STANDARD Chartered Bank has rolled out a $350 million (51.5 billion) facility to Obajana Cement Plc, a division of Dangote Group, for its business expansion programme.

The development is coming on the heels of the liquidation of a $1.27 billion loan, secured by Dangote Group, from a consortium of 10 Nigerian banks, five and a half years ahead of repayment schedule.

Obajana Cement is currently the largest cement manufacturer cement in Nigeria.

Part of the $350 million loan facility will be applied towards the expansion and the construction of a power plant for the Ibese Power Plant project, which is a new five million metric tonnes cement plant being built by the company.

Commenting on the transaction, President an Chief Executive Offiver of the Dangote Group, Alhaji Aliko Dangote, said:"We are delighted to have obtained this corporate facility from Standard Chartered Bank. The terms of this facility will provide us with additional capacity to optimise our productivity, enhance our operations and increase our cash flows. The loan will fund our capital expenditure requirements and will further facilitate the achievement of our growth strategy.

"We are encouraged by Standard Chartered Bank's support and commitment to our business in the current global financial market conditions. We look forward to continuing our strong relationship with Standard Chartered Bank in the future".

http://www.ngrguardiannews.com/business/article03//indexn2_html?pdate=220110&ptitle=Dangote%20secures%20fresh%20$350m%20facility%20from%20Standard%20Chartered%20Bank

He must be doing something right - to repay $1.2bn FIVE YEARS ahead of schedule is an astounding achievement.

good

that's great

he took loan from another place to repay this one he has.

he needs to start doing more things in the north.

_Impressive, very impressive, with such acumen, he should be encouraged to go into power generation, transmission and distribution, 140+ million is not a shoddy market, he should be succesful going by his precedents_

20 january

https://www.nairaland.com/nigeria?topic=384660.msg5352772#msg5352772

Talk about his care for his Nigerian staff. Question begging for answer.

my question is - why organize a ceremony just because u are paying back a loan?

blackmann:

my question is - why organize a ceremony just because u are paying back a loan?

Just PR, he has been on several list as a big debtor, so he is turning a new leaf
and dont forget he still has issues with the NSE presidency

a press release would have been enough but anything for a party in naija

an earlier thread with same content was opened on the 20th,so why duplicate it with this one and put this on the front page?
besides that other one is in the right section, this one is wrongly placed on the politics board.
This is not consistency.This thread ought to be deleted or locked.

blackmann:

my question is -  why organize a ceremony just because u are paying back a loan?

He had to organize a ceremony because he was braking a record of loan repayment. He was suppose to start paying back the loan with effect from August 2010 to span for 5 years ie 2015. He paid up all the loan even before it was to be due for repayment.

An indication that even though cement manufacturing is capital intensive, its actually a money spinner.

Its also a message to Sanusi that he is paying up his loans

This guy has really impacted on the economy of the nation and still expanding. He should be appreciated and supported.

Man that money is huge dangote

locked - please refer comments to https://www.nairaland.com/nigeria?topic=384660.msg5352772#msg5352772

ok