By Dipo Olowookere

The expansion drive Africa’s richest man, Mr Aliko Dangote, recently received a further boost when he secured credit facilities from one of the top lenders in the continent.

Business Post gathered that Mr Dangote’s firm, Dangote Industries Limited (DIL), signed a memorandum of understanding (MoU) with the African Export–Import Bank (Afreximbank).

This deal was sealed at the 24th Annual General Meeting (AGM) of the bank taking place in Kigali, the Rwandan capital.

It was gathered that the agreement, which is for credit facilities, “may be granted by Afreximbank to Dangote Industries Limited and its subsidiaries in an aggregate amount of up to $1 billion.”

The MoU was signed on behalf of Afreximbank by Dr Benedict Oramah, President and Chairman of the Board of Directors; and Mr Dangote on behalf of Dangote Industries Limited.

Information gathered by our correspondent revealed that agreement provides for collaboration between Afreximbank and DIL in respect of proposed funding of transactions, which may involve the provision of short and long-term liabilities for trade-related projects in Africa.

Also, the utilization of the facility is expected to boost intra-African trade volumes, enhance continental value chains and increase production and export of goods and services across Africa.

Dangote Industries Limited is one of the largest business conglomerates in Africa having various manufacturing and service industries including cement, sugar, packaging materials amongst others.

Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.

The bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations.

Since 1994, it has approved more than $51 billion in credit facilities for African businesses, including about $10.3 billion in 2016.

Afreximbank, headquartered in Cairo, Egypt, had total assets of $9.4 billion as at 30 April 2016 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch).

http://www.businesspost.ng/2017/07/01/dangote-secures-1b-funding-package-afreximbank/

What about the $2 billion loan he borrowed from China?


By the way, do you know that if you have $10 in your wallet and no debts, you're richer than 25% of Americans? They live their lives on credits, there houses on mortgage, there health care by insurance companies, cars on credits, even their iPhones is on credit. Thank God I'm in Nigeria, I sleep well at night knowing that I'm not owing anybody.
There's nothing more traumatic than debt

The good thing about being an entrepreneur is this, the higher you go, the easier it becomes.

Do you know what scares lots of people? The beginning. I've got to tell you the truth, the earlier stages of entrepreneurship is hell. You won't sleep.. your finances will be drained.. Everything will be affected. But as you keep pushing forward, it keeps getting easier.

it gets to a stage where you've to sleep for a whole year and still, the cash keeps rolling in. You don't get confined by bosses.. you're the boss and you more the rules.

Entrepreneurs retire early in life. The remaining years of their life is built on impact. You see them writing books, creating blogs, organising seminars.. just to keep life going. Just to have a purpose every morning.

As they play and sleep, their multiple streams of income keeps getting bigger as slaves toil on them daily.. slaves we usually call employees. www.entmirror.com

when others are counting billions other are like...

ok

Investors that still chop bank money, is that one investor?
That's how Etisalat people do sef. Chop local bank money dey answer foreign investor.

This man sef..

Na space I book o

Hemjayy:
ok

Kennitrust:
d

HenryDion:
hh

These three are idiots.

This man would soon buy all the would and the troubles therein

lofty900:
What about the $2 billion loan he borrowed from China?

already utilized. $2b is not much compared to the streams of investment by Dangote group, be it long or short term.

1 billion dollars ?

Chai.

Ride on, Sir!

DonFreshmoney:



These three are idiots.

and you are a bigger one for quoting them

lofty900:
What about the $2 billion loan he borrowed from China?

is that your fuckin headache abi how u go chop today?

Wetin concern u with his loans?

hmmm

DonFreshmoney:


These three are idiots.

Bros, u go church?

yet, many ignoramus will be hating him, and be postulating lame thoeries that IBB, OBJ annd other corrupt politicians re using him to conceal stolen wealth.
Nigerians can be irredeemably dull sha

Helping the rich to get richer...

Coughs***clears throat# Am reading this for the fourth time now still I can't comprehend what the money is meant for?....what's the repayment plan? I don't just understand... Abi na old age??

Caustics:
and you are a bigger one for quoting them

Don't quote the quoter, direct your insult to the quotee, or do both of u share the same braincells.

Kennitrust:
Bros, u go church?

How does church relate with this post or my comments? Oga put your right hand on you neck and check your body temperature. Are u feeling fine?

The rich don't use their money but the poor use theirs or think they must use theirs so they do nothing since they think they don't have enough

Lol... But why baba no just use from em own dollars invest na? I don't understand oh!

may while street take over?

x

lofty900:
What about the $2 billion loan he borrowed from China?


By the way, do you know that if you have $10 in your wallet and no debts, you're richer than 25% of Americans? They live their lives on credits, there houses on mortgage, there health care by insurance companies, cars on credits, even their iPhones is on credit. Thank God I'm in Nigeria, I sleep well at night knowing that I'm not owing anybody.
There's nothing more traumatic than debt

Keep living in fools paradise. You think they envy your life or style? How come you pray to "port" one day? Dangote got the credit facility because he is credit worthy. Americans, just like others from climes where leaders have conscience, programmed their system such that you should not be denied your present as it will help you get to your future. They are also sincere....unlike your( abi na our...smh)naija people.
I just don't want to keep going on and on because I doubt if you'll be able to comprehend. Enjoy your $10 mate.

Ok

HenryDion:
The good thing about being an entrepreneur is this, the higher you go, the easier it becomes.

Do you know what scares lots of people? The beginning. I've got to tell you the truth, the earlier stages of entrepreneurship is hell. You won't sleep.. your finances will be drained.. Everything will be affected. But as you keep pushing forward, it keeps getting easier.

it gets to a stage where you've to sleep for a whole year and still, the cash keeps rolling in. You don't get confined by bosses.. you're the boss and you more the rules.

Entrepreneurs retire early in life. The remaining years of their life is built on impact. You see them writing books, creating blogs, organising seminars.. just to keep life going. Just to have a purpose every morning.

As they play and sleep, their multiple streams of income keeps getting bigger as slaves toil on them daily.. slaves we usually call employees. www.entmirror.com

What sort of entrepreneur do you have in mind?

toprealman:
Keep living in fools paradise. You think they envy your life or style? How come you pray to "port" one day? Dangote got the credit facility because he is credit worthy. Americans just like others from climes where leaders have conscience programmed their system such that you should not be denied your present as it will help you get to your future. They are also sincere....unlike your( abi na our...smh)naija people.
I just don't want to keep going on and on because I doubt if you'll be able to comprehend. Enjoy your $10 mate.

then why not go and borrow money from Nigerian bank and see what having debt on your head feels like

DonFreshmoney:


How does church relate with this post or my comments? Oga put your right hand on you neck and check your body temperature. Are u feeling fine?

do u think that when u insulted me I will insult u too.

think maturely guy