Connect with us

business

Billionaire Aliko Dangote Allegedly Broke, Can’t Meet 2023 Refinery Completion Target – Report ~ Prestige News

Published

on

Aliko Dangote

 

Access2022

ADVERTISEMENT

 

ADVERTISEMENT

 

MAKE $1K-$5K+ MONTHLY SELLING BOOKS ON AMAZON EVEN IF YOU ARE NOT A WRITER.

 

…. BEGINNER FRIENDLY, NO START UP CAPITAL AND GUARANTEED WAY TO BUILD PASSIVE MONTHLY CONSISTENT INCOME WITH ZERO PRIOR KNOWLEDGE…..

 

CLICK THE LINK HERE FOR DETAILS:

 

https://app.expertnaire.com/product/7259956958/7174445834

 

ADVERTISEMENT

 

MAKE 200K TO 500K MONTHLY RUNNING CAR TRACKING BUSINESS

 

CLICK THE LINK BELOW FOR DETAILS:

 

https://app.expertnaire.com/product/7259956958/7216624833

 

 

 

Billionaire Aliko Dangote Allegedly Broke, Can’t Meet 2023 Refinery Completion Target – Report ~ Prestige News

 

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

 

 

FBK

ADVERTISEMENT

 

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.

 

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, Fitch 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 time line Dangote gave Buhari is 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 naira 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 to sell 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 a cost of $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 the 2023 that 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.

 

ADVERTISEMENT

HIGH PAID FREELANCER PREMIUM PROGRAM

 

HERE IS HOW FREELANCERS IN NIGERIA ARE MAKING GOOD EXTRA INCOME MONTHLY FROM THE COMFORT OF THEIR HOMES DOING JOBS FOR INTERNATIONAL COMPANIES WITH JUST THEIR SMART PHONES OR LAPTOP’S – NO CAPITAL NEEDED.

 

CLICK THE LINK BELOW TO GET STARTED:

 

https://app.expertnaire.com/product/7259956958/7183954369

 

ADVERTISEMENT

 

GET THE 0-$2K AFFILIATE MARKETING BLUEPRINT

 

If you would like to know how someone can start with a simple idea…and then…generate over $20,000 in just one year…this is going to be the most interesting message you’ll ever read.

 

Stunning Secrets Bruno Used To Make $20,000 (Yes, you read it right… 20 Thousand US Dollars) Within 12 Months Without Owning A Single Product or Renting A Shop or Buying Any Goods.

 

Get the 0-$2K Affiliate Marketing Blueprint and all the added bonuses now.

 

Click link for details

 

https://app.expertnaire.com/product/7259956958/7258794333

 

ADVERTISEMENT

 

SEE HOW TO MAKE N750K MONTHLY WITH YOUR WHATSAPP

 

In a World Where 98% of Online Money-Making Opportunities Are Scams:

 

Complete Newbies Are Using This NEW Smartphone Income Technique To Legally Make As Much As N750k A Month – No Capital Needed.

 

Click the link below For The 5 Steps To Get Started:

 

https://app.expertnaire.com/product/7259956958/7259914081

 

ADVERTISEMENT

 

E-COMMERCE GOLDMINE

 

Special Case Study Reveals:
How an 18-Year Old With Zero Business Experience Created an Ecommerce Business That Made $8,470 (Pure Profits) In 27 Days

 

Click the link below for details:

 

https://app.expertnaire.com/product/7259956958/7256484206

 

ADVERTISEMENT

 

SEE The EASIEST and MOST ACCESSIBLE Way To Relocate To Canada This Year!

 

…No Matter The Country You Come From!

 

Click the link below for details:

 

https://app.expertnaire.com/product/7259956958/7169283889

 

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Edition of Prestige Intl. Magazine

Ad

Ad

Ad Codes Widget

Ad Code

Trending

Share