The Dangote Group has paid back 70% of the loans it received from the top bank to develop its oil refinery, according to Central Bank of Nigeria Governor Godwin Emefiele.
Speaking during the refinery’s commissioning on Monday, he noted that local banks provided the majority of the funding for the project’s commercial loan component while international banks provided the remaining funding.
He said that the CBN supplied roughly N125 billion to meet domestic currency needs while also guaranteeing that foreign exchange (FX) was available to pay for imported machinery.
He said, “We have it on good authority that the Dangote Group has paid off some portion of these commercial loans even before this commissioning today,” Emefiele said.
“Today, total loans outstanding have dropped from over $9 billion when this project started to N2.7 billion. This reflects the astute credit worthiness and commercial capability of the group and its chairman, Alhaji Dangote.
“I must at this juncture appreciate all the participating local Nigerian banks, who did not only partner with the project through effective financing but were keenly aware of the importance of the project for our nation.
“They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due.”
