The President of the Dangote Group,
Aliko Dangote, has revealed that if his multibillion-dollar refinery project had failed, lenders would have seized his assets.

Speaking on Monday at a press conference marking one year since petrol production began at the 650,000-barrel-per-day facility, Dangote described the refinery as a high-risk venture.

He noted that many industry experts, investors, and both local and foreign officials had warned him against the project, insisting that only sovereign states could successfully execute such a large-scale refinery.

“The decision to build the refinery was not easy. If it had gone wrong, lenders would have taken our assets. But we believed in Nigeria and Africa,” he said.

Dangote acknowledged the many hurdles encountered since the refinery’s inception but stressed the company’s unwavering commitment to Nigeria and the African continent.

“The journey has been challenging because we sought to transform the downstream sector in Nigeria. Some believed we were taking food from their tables, which simply isn’t true

“What we have done is to make our country and continent proud. Previously, only two African countries were not importing petrol, but regrettably, they have since resumed imports. This is detrimental to Africa,” he stated.

In 2024, foreign oil traders reportedly proposed loan facilities to support the refinery’s working capital in return for future fuel supplies. On August 4, the African Export-Import Bank confirmed it had secured a $1.35 billion financing agreement with the plant.