so they are refining fertiliser ?

Chris525:


The urea/fertilizer part of the company is also quite lucrative and is already running. He even bought 2000 trucks for distribution. I hear they’ll meet local needs which is very huge. That will offset some of the costs. Profits from the fertilizer plant can offset the loan servicing costs. The delay is unfortunate but its not as bad as you lots are making it out to be.

He has other businesses too and can decide to pull funds from any of them which may not be ideal but can always be a last resort. His investment in Cement & Sugar are also multi-billion dollar investments. Obtaining additional loans wont be as hard and the completion of the refinery will not exceed 2023, 2025 date they put out is intentional.

you be billionaire ?

Educationalserv:
it a usless new media with a weed smoker as editor..i bought urea from there and over 20bn naira wort of urea have been procured. Usless bad belle

Was this the game plan from the beginning, did he actually spend upto the amount he said he spent on the project, was the project a means to loot the country money and finally handover the debt and a low standard refinery to Nigeria, has the project actually gotten to the stage they said it has gotten to?

Please Mr. Dangote, we don’t want your refinery. If you are actually sure that the project meets the standard of a modern refinery and what you have done worth the amount you said you have spent on it, please sell your refinery to foreign investors and use the money to pay your debt.

This refinery now looks like a scam project to me and the guy is trying to sign out and handover the debt and fake project to the Nigeria government. The government will surely cover up the scam project and spend times ten of the amount trying to make the refinery work before shouting it down after few months of operation.

We must do everything within our power to ensure that does not happen

EMIOMOADEOYE:


If AMCON takes over that refinery, that is the end.

Its never going to see the light of day. It will just become a haven for thugs and vandals who will have a filled day selling of the metal parts for scrap. And boy there is a shit ton of metal parts in there.

Ajaokuta Steel Mill in AMCONS hands has been there forever.

I don't hat Dangote. I don't like him either. But this project needs to happen.

I sense the hands of frustration elements in this. Some people do not want it to see the light of day.

That’s it.

Nobody that wants good for Nigeria would want that project to fail.

It will solve a lot of foreign exchange issues for Nigeria.

Amongst other things. The project should succeed.

frog12:
so they are refining FERTILIZER ?

Abegi keep up…

It’s an INTEGRATED refinery and petrochemicals complex…
As there are MYRIAD byproducts derivable from oil and gas.

The complex consists not only of the world’s largest single-train refinery…
But also the world’s largest polypropylene and polyethylene plants, and Africa’s largest urea fertilizer plant.

Unlike DUMB Nigerian governments that rely almost entirely on crude exports…
Dangote has built an INTEGRATED complex that adds value to Nigeria’s hydrocarbon resources in MANY ways!
>

frog12:
you be billionaire ?

otodo by 650 dealers .daily production 120 trucks x 7000000.

Penguin2:
As much as I don’t like Dangote because of his monopolistic tendencies in whatever sector he ventures into, I wouldn’t wish a govt takeover of the refinery.

Sometimes we have to enthrone reason over whatever primordial sentiments we might harbour.

If AMCON takes over the refinery, what’s the guarantee it won’t become just another Warri, Port Harcourt and Kaduna refinery?

Or become like Ajeokuta Steel plant?

Since AMCON took over Keystone, Enterprise, Heritage and one other banks, I don’t think those banks have been anything close to what they used to be.

But why will start of production at the refinery be pushed to 2025 for a refinery touted to be above 80% completed and is projected to start production by first quarter of 2022?

I doubt the veracity of this new claim abeg.

Heritage is not taken over by AMCON o, check your facts

justmondris:
Was this the game plan from the beginning, did he actually spend upto the amount he said he spent on the project, was the project a means to loot the country money and finally handover the debt and a low standard refinery to Nigeria, has the project actually gotten to the stage they said it has gotten to?

Please Mr. Dangote, we don’t want your refinery. If you are actually sure that the project meets the standard of a modern refinery and what you have done worth the amount you said you have spent on it, please sell your refinery to foreign investors and use the money to pay your debt.

This refinery now looks like a scam project to me and the guy is trying to sign out and handover the debt and fake project to the Nigeria government. The government will surely cover up the scam project and spend times ten of the amount trying to make the refinery work before shouting it down after few months of operation.

Yes, he spends BILLIONS to “scam” Nigerians…
And we would rather keep IMPORTING often ‘dirty’ crude instead of the Dangote plant’s Euro-V fuel (the world’s highest standard).

He is “scamming” Nigerians by creating TENS OF THOUSANDS OF JOBS IN NIGERIA FOR NIGERIANS (along the entire value chain), generating revenue (through corporate and income taxes, as well VAT) for the Nigerian Treasury to hopefully (to the extent not looted by politicians) invest in education, healthcare, security, public transportation, social investment, etc. He is “scamming” Nigerians by saving the BILLIONS of dollars that Nigeria foolishly spends on fuel imports (reportedly about $6 billion of scarce foreign reserves yearly - more than 30% of all official imports) for a nation that is one of the world’s leading producers of crude oil - supporting FOREIGN refineries and workers in the process. He will also be “scamming” Nigerians by EARNING foreign currencies for Nigeria by exporting products (including fertilizer reportedly already exported to the US and Brazil this past July).

Many Nigerians truly DESERVE the DUMB clueless leaders they have. Sai Baba!! SMDH
>

Igyeseh06:
How can a whole richest man in Africa be owing such debt?

Is there something they are not telling us?

OChimex:
My brother Economics is far beyond ethnic stupidity it tells right away. If they don't follow expert advice and run Economics like a science, then, they know they all will be doomed as well. Make they try empty the vault naa, they themselves go stab themselves. Naija go shutdown.

This dangote of a guy is not smart, how can one start a project bigger than your entire networth? Who does that? Who is advising him? Suddenly the naira slips further to dollar making the cost of the project to increase.

How can you invest such amount in refinery when the world is soon moving to electric car? He is just backward thinking. The Internet that is the main game he refused to invest it. Soon cement might be outdated too.
Why only invest in things that brings you valueless naira, why can't you invest hugely on things that you will export and earn in hard currencies like dollars and pounds and euros?
I wonder why this guys hate to think in the future...

Ruggman:
A supposed billionaire , Reportedly worth about $10 billon , owing a staggering debt of $8.4.
That means his personal wealth is not More than #1.6 billion
How come he is reported as the richest man in Africa?.
If you check properly he may also have some other unreported debts
How much is Dangote truly worth? Is he a government made billionaire ?, Or selfmade? , I am just asking
please help me with an answer if you know.
Wonders shall never end in this our Nigeria. If you know you.
NB
We that are struggling to make it on our own With no government or bank to help us, please don't kill yourself because of those government made billionaires

First, there’s a difference between personal debt and corporate debt…
Furthermore, a ledger has TWO columns - assets and liabilities. The $8.4 billion debt is OFFSET by the value of the refinery.

The ILLITERATE who wrote this “article” thinks this like the money the writer would borrow from his in-laws to buy boli…
On the corporation’s balance sheet, the value of the refinery is ADDED to its assets, and that’s likely to be MORE than any debt.
>

OChimex:
My brother Economics is far beyond ethnic stupidity it tells right away. If they don't follow expert advice and run Economics like a science, then, they know they all will be doomed as well. Make they try empty the vault naa, they themselves go stab themselves. Naija go shutdown.

This dangote of a guy is not smart, how can one start a project bigger than your entire networth? Who does that? Who is advising him? Suddenly the naira slips further to dollar making the cost of the project to increase.

How can you invest such amount in refinery when the world is soon moving to electric car? He is just backward thinking. The Internet that is the main game he refused to invest it. Soon cement might be outdated too.
Why only invest in things that brings you valueless naira, why can't you invest hugely on things that you will export and earn in hard currencies like dollars and pounds and euros?
I wonder why this guys hate to think in the future...

Huh?! The complex has reportedly already EXPORTED fertilizer to the US and Brazil…
https://www.reuters.com/article/us-nigeria-dangote-fertiliser/nigerias-dangote-to-start-exporting-fertiliser-to-u-s-brazil-idUSKCN2DY1D7

Furthermore, the complex will EXPORT polypropylene and polyethylene from its petrochemicals plant…
And the reason it’s fuel products is Euro V standard (the world’s highest) is because large amounts will be EXPORTED.

Meanwhile, Dangote Cement EXPORTS cement to some African countries…
While creating TENS OF THOUSANDS OF JOBS IN NIGERIA FOR NIGERIANS! That’s the “science” of sound Economics!
>

Help!!

I just got a new apartment and there is a lot of cement stains.

Any chemicals that can help?
The one I tried isn't working��

In a sane environment Sahara Reporter would have been banned with there several fake news or assumptions. I searched every where too and the commencement day of the refinery is still scheduled in 2022. I wonder where they see that 2025 they have been saying for few months now.

Penguin2:
As much as I don’t like Dangote because of his monopolistic tendencies in whatever sector he ventures into, I wouldn’t wish a govt takeover of the refinery.

Sometimes we have to enthrone reason over whatever primordial sentiments we might harbour.

If AMCON takes over the refinery, what’s the guarantee it won’t become just another Warri, Port Harcourt and Kaduna refinery?

Or become like Ajeokuta Steel plant?

Since AMCON took over Keystone, Enterprise, Heritage and one other banks, I don’t think those banks have been anything close to what they used to be.

But why will start of production at the refinery be pushed to 2025 for a refinery touted to be above 80% completed and is projected to start production by first quarter of 2022?

I doubt the veracity of this new claim abeg.

Tobest94:
I believed inflation has affected him a lot. The time value of the money budgeted to kickstart and complete the operation in 2016 isn’t the same as now.. what he could have purchased then would have added price

Dangote is using very subsidised forex. Inflation has nothing on him. He is a product of the fulani controlled federal hegemony. Without federal government, he is nothing. Never an astute bizman.
He abhors competition like his brothers.
SEPLAT is building multi million dollar gas refinery in imo state but we don't hear pim about it
Almost in completion. Why? Cos he has nothing to do with politicians.
You hear what you have to hear at the right time not public hyping and it's 100% privately funded.
That,my dear is how real biz man operates.
Dangote can't breath without Abuja and he is in so much debt. We will hear more.
Politicians made you and you refused them 20% equity. Let's watch and see.
Richest man in Africa foot.
Citing his refinery in lagos is his biggest mistake

He go hear am.
He should researched history.

Poor project execution.

descarado:

Dangote is using very subsidised forex. Inflation has nothing on him. He is a product of the fulani controlled federal hegemony. Without federal government, he is nothing. Never an astute bizman.
He abhors competition like his brothers.
SEPLAT is building multi million dollar gas refinery in imo state but we don't hear pim about it
Almost in completion. Why? Cos he has nothing to do with politicians.
You hear what you have to hear at the right time not public hyping and it's 100% privately funded.
That,my dear is how real biz man operates.
Dangote can't breath without Abuja and he is in so much debt. We will hear more.
Politicians made you and you refused them 20% equity. Let's watch and see.
Richest man in Africa foot.
Citing his refinery in lagos is his biggest mistake

He go hear am.
He should researched history.

Where is SEPLAT getting forex from?

Although it is been over two years since i visited the refinery, but I don't think Sahara Reporter is saying anything truthful, the last I heard it is 80% complete, the reason Alhaji is focusing on the Maritime safety at sea is most likely because they are already planning to commence shipping. I don't even think they have details of the financial arrangement involve in the refinery....My own is that Alhaji should just stay focus .

Bukasint:


Thank You Jesus

How is this something to be grateful for?

OmoManU:

Heritage is not taken over by AMCON o, check your facts

You are right.

Heritage bank acquired Enterprise Bank, one of the banks that AMCON took over in 2011.

descarado:

Dangote is using very subsidised forex. Inflation has nothing on him. He is a product of the fulani controlled federal hegemony. Without federal government, he is nothing. Never an astute bizman.
He abhors competition like his brothers.
SEPLAT is building multi million dollar gas refinery in imo state but we don't hear pim about it
Almost in completion. Why? Cos he has nothing to do with politicians.
You hear what you have to hear at the right time not public hyping and it's 100% privately funded.
That,my dear is how real biz man operates.
Dangote can't breath without Abuja and he is in so much debt. We will hear more.
Politicians made you and you refused them 20% equity. Let's watch and see.
Richest man in Africa foot.
Citing his refinery in lagos is his biggest mistake

He go hear am.
He should researched history.

Yea.

I think building the refinery several miles away from the location of the raw material is a great miscalculation on his part. I wonder who advised him.

Now imagine the cost of shipping crude oil alone from Niger Delta to Lagos. Think of maritime security risks involved.

What if Biafra secedes?

These are things he should have considered.

9jaRealist:




First, there’s a difference between personal debt and corporate debt…
Furthermore, a ledger has TWO columns - assets and liabilities. The $8.4 billion debt is OFFSET by the value of the refinery.

The ILLITERATE who wrote this “article” thinks this like the money the writer would borrow from his in-laws to buy boli…
On the corporation’s balance sheet, the value of the refinery is ADDED to its assets, and that’s likely to be MORE than any debt.
>

Calm down educated man. Please answer these questions.

First you have to finish building the refinery before it becomes an asset?

Where will he source the money to finish it, if not from his already net worth?
At least most of the money should be from him.

Do you think any naija bank fit borrow you such amount in dollars?

Which bank get that kind money in billion dollars?

If you borrow such huge money from banks with huge insterests, by the time the refinery is due and start working until it starts making money to pay back, interests for don chop you die.

The problem naija education system get be people who think they are experts always throw away common sense/ on the field experience and natural wisdom, aside basing only on textbook theories.

Wetin u said na just textbook theory

No wonder the price of cement keep soaring everyday.

Can somebody throw light on these two paragraphs
The Nigerian National Petroleum Corporation (NNPC) has made available $3.8 billion as part of federal government’s 20% equity in the project, providing $1 billion cash, while the remaining $2.8 billion will be in crude supply.

This development has been described by industry observers as strange because $2.76 billion falls short of 20 percent of the Dangote project valued by the sponsor at $16 billion. Using the $16 billion value, 20 percent should be $3.2 billion and analysts have expressed dissatisfaction at the disparity in the project’s value and NNPC’s funding.

I think greediness pushed him to this juncture because I dont understand the reason behind his change of location from Ondo to Lagos State.Sand filling alone would cost him enormous amount of money.

9jaRealist:


Huh?! The complex has reportedly already EXPORTED fertilizer to the US and Brazil…
https://www.reuters.com/article/us-nigeria-dangote-fertiliser/nigerias-dangote-to-start-exporting-fertiliser-to-u-s-brazil-idUSKCN2DY1D7

Furthermore, the complex will EXPORT polypropylene and polyethylene from its petrochemicals plant…
And the reason it’s fuel products is Euro V standard (the world’s highest) is because large amounts will be EXPORTED.

Meanwhile, Dangote Cement EXPORTS cement to some African countries…
While creating TENS OF THOUSANDS OF JOBS IN NIGERIA FOR NIGERIANS! That’s the “science” of sound Economics!
>

The fertiliser export hasn't started ooo. Read your article again.

The other polyth.. is a case of will, haven't started...
Until they start then we see. This is a good development if he will sustain it and make billions of dollars as well from international market.

These western billionnnaires from their far side dey take something from us steady, so e good make our billionnaires take from their economy too.

African countries are not major players in international market, they buy very little quantities compared to other continents. If you doubt check China major buyers...

So exporting to African countries is good but its the same as selling in nigeria.

Story story. These people are so predictable

This is a story of greed that we all need to learn from.

Fahdiga:
Tell us another cock and bull story. This terrorist Fulani led federal government will rather empty Nigeria's vault than to see Dangote encounter financial problem

@Seun
This is the kind of content found all over your website.
I hope there won't be crying and wailing the day they go over the top and govt decides to take action.
Calling people terrosists is not free speech.

hmm. abeg o. this one will sink BANKS OOO

Ok

Immatex:


The man was never as rich and wealthy as he is projected to be.

He had always had his way to National Cake. Enriched himself by borrowing from his country.

All assets owned by him is in one way or the other connected to our National Treasure.

He not only take loans with no plan of repaying them, he goes a step further and lobbies for market monopoly as his only business survival strategy.

When he gets the monopoly, he hikes the price of whatever commodity he sells beyond the reach of the common man so as to settle his cabals in the corridor of power.

The vicious circle of their fraud will one day come to light.

They've already worked out the monopoly in the petroleum industry for him hence the need for quick ratification of PIB bye the rubber stamp house of assembly.

Only few knows the truth about his business ideology... There's a huge question mark on his loan repayment/financial integrity....

MSRA:
Not happening. Fake news. Dont get me wrong; I would dearly love this to happen. But the capitalist that Dangote is, I don't see how he would ever allow this to happen.

The Dangote Refinery was an ill-advised venture from all indications. I believe the refining capacity was chosen more for bragging rights than practicality. How many oil companies built a 650k bpd refinery at the height of the oil boom when crude had the best prospects for the future, much less now that the crude and oil future isn't so bright in the face of alternative energy sources?

Even at completion, there would still be challenges on ROI, long term profitability and operational capacity. And now the road to completion is so rough with several episodes of flooding, cost overun, interest payments and shifting of the completion date more than 6 times!

Dangote's last resort out of the mess now seems to be how to dump the whole shit in Nigeria's lap. From 20% equity by NNPC to AMCON taking the refinery's bad loans off the banks to relieve him of the pressure from the banks. AMCON is starting to look like an avenue for benefiting some banks and wealthy individuals by taking over dirty loans. If not, what is AMCON's business with a loan that is still being serviced by the richest black man in the world?