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Nairaland Forum / Nairaland / General / Business / Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? (31764 Views)
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Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by FarahAideed: 10:47pm On Jul 16, 2021 |
Dangote refinery is beginning to smell like a mega loan Fraud 1 Like |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by SocialJustice: 10:52pm On Jul 16, 2021 |
sulaak:It's crazy to think Dangote has over leveraged Dangote group to finance this project and the whole group is at risk of being insolvent just to service loans even with the super normal profits being made by Dangote cement. Nigeria on the other hand is over stretched too to secure senseless loans as debt to income ratio is over 70%. I wonder why Dangote didn't break this project into 2 or 3 trains. A train can't take more than 2 years to complete. Time will unravel all. I truly wonder 6 Likes |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by 9jaRealist: 10:58pm On Jul 16, 2021 |
descarado: The Orient Refinery is in ANAMBRA State… And was commissioned by President Jonathan years ago. More (tribal -inspired) IGNORANCE parading as public commentary in Nigeria. SMH > 1 Like |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by Jlow2: 10:59pm On Jul 16, 2021 |
Rahkman:if fg give CUBANA one third of what was given to dangote he will buy 19northern States 2 Likes |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by ovie8200: 11:00pm On Jul 16, 2021 |
mbahdi: Stop calling him a good man with an evil's heart. The same they say about illiterate Buhari. They are evil with evil hearts period. Whoever will be good will be good with no evil attaching to it. 3 Likes |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by nextstep(m): 11:00pm On Jul 16, 2021 |
Another article to sow FUD (fear uncertainty doubt). This refinery is a game changer, not just for Nigeria, but indeed for Africans. Foreign companies (and I'm looking at you France) who have a stake in selling refined products to us have been on a steady campaign of discrediting this gargantuan project. Nobody in the West should be talking crap about bailout, since their governments have repeatedly bailed out their industries, and actively provide subsidies/tax breaks to their own companies to stave off insolvency. We've been waiting for years now, witnessing the push back, but we're seeing steady progress. Didn't the fertilizer section take off last month? People saying: "taking Chukwuemeka money to enrich Haruna... what are Obi Cubana's people doing with all their money this weekend?" Naturally, the reply would be that Dangote was granted a monopoly... really? Why didn't they apply during OBJ and GEJ time for license, especially when Deziani was petroleum minister for 5years? This refinery didn't start during PMB's time you know. This is a huge project - even me with my small small real estate have encountered delays and various issues - but we press on. When this comes on stream, the trajectory of this country will continue to change for the better. 8 Likes 2 Shares |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by onoja12: 11:03pm On Jul 16, 2021 |
Highly laughable, somebody please inform the French that Nigeria is not a francophone country, that refinery would come online and dangote would still remain standing infact he would move in on more African countries because Africa is not haiti. 6 Likes |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by 9jaRealist: 11:03pm On Jul 16, 2021 |
sulaak: SocialJustice: The Dangote refinery is NOT looking for outside investment… Although a number of global oil traders (such Vitol and Trafigura) has reportedly approached it to secure supplies. In fact, the NNPC itself has stated that DANGOTE DOES NOT WANT TO SELL ANY EQUITY… See this recent news report: https://punchng.com/refinery-dangote-not-happy-with-nnpc-proposed-stake-acquisition-says-kyari/ Furthermore, neither it nor the group is “over leveraged”… This project is going to be a veritable cash cow and is already exporting urea fertilizers to the US and Brazil. > |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by 9jaRealist: 11:13pm On Jul 16, 2021 |
nextstep: WELL SAID! Too many small-minded ethnic demagogues here are busy chasing petty tribal agendas. SMH > 5 Likes 2 Shares |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by nextstep(m): 11:16pm On Jul 16, 2021 |
Yankee101: That's a very funny allegation, coming from citizens who bribe officials to speed up their driver's license and passport applications. We also give a little something for the boys in black. We also dash to the omoniles and LGA chairmen so our building project won't be hampered. Even to supply chairs to a government parastatal, you must share your proceeds with the oga in charge, else you don't get the contract. I don't see why we should complain that the big boys also do the same to see their projects through. 8 Likes 1 Share |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by anthony86(m): 11:18pm On Jul 16, 2021 |
No wonder the cost of cement increased recently. 1 Like |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by NwaNimo1(m): 11:19pm On Jul 16, 2021 |
kln |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by NwaNimo1(m): 11:20pm On Jul 16, 2021 |
State Capture? [img]https://media1./images/a9f29b681741224adf870dca2e941149/tenor.gif?itemid=21086547[/img] |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by grandstar(m): 11:21pm On Jul 16, 2021 |
This report is vicious and mean. The writer seems delighted that Dangote has beaten more than he can chew and will soon sink. As much as I disagree with rhe way he does his business, this refinery will do the country a lot of good. He should be praised for such foresight and taking a big risk where others have feared to thread. The project was taking long to complete, even when we take into consideration its size. I am shocked he did not know how to organize the construction. Does he not have a project manager with many years experience? If he is ready to eat humble pie, this project can still be completed despite the dearth of cash if true. All he has to do is to sell stakes to investors. This will reduce his stake but will ensure the completion of the project. 5 Likes |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by Yankee101: 11:23pm On Jul 16, 2021 |
When you bribe to get cement monopoly and kick out the Ibetos, or lock the border to the entire country and allow only yourself import ish, or participate in non oil subsidies for non existent oil shipments, that is economic sabotage. The kind china would shoot you for nextstep: 3 Likes |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by freegaza(m): 11:35pm On Jul 16, 2021 |
Yankee101: What is monopoly? How many cement companies are in Nigeria now? 1 Like 1 Share |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by Aganju849: 11:39pm On Jul 16, 2021 |
Crunchyg2: Na old film be this one wey you dey try put for box office...something wey cast since way back 2012 5 Likes |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by SIRTee15: 11:40pm On Jul 16, 2021 |
grandstar: I think this is the major issue. Refinery business is not really a profitable venture that guarantees quick return on investment. Its a very low profit margin business. It's going to be hard to attract foreign investors that won't demand two arms n two legs especially in a volatile region like nigeria. Dangote may end up becoming a minority stakeholder. However, the refinery is too big to fail. A lot is at stake here. FG will have to find a way to ensure its completion...if it means taking over. I doubt local investors can be of any help. Or is it not nigerian bank collecting 700 million dollars every year over a 7.5 billion loan. Na wa o. Maybe Cubana and his boys can come to his rescue. 1 Like |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by zanshi: 11:41pm On Jul 16, 2021 |
You are correct. The original completion of the project was 2016 and ever since then it has been moved several times. He could have extended equity to the NIgerian Govt and use it to fast track it. |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by calcal: 11:43pm On Jul 16, 2021 |
Those employees that Dangote continues to kill should be the ones to construct the refinery from scratch and continue to manage it, this is the way it works in developed countries. Once you don't have that, it means he won't be able to manage the refinery, any foreign sanction, the refinery will collapse since he depends on foreigners for any serious repair works. Highbeepeeh: |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by nextstep(m): 11:48pm On Jul 16, 2021 |
Yankee101: This old yarn? Please provide evidence for what you're saying. I've been hearing it, but nobody shows solid evidence. In 2006, OBJ (from South) shutdown Ibeto Cement. Why? The import license clearly stated they should also manufacture, however Ibeto was allegedly merely re-bagging cement. I say allegedly, because I wasn't there. Yar’Adua (from North) caused the plant to be reopened. All I've heard since is that Ibeto's shipment from overseas has repeatedly been halted. Tell me, if you manufacture, why will you have bulk cement on ships inbound? If indeed there is a policy to "keep the Igbo man down", is the solution complaining, or learning to play the game? The Igbo men who own over 60% of car industry (importing and manufacturing), wire-making industry, plastic industry, airlines, mass transport, financial industry, real estate in Abuja, etc... is somebody keeping them down too? Abi we should label them monopolists too for cornering their various industries? If Igbos were serious, none of us would use Dangote cement in our projects, if indeed Ibeto is being unfairly targetted. 4 Likes 1 Share |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by benzine: 11:50pm On Jul 16, 2021 |
So where is the oil for the refinery coming from? Has anyone discussed with the militants yet? Una go hear am 1 Like |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by nextstep(m): 11:50pm On Jul 16, 2021 |
zanshi: Kiikiikiikiii... I laugh in Swahili. Did somebody put Nigerian Gov't and "fast track" in the same sentence? I'm still waiting for Ajaokuta. LWKMD 1 Like |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by UbongJamesAkpan(m): 11:50pm On Jul 16, 2021 |
we have heard o |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by UbongJamesAkpan(m): 11:52pm On Jul 16, 2021 |
nextstep:no be juju be that 1 Like |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by Darkblood: 11:53pm On Jul 16, 2021 |
Lol Ehn I don't know o. Don't know him. Will pay attention to him more now. Bmc ponmo bastards Siwisheswereesh: 1 Like |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by Litmus: 12:00am On Jul 17, 2021 |
As long as Dangote works with Indians he's bleeped |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by jaxxy(m): 12:01am On Jul 17, 2021 |
mbahdi: Dangote is a simple and shrewd business man doing a monopoly business like any other business man would. I really don’t see much need for the hate and envy. He’s not the first not the last to have monopoly advantage in a business sector. Even in America it happened. That said this report is full of unnecessary bad blood. This is a humongous project and I think all Nigerians should be proud to identify with it and wish for it to be nothing but a success. I will do nobody good if dangote refinery falls. We will all suffer from such failure. If there were errors made in the project management team i hope it’s rectified soonest and the refinery begins earlier than this report states. If dangote benefits and recoups his investment and settled his debits Nigeria will also gain from his success one way or the other just like shoprite, mtn and many other multinationals investing in the country. So while we are being objective let’s also be compassionate, human and business minded. This refinery must be a success. Period. It is too much money to be wasted. 2 Likes 1 Share |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by jaxxy(m): 12:06am On Jul 17, 2021 |
Yankee101: With the scale of this project government has to support it even if it means changing policies. Obasanjo did same to boost local manufacturing business. Same thing Buhari tried to do bt closing borders. It’s not only dangote. That refinery must serve Nigerians. |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by hunter21(m): 12:10am On Jul 17, 2021 |
nextstep:Cool |
Re: Dangote Refinery: Bailing Out The Unbailable - Investment Or Bailout? by Bundaweber: 12:16am On Jul 17, 2021 |
9jaRealist: succinctly put!! Thank you. I was reading the article and I thought I was in an alternate reality |
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