Look my friend, life is tough. It's tougher when you are not smart, intelligent, spoon fed or you rides on political patronage!

The Nigerian press & journalism was, is not alive to their responsibilities. Some call them Brown envelope journalists, others Call them unprofessional.

Take this the bank Dangote; the Nigerian born world's richest black man, the bastion of all that is fiscally wrong with the Nigerian economy on a large scale is on its way to the abyss. He has just only one Choice: A more Transparent Business Model that accommodate competition without using Gov influenced policies to muscle them out. This he can afford to do, but he won't. A peep into his books by International Auditors have uncover some of the most shameful practices since Enron, WorldCom and Madoff. Hence Fitch's Advisory that the dude is flat broke.

Dangote problem is legion, but here's a few bit of the more obvious ones you should know---- Non Transparent dealings, political patronage instead of business innovation, strangulation of Competitors, Shady JV with Nigerian Gov agencies, One man controlled business empire, over exposure in his quest to diversify into Petroleum Refinery, etc.

Remember in one of my earlier Thread here on nairaland, I said, Quote, " Dr Innocent Chukwuma, MD CEO of Innoson Motors is, might be Richer than Dangote!". It's fact. It's one of the stuff I uncovered in my previous research. I was actually wondering if people would believe me if I tell them. It wasn't even up to one week, what my source told me in New York is been revealed by Fitch. Some of the things I uncover in my business research is mind boggling. I'm scared sometimes to make public posts about it! Only to those who paid me for such Research. I'm a honest man I tell you my friend.

There's nothing the West hates like a cooked book, a Business that rides on political patronage or an all powerful one man controlled business! It's opposite of all they stand for.

If the Ambani brother in India can go Burst, Dangote should not surprise any economic observer. Like all businesses built by political patronage, unfair trade practices, political strangulation of other competition, so also, it's doomed to fail at some point in time.

For leaking this confidential information that Nigerian born wealthy man Dangote is broke, and cap in hand begging for loans from fellow Rich men, to complete his Refinery in Lagos, even though they have put in some bits of dollars, I can confidentially tell you that there's a gun to Dangote head......not by bandits or kidnappers but by his fellow Rich men. Dilute your holdings/Shares or go burst!
They have cut him to size. They're humiliating him. They are devaluing him. For lying to them all these while that infact he is a Rich man! Whereas he's just one lucky bunch of motherfucker privileged to have idiots running the largest economy in Africa. Hahahaha. Forgive my words! Americans are crazy when they discover some things they hate. That's why I'm very transparent in all my dealings.
I can imagine Dangote living on less than $2 per day in Kano. Damnit!

The West is not Nigeria, where he can put a call to the President, his kinsman, and the non independent, fiscally irresponsible Governor of Central Bank, Emefiele Godwin, would push Dollars through the back door to him. At the detriment of the larger economy. Now there's no dollar to push out anymore because it has dried up! Lala lala Lulu lala!! The weather is bit hot here today, no need for a cup of coffee!

I can imagine what the West would uncover if they request for a Transparent Audit of Nigeria Central Bank Under Emefiele Godwin. That man is fiscally irresponsible to a fault, & politically active to be a Governor of a supposed independent body like a Central Bank.

Let me tell you this. Dangote, and a host of other Nigerians who rides on political patronage for their status are directly responsible for the depression of the Nigeria economy when they influenced the CBN gov policies on alternate FX rates.

The West are Keen on rebuilding the world's economy shattered by Covid19 pandemic and Russian-ukrainian war in Europe. Nigerian economy can create some shocks for them if people like Dangote are not sanctioned or made to be more competitive and Transparent. This can not be achieved if he alone; Dangote, controls Dangote Group! The West can not afford another Venezuela in Africa! We are talking of 200 million people, and trillion of dollars in Oil & Gas infrastructures that would potentially loss 70% of their Value.

It's time for Nigerian Big man; Dangote to pay his debt to history!

Dangote can never be broke. Stop praying for his down fall.

@op I think you're the one who's broke here.

[quote author=Jennyclay post=112910116]Dangote can never be broke. Stop praying for his down fall.

@op I think you're the one who's broke

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023
May 14th 2022, 2:52:34 pm

According to the report, Dangote has invested all his cash and even borrowed to finance the refinery project.
The report claims that the only way Dangote can raise money is through the sale of bonds by his cement company, Dangote Cement.
A new report claims that Africa’s richest man, Aliko Dangote, does not have the kind of money needed to complete his refinery by 2023.


The report published by Fitch, the world’s biggest global rating agency, alleges that the Nigerian billionaire requires an additional $1.1 billion (900 billion) to complete the refinery but has invested all his cash and even borrowed to finance the refinery project.

According to the report, the Dangote refinery project is still on track to be completed by 2023 and requires an additional USD1.1 billion capex in 2022 to be partly funded by the new bond.

The report adds that Dangote Industries Limited (DIL) is planning to establish a local bond programme amounting to USD750 million to partially finance the completion of its refinery and petrochemical plant. DIL's subsidiaries - Dangote Oil Refining Company Limited (DORC) and Dangote Fertiliser Limited (DFL) - will be co-obligors under the proposed programme.


“Funding for the completion of the refinery project is expected to be partly covered by proceeds of the new bond. If the transaction is not successful, or should completion costs overrun or market conditions in the cement or urea sector deteriorate materially, we do not believe that DIL's existing creditors would have further lending capacity. We believe that further asset sales, either in cement or stakes in the projects, would be the more likely options to address funding of the refinery.”

Fitch also noted that Dangote Industries suffers from weak corporate governance, adding that it’s a risk for Dangote, who already has a lot of power over operations, to remain the largest shareholder and CEO of the project.

In the report, Fitch said, “DIL has a complex group structure with a large amount of related-party transactions, with a negative effect on operational and financial transparency. We also view the dominance of Aliko Dangote, as CEO and the main shareholder, in operations as an additional risk.”

Fitch concluded its report by saying that the refinery project is expected to sustain strong margins and yield solid cash generation, adding diversification to DIL's profile and allowing rapid deleveraging.

“Once operational, we expect this project to contribute around USD1 billion to EBITDA annually when ramped up from 2024,” it added.
VICTOR OLUWOLE
JOIN BUSINESS INSIDER AFRICA

This is a report by a reputable media Business insider Africa.

Jennyclay:
Dangote can never be broke. Stop praying for his down fall.

@op I think you're the one who's broke here.

Look my friend it had nothing to do with prayers. Prayers or visits to Jerusalem, Mecca, Rome don't work in these sort of things.

Principles upon which economies are built care less of what you pray, how you pray or who you pray to! Adherence to laid down rules of engagement and Fiscal Responsibility is all that matters! That's my message my friend!

No need to be emotional. At this point in Dangote life, I hate to be on his shoes! Ok?

Break the Monopoly of Shady business men in Nigeria... And the economy would grow by itself. When this happens, your life improves as well! And values would be created.

Dangote isn't as Rich as Forbes rates him. Dude is infact a shady business man with lots of cooked books, back door dealings and Nigeria Gov patronage.

The West just discovered that the motherfucker is not as Rich as Forbes rated him, just that dude is privileged to have idiots running the largest economy in Africa! Economy him & his cohorts have helped into recession thrice. And bad news; he is fucking broke! His only source of Free dollars is fucking dried up!

If you read the full report by Fitch you will be utterly speechless as to how insolvent DIL is!

Bigkoko:
Look my friend, life is tough. It's tougher when you are not smart, intelligent, spoon fed or you rides on political patronage!

The Nigerian press & journalism was, is not alive to their responsibilities. Some call them Brown envelope journalists, others Call them unprofessional.

Take this the bank Dangote; the Nigerian born world's richest black man, the bastion of all that is fiscally wrong with the Nigerian economy on a large scale is on its way to the abyss. He has just only one Choice: A more Transparent Business Model that accommodate competition without using Gov influenced policies to muscle them out. This he can afford to do, but he won't. A peep into his books by International Auditors have uncover some of the most shameful practices since Enron, WorldCom and Madoff. Hence Fitch's Advisory that the dude is flat broke.

Dangote problem is legion, but here's a few bit of the more obvious ones you should know---- Non Transparent dealings, political patronage instead of business innovation, strangulation of Competitors, Shady JV with Nigerian Gov agencies, One man controlled business empire, over exposure in his quest to diversify into Petroleum Refinery, etc.

Remember in one of my earlier Thread here on nairaland, I said, Quote, " Dr Innocent Chukwuma, MD CEO of Innoson Motors is, might be Richer than Dangote!". It's fact. It's one of the stuff I uncovered in my previous research. I was actually wondering if people would believe me if I tell them. It wasn't even up to one week, what my source told me in New York is been revealed by Fitch. Some of the things I uncover in my business research is mind boggling. I'm scared sometimes to make public posts about it! Only to those who paid me for such Research. I'm a honest man I tell you my friend.

There's nothing the West hates like a cooked book, a Business that rides on political patronage or an all powerful one man controlled business! It's opposite of all they stand for.

If the Ambani brother in India can go Burst, Dangote should not surprise any economic observer. Like all businesses built by political patronage, unfair trade practices, political strangulation of other competition, so also, it's doomed to fail at some point in time.

For leaking this confidential information that Nigerian born wealthy man Dangote is broke, and cap in hand begging for loans from fellow Rich men, to complete his Refinery in Lagos, even though they have put in some bits of dollars, I can confidentially tell you that there's a gun to Dangote head......not by bandits or kidnappers but by his fellow Rich men. Dilute your holdings/Shares or go burst!
They have cut him to size. They're humiliating him. They are devaluing him. For lying to them all these while that infact he is a Rich man! Whereas he's just one lucky bunch of motherfucker privileged to have idiots running the largest economy in Africa. Hahahaha. Forgive my words! Americans are crazy when they discover some things they hate. That's why I'm very transparent in all my dealings.
I can imagine Dangote living on less than $2 per day in Kano. Damnit!

The West is not Nigeria, where he can put a call to the President, his kinsman, and the non independent, fiscally irresponsible Governor of Central Bank, Emefiele Godwin, would push Dollars through the back door to him. At the detriment of the larger economy. Now there's no dollar to push out anymore because it has dried up! Lala lala Lulu lala!! The weather is bit hot here today, no need for a cup of coffee!

I can imagine what the West would uncover if they request for a Transparent Audit of Nigeria Central Bank Under Emefiele Godwin. That man is fiscally irresponsible to a fault, & politically active to be a Governor of a supposed independent body like a Central Bank.

Let me tell you this. Dangote, and a host of other Nigerians who rides on political patronage for their status are directly responsible for the depression of the Nigeria economy when they influenced the CBN gov policies on alternate FX rates.

The West are Keen on rebuilding the world's economy shattered by Covid19 pandemic and Russian-ukrainian war in Europe. Nigerian economy can create some shocks for them if people like Dangote are not sanctioned or made to be more competitive and Transparent. This can not be achieved if he alone; Dangote, controls Dangote Group! The West can not afford another Venezuela in Africa! We are talking of 200 million people, and trillion of dollars in Oil & Gas infrastructures that would potentially loss 70% of their Value.

It's time for Nigerian Big man; Dangote to pay his debt to history!

We'll see how things pan out eventually.

Is this topic out of ignorance or what exactly?
Dangote can never be broke, even in the next 5 years.

Farouktech:
Is this topic out of ignorance or what exactly?
Dangote can never be broke, even in the next 5 years.

I guess you are educated, and knows how to comprehend beyond just able to read.... Read the Report by Fitch, the world's Biggest Rating Agency. Dangote believe Fitch more than you or me.... So I guess you are ignorant not to know who Fitch is, or how they help billionaires & global S&P Companies around...

Talking of broke. They're are saying he's going to be, or is as poor as you are, would be or might be...
Take a look at Report.


Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023
May 14th 2022, 2:52:34 pm

According to the report, Dangote has invested all his cash and even borrowed to finance the refinery project.
The report claims that the only way Dangote can raise money is through the sale of bonds by his cement company, Dangote Cement.
A new report claims that Africa’s richest man, Aliko Dangote, does not have the kind of money needed to complete his refinery by 2023.


The report published by Fitch, the world’s biggest global rating agency, alleges that the Nigerian billionaire requires an additional $1.1 billion (900 billion) to complete the refinery but has invested all his cash and even borrowed to finance the refinery project.

According to the report, the Dangote refinery project is still on track to be completed by 2023 and requires an additional USD1.1 billion capex in 2022 to be partly funded by the new bond.

The report adds that Dangote Industries Limited (DIL) is planning to establish a local bond programme amounting to USD750 million to partially finance the completion of its refinery and petrochemical plant. DIL's subsidiaries - Dangote Oil Refining Company Limited (DORC) and Dangote Fertiliser Limited (DFL) - will be co-obligors under the proposed programme.


“Funding for the completion of the refinery project is expected to be partly covered by proceeds of the new bond. If the transaction is not successful, or should completion costs overrun or market conditions in the cement or urea sector deteriorate materially, we do not believe that DIL's existing creditors would have further lending capacity. We believe that further asset sales, either in cement or stakes in the projects, would be the more likely options to address funding of the refinery.”

Fitch also noted that Dangote Industries suffers from weak corporate governance, adding that it’s a risk for Dangote, who already has a lot of power over operations, to remain the largest shareholder and CEO of the project.

In the report, Fitch said, “DIL has a complex group structure with a large amount of related-party transactions, with a negative effect on operational and financial transparency. We also view the dominance of Aliko Dangote, as CEO and the main shareholder, in operations as an additional risk.”

Fitch concluded its report by saying that the refinery project is expected to sustain strong margins and yield solid cash generation, adding diversification to DIL's profile and allowing rapid deleveraging.

“Once operational, we expect this project to contribute around USD1 billion to EBITDA annually when ramped up from 2024,” it added.
VICTOR OLUWOLE
JOIN BUSINESS INSIDER AFRICA

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https://www.nairaland.com/7198715/dangote-shops-additional-300-billion

In one of our post here on Nairaland, we accurately predicted that Dangote is broke before Fitch broke the News officially. Flat broke.

Dangote missed a vital opportunity to avoid all these humiliations, when his global economic Advisors advised him to take 70% of his liquid cash portfolio to New York, he would have retain about $200 million which was stripped off his holdings due to Buhari bad Leadership. He appears to have agreed only to back out at the last Moment. Year was 2019. The only Risk I see in the transcontinental deal was that Dangote would have been made to make Full Disclosure of his DIL, owners $ capital structures to American authorities. Dangote knew the risks and elect to stay in Buhari Nig with Emefiele promising fundings but unfortunately, the $$$ ran out!

I don't wish to be in Dangote shoes right now. He's going nowhere! The odds are truly against him.

Imagine the scenario Obi wins in 2023, & gives license to Investors for limestone exploration, cement Production & license for mini, medium highly efficient Refinery that is more feasible than the behemoth he's building in Lagos. Which he's most likely to do, so jobs would flow, Dangote only known Legit cash-cow would be deregulated & guess what? His poor management skills will be all more glaring! Int'l Lenders might take the company altogether!

Imagine the scenario Tinubu wins, Otedola would certainly get a chance to bounce back to Downstream Sector & Dangote might not enjoy continued patronage. Otedola a more astute business manager would easily rally hedge funds to his side & put up a medium Refinery in quick Pace in Ogun State.
By then Dangote liabilities would be too much for his decripit cement business or yet to take off Defining business!

Either way, Dangote is bleeped, ducked & trashed!

His horrible mistake: Building a large, Refinery due to the believe that he's going to be the only one selling refined petroleum in Nigeria! He's in for a rude shock as the odds currently favor Obi as President in 2023. 10 new players will join him in the puddle!

Jennyclay:
Dangote can never be broke. Stop praying for his down fall.

@op I think you're the one who's broke here.

Majority of business men,I mean 95% are broke when it comes to cash
They do have lot of assets but they may not have 10,000 naira in their accounts sometimes
Especially sole proprietorship,they are mostly broke even though they have a huge assets

In Dangote case, his Assets are used as securities to his Loans from Int'l Lenders & offerings on DIL Initial Public Offering. If you subtract his liabilities from his current Assets, Innoson is 2.5 Times Richer than Dangote!

Flier:
Majority of business men,I mean 95% are broke when it comes to cash
They don’t have lot of assets but they may not have 10,000 naira in their accounts sometimes
Especially sole proprietorship,they are mostly broke even though they have a huge assets