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Aliko Dangote allegedly broke, unable to complete refinery by 2023

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Aliko Dangote allegedly broke, unable to complete refinery by 2023

Aliko Dangote allegedly broke, unable to complete refinery by 2023

 

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Sahara Weekly Reports That Fitch, the world’s biggest global rating agency has alleged that Africa’s wealthiest man, Aliko Dangote is broke.

 

Aliko Dangote allegedly broke, unable to complete refinery by 2023

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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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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Will Primate Ayodele’s Prophecy On South Sudan Election Come To Pass? (VIDEO)

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*Will Primate Ayodele’s Prophecy On South Sudan Election Come To Pass? (VIDEO)

 

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Although the government of South Sudan headed by Salva Kiir has disclosed its intention to hold a presidential election in December 2024, popular Nigerian prophet, Primate Elijah Ayodele revealed that the election date will be changed.

 

 

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Will Primate Ayodele’s Prophecy On South Sudan Election Come To Pass? (VIDEO)

 

In a video which went viral, the prophet made it known in 2023 that he doesn’t see the election being held on the proposed date due to security issues that would threaten the election process.

The prophet who has sent several fulfilled prophetic messages to the country stated that the election will cause destabilization in the country and an imminent danger lies in wait if the election holds.

He also revealed that the country will come under international pressure once the date is shifted while reiterating that the election date isn’t realistic.

These were his words

‘The date for the South Sudan election will be changed, the election isn’t realistic because of insecurity in the country. If the nation goes ahead, the election will cause destabilization. Once the election date is shifted, the international community will begin to put pressure on the country. If the election is held, there will be danger. The election isn’t realistic.’’
WATCH VIDEO BELOW:

@primateayodele

#africantiktok #africatiktok #African #Africa #iescworldwide #primateayodele #southsudan #southsudantiktokers🇸🇸 #south #English #elections #southsudantiktokers🇸🇸

♬ original sound – Primate Ayodele

It’s nine months to the proposed presidential election, there is not much preparation for the election due to the crisis in the country. Will Primate Ayodele’s prophecy come to pass?

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Alhaji Ibrahim Dende: A Fruitful Tree Planted By The Rivers of Water By oba soyebo

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Alhaji Ibrahim Dende: A Fruitful Tree Planted By The Rivers of Water

By oba soyebo

 

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A lie repeated a thousand times becomes truth. This is why right of reply is important to set the record straight. Recently, it appears that there’s a coordinated effort to damage the reputation of Alhaji Ibrahim Egungbohun, better known as IBD Dende in the print media. From story of his fake arrest in Dubai to another tissue of lie branded investigative journalism – where the fake news merchant tried unsuccessfully to pin a non-existent rice and gun smuggling crimes on the high-flying businessman. Like every other media attack, the latest onslaught is dead on arrival. A clear conscience fears no accusation. However, for public accountability, let’s set the record straight. And demystify the tissue of lie circulating in the media about Alhaji Dende’s business activities.

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Who is Alhaji Ibrahim Egungbohun aka IBD Dende and what does he do for a living?

Alhaji Ibrahim Egungbohun aka IBD Dende, a native of Ebute-Igbooro in the Yewa axis of Ogun State is a successful businessman who plays big in the Nigerian business community. Like every success story, IBD started from the bottom, served under people’s tutelage and learned the rope for many years before his dawn of grace. Since he started out with clearing and forwarding, his entrepreneurial footprint has extended through Hospitality, Quarry&Mining to Automobile sale and Real Estate. Under his guidance, the business empire has grown to become one of Nigeria’s fastest growing privately-owned company with subsidiaries including IBD-Impex, the hospitality arm of the group. Under the subsidiary, IBD-Impex – the IBD Hotels owned by the group has certainly grown to becoming a leading brand in the hospitality industry in Ogun State. From its operational base both in Ilaro and Abeokuta, the capital of Ogun State, IBD Hotels leads the pack when it comes to the highest quality of hospitality service. Aside from boosting the local economy via massive employment, IBD Dende business interests mostly located in Yewa land provide significant support for communities in Yewa land. Better known for his resilience and commendable work ethics, IBD Dende has been relentless in his pursuit of excellence. Through his positive attitude to life and unwavering commitment to business expansion, he has equally succeed in other businesses including Real Estate and Quarry and Mining. Not the type to blow his own trumpet, IBD Dende plays big in the Quarry business. Over the last few years, he’s been quietly executing big budget projects across the country. In the real estate, IBD Dende is no pushover as well with multi-million naira real estate projects littered across choice locations in Nigeria and other neighboring countries. He’s taking over the real estate industry like a veteran. Described as one of Nigeria’s shrewdest serial entrepreneurials, IBD Dende is into automobiles as well. He is not your regular run-of-the-mill car dealers by the road side. His Apapa car port boasts hundreds of luxury automobiles fit only for the rich and affluent.

For IBD Dende, it has been a story of upwards and onwards. Certainly his meterioc rise has caught the attention of his detractors. They’re obviously worried about his rising profile and for whatever reasons best known to them – they’re employing every trick in the book to bring down. He’s even alleged to be nursing a governorship ambition come 2027. Baseless. IBD Dende is blessed. And everything he possesses, he earned by sweat. The compassionate businessman, IBD Dende, makes his wealth work for humanity. IBD Dende, a tree planted by streams of water, which yields its fruits in season and whose leaf does not wither has done a lot in the area of service to humanity. Call him one of God’s gifts to Yewa land and humanity and you won’t be wrong. Through his IBD Foundation, a non-profit organization he has touched thousands of lives through countless humanitarian ventures ranging from provision of scholarship, footing of medical bills, promotion of talents through musical shows and entrepreneurial development through skills acquisition and too many to mention. IBD Dende also owns a football club where he has been scouting and developing football talents for a fulfilling professional career in international football.
On account of his philanthropic ventures, Alhaji Ibrahim Dende has received many awards from prestigious organizations both locally and internationally. He is a proud recipient of several awards including the certificate of honour from Toronto Police as a role model and for enriching the lives of those in need.

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Derek Ajibola returns with new single ‘Plenty’

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Derek Ajibola returns with new single 'Plenty'

Derek Ajibola returns with new single ‘Plenty’

 

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Afrobeat sensation, Derek Ajibola has returned with his latest single, “PLENTY,” a captivating track that celebrates the allure and splendor of womanhood.

 

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Derek Ajibola returns with new single 'Plenty'

“PLENTY” is a testament to Ajibola’s artistry and his ability to craft music that resonates deeply with listeners, delivering an irresistible fusion of vibrant rhythms and heartfelt lyrics.

 

 

 

Now available on all major digital streaming platforms, “PLENTY” invites audiences to immerse themselves in its infectious melodies and uplifting messages.

 

 

“Whether you’re a fan of Afrobeats or simply appreciate great music, this song is bound to leave you captivated and wanting more,” Ajibola boasted.

 

 

“PLENTY”: A NEW MUSICAL MAGIC BY DEREK

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