Dangote has paid back 70% of loans taken to finance refinery, says Emefiele | TheCable

of the 650,000 barrels per day Dangote Refinery in Lagos on Monday.

The amount, he said, constituted 50 percent equity investment by Dangote and 50 percent debt finance by banks.Emefiele said the commercial loan component of the project was financed majorly by domestic banks while the rest was provided by foreign banks. “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.

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