Dangote set to borrow N112 billion from Nigerians to complete refinery project, full repayment date in 10 years

  • Dangote Industries Limited intends to raise an additional N112 billion from Nigerian investors for its refinery competition
  • Dangote, Africa’s richest man, has also set a 10-year repayment period for the loan
  • The last time a similar announcement was made, the money received was more than the amount requested, and this time again it will be no different.

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Dangote Industries Limited has decided to borrow N112 billion from investors to complete its refinery project.

To complete the project, the company needs an additional $1.1 billion which will be partly funded by the new bond this year.

The balance of N112 billion is the N300 billion bond raised by DIL in July 2021.

The Dangote refinery is almost ready Credit: DIL
Source: Twitter

Proceeds from the bond will be used to partially fund the refinery project, which is expected to start operations in the first half of 2023.

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Afrinvest West Africa Limited, the joint issuance house, said in a note to investors that the latest 112,415,455,000 Naira ten-year bond will be made available to the public in the coming days.

Dangote demand oversubscribed

According Business dayDIL issued a series 1 bond offering on June 30 this year under its N300 billion debt issuance programme.

Abiodun Keripe, Managing Director of Afrininvest Research and Consulting Limited, said the transaction was split into two tranches with terms of seven and ten years.

Keripe added:

“Each tranche is priced in the “upper range of the initial price guidance, 12.25% to 12.75% and 13.00% to 13.50% for each tranche respectively.

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The bond was oversubscribed with a demand of N10 billion for the seven-year tranche and N176 billion for the 10-year supply.

Dangote seeks smart Nigerians to work for him, free accommodation

In another development, Legit.ng revealed that the Dangote refinery is nearing completion, which could spell the end of Nigeria’s dependence on imported fuel.

As the refinery prepares to start operations, a new recruitment page for Nigerians was launched.

The job also includes free housing for 20,000 employees, and images of the job and housing have surfaced online.

Source: Legit.ng

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