going to SW and Ghana instead.

  5. Uchebest September 5, 2013 at 9:02 am

    No wonder Ifeanyi ubah of Capital oil is struggling to rule Anambra to remain ontop of his game in oil and gas business cos by the time Dangote finishes that GIGANTIC REFINARY they will be reduce to ordinary peti-traders and marketers in oil and gas business so he needs public money at least to built a GIGANTIC refinary in southeast to reduce Dangotes’ monopoly inorder to be ontop of his game cos Dangote must MONOPOLIZE that sector with his govt connection thereby turning them to Oil Traders and ordinary marketers cos there will be no importation or Fuel subsidy money to sqander again so they re now diversifying into POLITICS to sustain their FLAMBOYANT LIFESTYLE.

  6. Ndidi September 5, 2013 at 9:13 am

    @ Uchebest, Hi, competition is good for business of any size. The problem of Ndi-Igbo is ourselves. It is our inordinate greed so we kidnap, and import fake and substandard goods into the country. No wonder we are not wanted! We all say we are Christians, if we were, we would not love Mammon so much. And just as God promised, He watches the unrighteous from afar off. This is why despite we Igbos having all it takes to be a success we just aren’t. Until we stop our greed and stop calling it by other names we will fall further and further into nothingness.

  7. kabir maikano September 5, 2013 at 11:59 am

    If this project is realised it wil reduce the cost cost of importing refined product at least nigeria will get some excess money and so if use judiciously wil better the life of the citizenry

  8. THE NOON September 5, 2013 at 12:00 pm

    If Alhaji Aliko Dangote could convinced the world that Non oil sectors of Nigeria economy can creates wealth, reduced poverty, produced thousands of bread-winners in many families above all contributes significantly to the development of GDP and as well produced the most envious 25th richest man in the world and richest man in Africa in just nearly two decades of pioneering innovation in non oil sectors of the Nigeria economy it was not a magic or miracle but sacrifices, perseverance, patriotism and messianic economy redemption of 21st century which the more than four (4) decades of the advent of oil and gas sectors FAILED to achieved as the six largest producer of petroleum in the world and largest producer in Africa. The industrious qualities of Alhaji Dangote can without doubt Healed the long time curse of Oil boom is Oil doom which the ordeal has killed many lives and destroyed properties, turned many communties to enemies, turned many people to refugee on their land and turned Nigeria economy to mono-economy where relying on money has turned Nigeria goverment to be a slave of U.S dollar these was clear curse not a blessing but Aliko Dangote will change the entire Doom story to Boom Prosperity in very short time that will rank the poverty level of Nigerians to possibly Zero, It is not a magic or miracle, it was sacrifices, patriotism and perseverance which goverment failed to do in oil & gas sectors?

  9. kola amodu September 5, 2013 at 12:23 pm

    Uchebest u’re a fool cos u always read sentiment into everything. Ur opinion is now becoming irrelivant. Wake up asshole.

  10. peterside September 5, 2013 at 1:16 pm

    @Ndidi, i am very sure that you are not an Igbo person. The igbos do not write like you do. If you want to tribalise your views, ride on. Afterall it “One Nigeria”!

    The SW is a land of the saint, yet rape goes on there and all sorts of sordid things. Yet you are emphasising of igbo’s greed and kidnapping…carry on brother, your neck of wood is great.

  11. Rommel September 5, 2013 at 2:10 pm

    So is it only Dangote that will do everything? can’t our people pull resources together and build industries that will reduce unemployment at least in the east? must petty trading be our all and all? this is why I hate General Buhari so much for truncating the 2nd republic,I am aware that the economic agenda of the late Onunaka Mbakwe for the old IMO state would have been something that all black people would be proud of but alas,it was not to be

  12. prime September 5, 2013 at 4:33 pm

    I like hearing this name Dangote, may God continue to keep him, the name has been a blessing to Nigerians since Abiola was killed by the enemy of masses.

  13. JOHN SAMUEL OJEOGU September 5, 2013 at 5:39 pm

    Ride on Dangote, it is better that a Nigerian no matter the tribe he is coming from eats our money than the white men.
    Oga Dangote, i have 25k to contribute, just accept it and ride on.

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