Honestly this is not a good development

Omo....Dangote may show Nigerians pepper when the project is eventually completed. There must be srong consumer protection in this nation. I just pray whoever will be the president will have the ball to protect Nigerians from Dangote. Dangote is staking his life savings on the project now.

In it's rating, Fitch argues that Dangote Industries suffers from weak corporate governance. It says that the existence of a “complex group structure with a large number of related-party transactions” has “a negative effect on operational and financial transparency.”

“We also think it’s a risk that Aliko Dangote, as CEO and main shareholder, has a lot of power over operations,” it added.


Very gentle way of saying ‘riddled with corruption’.

aieromon:
Nigerian media and sensational nonsense.



https://www.fitchratings.com/research/corporate-finance/fitch-rates-dangote-industries-aa-nga-outlook-stable-06-05-2022

I'm so glad beings like you exist.

Big man Big wahala

One of the problem of dangote refinary is, he gave Indian and china contracts and he still went ahead to appoint India as a supervisor.
Some of the India are not doing anything, just to go site, press phone and leave at evening time.
The amount paying to Nigerians are not the same with India. ( Dsame job )
The curse of the Nigerians working there may not even make the refinary to work because of the way the way both India and China are maltreating them.

1stGenAmerican:
In it's rating, Fitch argues that Dangote Industries suffers from weak corporate governance. It says that the existence of a “complex group structure with a large number of related-party transactions” has “a negative effect on operational and financial transparency.”

“We also think it’s a risk that Aliko Dangote, as CEO and main shareholder, has a lot of power over operations,” it added.


Fitch’s very gentle way of saying ‘riddled with corruption’.

Probably why Fitch has a special rating of 'AA(EXP)(nga) for Nigeria, though it's probably not as riddled as government owned companies.

aminulive:
POLITICSNIGERIA.COM


https://politicsnigeria.com/just-in-dangote-unable-to-complete-refinery-by-2023-over-cash-constraints/

he better start that shit on time now that Europe is set to focus on Africa.

MrMcJay:
Cash constraints

In simple English,

SAPA

You're something else lol

budaatum:


I'm so glad beings like you exist.

What you’re posting is from the same report used in the article in the OP which includes an interpretation of the information.

https://www.fitchratings.com/research/corporate-finance/fitch-rates-dangote-industries-aa-nga-outlook-stable-06-05-2022

1stGenAmerican:


What you’re posting is from the same report used in the article in the OP which includes an interpretation of the information.

https://www.fitchratings.com/research/corporate-finance/fitch-rates-dangote-industries-aa-nga-outlook-stable-06-05-2022

Yeah, I know. Glad the person I quoted pointed out the thread topic doesn't fit the report.

budaatum:


Yeah, I know. Glad the person I quoted pointed out the thread topic doesn't fit the report.

Actually, in some ways it does.

einsteine:
Summary:

Dangote has liquidity issues and there are cost overruns

Fitch is also concerned with the key man risk. What happens if Dangote dies suddenly? The organization is not properly structured to function without the key man"Mr Aliko"

This was the crux of my argument in a thread where some people were suggesting that Dangote Group is worth up to $40b. As it stands, Dangote Group is essentially a giant kiosk, because the purported value of the Group is tied to the stature/persona/influence of Dangote the individual. Isn't that why he got the NNPC to pay a ridiculous $2.5b for a 20% stake in the refinery project? Thus ridiculously overvaluing the inchoate refinery.

If the man somehow falls out of favour with the government of the day, or worse still, if he fails to wake up tomorrow morning, then your guess is as good as mine to think of what would happen to Dangote Group and its so-called value.

1stGenAmerican:


Actually, in many ways does.

I think it's a matter of opinion, though it should be noted that projects like these usually overrun.

I'm sure he'll raise the money since he's got lots of equity to sell.

Reminds me of Musk. He too might not have enough money to buy twitter, its being reported.

Yar'Adua had a reason he revoke the sale of one of our refinary to Dangote returned it back to the government.
He knew something we don't know

Ask Elon Musk to borrow you

I feel for you sha,, to be the richest black man coming from the wrong country

Faiththatworks:
The topic already tells you where the story will end.
I didn't even read more than the first paragraph before I knew the author of the article wanted Alh Dangote to sell part of his conglomerate.
Dangote is about to cripple a lot of business for the Europeans and their lackeys so I expect them to fight back bitterly.
The part of poor corporate structure of Dangote holdings is very laughable, at least Dangote even has a structure,I'm sure Elon Musk doesn't have any semblance of corporate structure with the way he runs his business.
People especially foreigners are not happy with Dangote total domination of the cement factory in Nigeria and some parts of Africa,now he will have the same total domination over oil and gas, especially in Sub-saharan African, that's a threat to a lot of global financial institution.
And finally his CEO made another statement that sent gitters down the spine of many parasitic companies and countries fleecing Africa,Dangote is moving into the steel sector, I expect the fight back to get more dangerous and bitter in the coming months.
God bless Alh Dangote
God bless Nigeria.

FinTech that's evenly compromised and grossly corrupt. The typical crab mentality of the WEST.

aminulive:
POLITICSNIGERIA.COM


https://politicsnigeria.com/just-in-dangote-unable-to-complete-refinery-by-2023-over-cash-constraints/

Don't believe this white guy they know they will loose alot by us bringing an end to importation of refined products. And dangotes wealth is going to rise astronomically towards 80 to 100billion dollars and could even take a shot at being among the 10 richest men in the world..they want to create a FUD just like what happened to luna..do kwon greed and a fud killed that coin

Wike will come to the rescue when elected president.

Ordinary 19b dollars Elon monks dey use do give away... this has proved us right... dangote is not self made as the central government broke nah so he go get dry pocket.. abeg make dey no touch that small money inside my bank account ooo

PENNYSWAP:
Let Nigerian government go and buy another percentage of dangote refinery

They will carry money meant for poor masses and pump into a private entity refinery while the state owned refinery is laying dead

Why not invest the $2.5 to $4 bn to build a new 200,000 barrel refinery in Akwa Ibom, Bayelsa or in SE and spread the risk.

Dangote still dey find money true true? So Burna boy was right about this?

Mooh247:





Shameless Politicians have 100 million to waste


I hope Dangote sells his refined product at international price or sell his products to other African nation since they only have money for APC party form


.

If u know how much this government have put in the so called private refinary u won't make this statement

International cho cho cho

Refinery na your mate?

Ko easy rara...

nedekid:
Hmm, more pressure on the naira against the dollar to fund this project. Also the relieve expected from ending importation if petrol extended.
On a lighter note can't dangote approach Obi Cubana and chief priest for soft loans? Abi billionaire get levels

The money weh hi nid no bi cubana mate.
Contact us for your stamped concrete floors.

Boiled corn and coconut is out o.
Them don de sell am for my area

The report looks unprofessional. Some of the details appear unnecessary and too personal. Reads like a personal attack.

It is common for such complex construction projects to experience cost overrun and delays.

1. HSE rail project UK - going to cost over $130 billion, nearly 3 times the original estimate. UK govt is now reducing the distance of the rail in order to bring down the overall cost. And that's a government funded project.

2. Berlin's BER airport GERMANY - Was due to open in 2012. Just before its opening, inspectors found nearly 120,000 defects. It took another 10 years to correct the errors. It finally opened last year, nearly 10 years later. And Germans are supposed to be excellent engineers. Building an airport is not even half as complex as building what Dangote, a private individual, is trying to build in Lagos.

Dangote's project is monumental. He deserves recognition and indeed support for his courage in taking on this project.

You think 19 billion dollars is a joke
Thats a whole lot of trillions in naira

All this iG millionaires and self acclaim billionaire no get 500m dollars in cash and asset


Men clothing payment on delivery within lagos and nationwide delivery

Matters arising.
Remove Nigerian politicians dangote cement not to talk of refinery would have ceased to exist.


Somewhere in igboland one gentleman is quietly building refinery and you won't hear pim.
No govt presence. The refinery will start work and we will still be here hyping dangote with his fleet of thieves.

Tuah.

He should go and learn 101 of business management, growth and sustainability from experts.

That is why restructuring is the answer to this country...if each states build their own refinery it will be cheaper and easier to build because you are building a smaller refinery that will serve that particular state.with a few population....but when you are building a refinery for a whole country like nigeria with a population of more than 200 million nigerians ..it will cost a lot of money take a lot of time to build because you have to build a very large gigantic refinery to serve the whole country nigeria... that is why dangote refinery is taking more longer to build ... now it's up to 10 years this refinery this refinery was started to build till now it's still not yet completed

SweetVibe:
Yar'Adua had a reason he revoke the sale of one of our refinary to Dangote returned it back to the government.
He knew something we don't know

He knew nothing! That was a very poor and nonsensical decision which has left the refineries as moribund carcasses and filthy liabilities.