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Aliko Dangote allegedly broke, unable to complete refinery by 2023
Aliko Dangote allegedly broke, unable to complete refinery by 2023
Sahara Weekly Reports That Fitch, the world’s biggest global rating agency has alleged that Africa’s wealthiest man, Aliko Dangote is broke.
It alleged that his company, Dangote Industries has limited financial flexibility with which to complete its refinery.
Fitch is basing its allegation on the timely completion or lack thereof of the project, adding that only limited delays or cost overruns may be tolerated in the current 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.
Aliko Dangote had promised to commission the $19 billion refinery project before President Muhammadu Buhari’s tenure ends next year.
Not only is the Dangote refinery very dear to Buhari’s government, but Fitch also claims that the government sees the project as the messiah that will solve Nigeria’s perennial fuel scarcity problem as it will end the country’s dependence on imported foreign fuel.
But as it turns out, Fitch seems to think that this dream and the timeline Aliko Dangote gave Buhari are not achievable.
And their reason is not far-fetched: Dangote requires an additional $1.1 billion (900 billion) naira to complete the refinery next year.
Unfortunately, Dangote does not have that kind of money now as he has invested all his cash and even borrowed from lenders to finance the refinery project.
Again, the lenders that borrowed Dangote’s loan for the financing of the project cannot give him the 900 billion nairas that Dangote needs to complete the project as they are already over-exposed to the project.
So the only way Dangote can raise money is through the sale of bonds by his cement company, Dangote Cement.
Dangote cement is already selling bonds this year.
If the money urgently needed by Dangote isn’t raised through the sale of bonds, he can sell some shares in his cement company (he owns over 86% of Dangote cement) or he can sell some refinery project stakes, which would be the likely option to plug the gap.
He has sold 20% of the refinery stake to NNPC at $2.5 billion, but he might be forced to dilute more stakes in the refinery if all the options to raise the $1.1 billion needed to complete the refinery fail him.
But if all these measures to raise money fail to see the light of the day, the only available option left for Aliko is to increase the price of his cement from what it is now to something higher.
Fitch concluded its report by saying that the earliest Dangote refinery can deliver its project is 2024 and not 2023 which Dangote promised Buhari.
The Dangote refinery project has gone too far and Dangote is racing against time just to make sure that he delivers the project.
If not for anything, a lot of hopes are tied to the project, and its failure to deliver will be nothing but a catastrophe.
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Meet Alhaji Ismail Adebayo Yisa, A Visionary Leader Committed to Philanthropy and Empowerment
Meet Alhaji Ismail Adebayo Yisa, A Visionary Leader Committed to Philanthropy and Empowerment
By Solanke Ayomideji Taiwo
Alhaji Ismail Adebayo Yisa stands as a beacon of hope and inspiration in the community of Abeokuta, Ogun State. As the Chief Executive Officer of 99 Cristal Lounge and Hotel International, he has transformed the hospitality landscape while simultaneously dedicating himself to uplifting the younger generation through a multitude of philanthropic initiatives.
He is the principal of the Omo-Ade Foundation, a charitable organization rooted in the mission of giving back to the community and fostering positive change. Under his leadership, the foundation has made significant strides in addressing the needs of the less fortunate. Notably, in July 2025, the Omo-Ade Foundation provided essential food and cash empowerment support to over 500 residents of Abeokuta North Local Government Area, illustrating his unwavering commitment to community welfare and development.
Alhaji Yisa is renowned for his warm-hearted nature and deep compassion, often described as having a heart of “gold.” His relentless dedication to philanthropy is a testament to his belief in the power of community and the importance of nurturing the potential of the younger generation.
His exemplary contributions have not gone unnoticed; Alhaji Yisa is a multiple award winner, recognized both in political circles and the educational sector for his outstanding service and commitment to the betterment of society. Through his work, he continues to inspire others to join the cause of social responsibility and community enhancement.
Through his leadership at 99 Cristal Lounge and Hotel International and the impactful initiatives of the Omo-Ade Foundation, Alhaji Ismail Adebayo Yisa is not only building a successful business but also shaping a brighter future for the youth and less privileged in Abeokuta North and beyond. His journey is a powerful reminder of the change one can effect through compassion, dedication, and selfless service.
Dangote Truck not responsible for Auchi Accident, says Eyewitness.
The Dangote Cement truck did not cause the tragic accident, which occurred on the Auchi-Okpella-Okene road, near Omega Fire Ministry in Auchi, Etsako West Local Government Area of Edo State, contrary to online reports.
An eyewitness, Audu Omale, who gave a vivid account of the accident, recalled that “a third-party truck loaded with cement was moving in the opposite direction of the Dangote Cement (DCT) CNG truck on a slopy road. The commercial truck driver lost control of his truck due to a suspected brake failure, ran into a moving vehicle, a motorcycle, and eventually crashed into the side of the DCT truck. The DCT CNG truck caught fire in the process.
“Consequently, three persons from the vehicle hit by the third-party truck lost their lives, while two persons sustained varying degrees of injuries and were rushed to a nearby hospital for treatment. The DCT truck driver escaped to avoid a mob attack,” Omale clarified.
In a related development, the Police Public Relations Officer (PPRO) of the Edo State Police Command, CSP Moses Yamu, confirmed that the accident involved two trucks, one belonging to Dangote Cement, another truck, which has not been identified, and a GLK Mercedes-Benz car.
The Edo PPRO noted that all three occupants in the GLK were confirmed dead in the hospital, while the Dangote truck caught ffirewhich was brought under control.
“I can confirm to you that three vehicles were involved in an accident in Auchi at midday: two trucks and one GLK Benz. The police moved to the scene of the accident and evacuated three occupants of the GLK to the hospital, where they were confirmed dead.
“Two of the vehicles involved were trucks, one belonging to Dangote Cement and another unidentified one. The Dangote truck caught fire and was brought under control,” Yamu stated. He added that the investigation was ongoing.
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Chief John Eriourolo aka Ogba Johnilla
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