• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
Nigeria Businessman, Aliko Dangote Allegedly Broke, Unable To Complete Refinery By 2023 – Report

Nigerian Businessman, Aliko Dangote Allegedly Broke, Unable To Complete Refinery By 2023 – Report

3 years ago
Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

5 hours ago
US-Based Lawyer Owolabi Salis Becomes First Nigerian To Travel To Space

US-Based Lawyer Owolabi Salis Becomes First Nigerian To Travel To Space

7 hours ago
Liberian President Slain In Coup Receives State Funeral After 45 Years

Liberian President Slain In Coup Receives State Funeral After 45 Years

8 hours ago
US-Africa Summit Wraps Up with Trade and Investment Deals Worth Over $2.5 Billion

US-Africa Summit Wraps Up With Trade And Investment Deals Worth Over $2.5 Billion

8 hours ago
Upset Galore as Big Guns Man City, Inter Milan Exit Club World Cup

Upset Galore as Big Guns Man City, Inter Milan Exit Club World Cup

9 hours ago
Wednesday, July 2, 2025
  • About
  • Privacy Policy
Heritage Times
No Result
View All Result
Translate |
  • Login
  • Politics
    Ivory Coast: AU Court Rejects Gbagbo’s Bid To Seek Re-Election

    Ivory Coast: AU Court Rejects Gbagbo’s Bid To Seek Re-Election

    SA: Crack Widens In Unity Govt As DA Withdraws From National Dialogue

    SA: Crack Widens In Unity Govt As DA Withdraws From National Dialogue

    Cameroon: Influential Minister Resigns, To Challenge President Biya At Polls

    Cameroon: Influential Minister Resigns, To Challenge President Biya At Polls

    U.S.-Africa Business Summit: Washington Denies “Abusive” Tariff Against Africa

    U.S.-Africa Business Summit: Washington Denies “Abusive” Tariff Against Africa

    Uganda: After 39 Years In Office, 80-Year-Old Museveni Seeks Re-Election

    IWD 2023: Women In Media Harp On Importance Of Digital Skills For Female Journalists

    Nigeria: Momentum Builds As Women Journalists Push For Passage Of Special Seat Bill

    Mali’s Military Leader, Goita Meets Putin After Ditching ECOWAS

    Mali’s Military Leader, Goita Meets Putin After Ditching ECOWAS

    WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

    WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

    Tunisian Court Slams 15-Year Jail Term On Another Opposition Figure

    Tunisian Court Slams 15-Year Jail Term On Another Opposition Figure

  • Economy
    Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

    Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

    US-Africa Summit Wraps Up with Trade and Investment Deals Worth Over $2.5 Billion

    US-Africa Summit Wraps Up With Trade And Investment Deals Worth Over $2.5 Billion

    S/Africa Introduces $54 Million Incentive To Boost Local Manufacturing Of EVs

    South Africa Secures $474.6 Million Loan From AfDB To Boost Energy Transition

    Celebration Of Excellence: Nigerian Govt Rewards Outstanding Civil Servants With Brand New Cars, House

    Celebration Of Excellence: Nigerian Govt Rewards Outstanding Civil Servants With Brand New Cars, House

    Namibia Sends First AfCFTA Shipment To Nigeria

    Namibia Sends First AfCFTA Shipment To Nigeria

    Afreximbank Shareholders Name Cameroonian George Elombi As New President

    Afreximbank Shareholders Name Cameroonian George Elombi As New President

    Ethiopia Says It Will Not Go To War With Eritrea Over Red Sea Access

    Ethiopia Opens Doors To Foreign Banks, Paving Way For Competition

    Afreximbank Meetings Close With Calls For African Self-Reliance And Hard-Earned Partnerships

    Afreximbank Meetings Close With Calls For African Self-Reliance And Hard-Earned Partnerships

    Nigeria: President Tinubu Signs Tax Reform Bill Into Law

    Nigeria: President Tinubu Signs Tax Reform Bill Into Law

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    Ivory Coast: AU Court Rejects Gbagbo’s Bid To Seek Re-Election

    Ivory Coast: AU Court Rejects Gbagbo’s Bid To Seek Re-Election

    SA: Crack Widens In Unity Govt As DA Withdraws From National Dialogue

    SA: Crack Widens In Unity Govt As DA Withdraws From National Dialogue

    Cameroon: Influential Minister Resigns, To Challenge President Biya At Polls

    Cameroon: Influential Minister Resigns, To Challenge President Biya At Polls

    U.S.-Africa Business Summit: Washington Denies “Abusive” Tariff Against Africa

    U.S.-Africa Business Summit: Washington Denies “Abusive” Tariff Against Africa

    Uganda: After 39 Years In Office, 80-Year-Old Museveni Seeks Re-Election

    IWD 2023: Women In Media Harp On Importance Of Digital Skills For Female Journalists

    Nigeria: Momentum Builds As Women Journalists Push For Passage Of Special Seat Bill

    Mali’s Military Leader, Goita Meets Putin After Ditching ECOWAS

    Mali’s Military Leader, Goita Meets Putin After Ditching ECOWAS

    WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

    WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

    Tunisian Court Slams 15-Year Jail Term On Another Opposition Figure

    Tunisian Court Slams 15-Year Jail Term On Another Opposition Figure

  • Economy
    Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

    Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

    US-Africa Summit Wraps Up with Trade and Investment Deals Worth Over $2.5 Billion

    US-Africa Summit Wraps Up With Trade And Investment Deals Worth Over $2.5 Billion

    S/Africa Introduces $54 Million Incentive To Boost Local Manufacturing Of EVs

    South Africa Secures $474.6 Million Loan From AfDB To Boost Energy Transition

    Celebration Of Excellence: Nigerian Govt Rewards Outstanding Civil Servants With Brand New Cars, House

    Celebration Of Excellence: Nigerian Govt Rewards Outstanding Civil Servants With Brand New Cars, House

    Namibia Sends First AfCFTA Shipment To Nigeria

    Namibia Sends First AfCFTA Shipment To Nigeria

    Afreximbank Shareholders Name Cameroonian George Elombi As New President

    Afreximbank Shareholders Name Cameroonian George Elombi As New President

    Ethiopia Says It Will Not Go To War With Eritrea Over Red Sea Access

    Ethiopia Opens Doors To Foreign Banks, Paving Way For Competition

    Afreximbank Meetings Close With Calls For African Self-Reliance And Hard-Earned Partnerships

    Afreximbank Meetings Close With Calls For African Self-Reliance And Hard-Earned Partnerships

    Nigeria: President Tinubu Signs Tax Reform Bill Into Law

    Nigeria: President Tinubu Signs Tax Reform Bill Into Law

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
First with the News

Nigerian Businessman, Aliko Dangote Allegedly Broke, Unable To Complete Refinery By 2023 – Report

Dangote, originally a cement tycoon, is worth $20.4 billion, according to the Bloomberg Billionaires Index.

May 18, 2022
in Economy, Top Stories
0
Nigeria Businessman, Aliko Dangote Allegedly Broke, Unable To Complete Refinery By 2023 – Report
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

By John Ikani 

American credit rating agency Fitch Ratings says Nigeria’s richest man Aliko Dangote needs about $1.1 billion (N900 billion) to complete his refinery in Lagos.

Relatedreading

Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

US-Based Lawyer Owolabi Salis Becomes First Nigerian To Travel To Space

It alleged that his company, Dangote Industries has limited financial flexibility with which to complete its refinery.

In May, Fitch Ratings released a company overview for the company, revealing that Mr Dangote invested all of his money and borrowed additional funds to finance the project.

The credit rating agency revealed that Dangote Industries Limited was planning to establish a local bond worth $750 million to partially fund the remaining part of the project.

“Funding for the completion of the refinery project is expected to be partly covered by proceeds of the new bond,” stated the Fitch report.

It further detailed that the refinery’s existing creditors will not be able to give the organisation the amount needed for the completion of the project “if the transaction is not successful or should completion cost overrun or market conditions in the cement or urea deteriorate materially.”

Fitch went on to argue that Dangote Industries suffers from weak corporate governance.

It says that the existence of a “complex group structure with a large number of related-party transactions” has “a negative effect on operational and financial transparency.”

“We also think it’s a risk that Aliko Dangote, as CEO and main shareholder, has a lot of power over operations,” it added.

Dangote, originally a cement tycoon, is worth $20.4 billion, according to the Bloomberg Billionaires Index.

The billionaire had promised to commission the $19 billion refinery project before President Muhammadu Buhari’s tenure ends next year.

Not only is the Dangote refinery very dear to Buhari’s government, Fitch claims that the government sees the project as the messiah that will solve Nigeria’s perennial fuel scarcity problem as it will end the country’s dependence on imported foreign fuel.

The facility has an installed capacity of 650,000 barrels per day. Its output will be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.

But as it turns out, Fitch seems to think that this dream and the time line Dangote gave Buhari is not achievable.

Fitch concluded its report by saying that the earliest Dangote refinery can deliver its project is 2024 and not the 2023 that Dangote promised Buhari.

The Dangote refinery project has gone too far and Dangote, is racing against time just to make sure that he delivers the project.

If not for anything, a lot of hopes are tied to the project, and its failure to deliver will be nothing but a catastrophe.

Tags: breakingDangoteFitch RatingsHeritageheritage timesheritagetimesmedialatestnewsthe heritage timesthtthtafricatop stories
ShareTweetSend
Previous Post

New Somali President Welcomes Return of US Troops

Next Post

African Local Content Stakeholders Advocate For More Home-Grown Technology Solution

Related Posts

Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

July 1, 2025
US-Based Lawyer Owolabi Salis Becomes First Nigerian To Travel To Space

US-Based Lawyer Owolabi Salis Becomes First Nigerian To Travel To Space

July 1, 2025

Liberian President Slain In Coup Receives State Funeral After 45 Years

US-Africa Summit Wraps Up With Trade And Investment Deals Worth Over $2.5 Billion

Upset Galore as Big Guns Man City, Inter Milan Exit Club World Cup

Zambia Unveils $100M Solar Power Plant To Tackle Energy Crisis

Next Post
African Local Content Stakeholders Advocate For More Home-Grown Technology Solution

African Local Content Stakeholders Advocate For More Home-Grown Technology Solution

Please login to join discussion
AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2

Updates

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

July 1, 2025
US-Based Lawyer Owolabi Salis Becomes First Nigerian To Travel To Space

US-Based Lawyer Owolabi Salis Becomes First Nigerian To Travel To Space

July 1, 2025
Liberian President Slain In Coup Receives State Funeral After 45 Years

Liberian President Slain In Coup Receives State Funeral After 45 Years

July 1, 2025
US-Africa Summit Wraps Up with Trade and Investment Deals Worth Over $2.5 Billion

US-Africa Summit Wraps Up With Trade And Investment Deals Worth Over $2.5 Billion

July 1, 2025
JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia
ADVERTISEMENT

Most Recent

Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

July 1, 2025

US-Based Lawyer Owolabi Salis Becomes First Nigerian To Travel To Space

July 1, 2025

Liberian President Slain In Coup Receives State Funeral After 45 Years

July 1, 2025

US-Africa Summit Wraps Up With Trade And Investment Deals Worth Over $2.5 Billion

July 1, 2025

Upset Galore as Big Guns Man City, Inter Milan Exit Club World Cup

July 1, 2025

Zambia Unveils $100M Solar Power Plant To Tackle Energy Crisis

July 1, 2025

South Africa Secures $474.6 Million Loan From AfDB To Boost Energy Transition

July 1, 2025

Trump Demands Probe Of Subsidies Offered To Musk’s Firms

July 1, 2025

About

Heritage Times HT stands as a beacon of pan-African journalism, dedicated to amplyfing the rich tapestry of voices and narratives across the continent. With unwavering commitment, we illuminate the evocative essence of Africa, offering a fresh perspective that captivates our global audience.

Featured

From Hope To Fear: Kenya Joins East Africa’s Crackdown On Free Expression

AfDB Set For A New President, As Ould Tah Gains Continental Endorsement

How Dangote Is Turning Trump’s Trade War Into Africa’s Opportunity

Connect

Connect with us on social media and receive timely updates on the go.

Get Updates

  • About
  • Privacy Policy

© 2024 Heritage Times (HT) Media.

No Result
View All Result
  • Welcome
  • Politics
  • Economy
  • Security
  • Exposé
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Columns
    • Opinion
  • World
  • __________________
  • Make a Donation
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • About HT
  • Contact us

© 2024 Heritage Times (HT) Media.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In