President/CEO, Dangote Group, Aliko Dangote
Lagos, (Reuters) – Dangote Group said it will borrow $3.3 billion to invest in a $9 billion oil refinery and petrochemical complex in Nigeria, Africa’s most populous nation and top oil producer.
The Nigerian group, which has interests ranging from cement to sugar and basic food processing to oil and gas, also said it was seeking an additional $2.25 billion from development funds for the project, into which it would put $3.5 billion of its own equity.
The loan would be signed with financiers on Sept. 4, it said in statement. Owner of Dangote Group, Africa’s richest man Aliko Dangote, announced plans for the refinery in April.
