Africa's richest man Dangote signs $650m loan for oil refinery project

Africa’s richest man, Aliko Dangote, has signed a $650 million loan facility with the African Export-Import Bank for his oil refinery project in Nigeria.

The seven-year term loan would attract a moratorium of five years, according to facility terms read out during the signing.

Cairo-based Africa’s trade bank also signed a $750 million facility with Nigeria’s development bank, the Bank of Industry.

Dangote built his fortune on cement and now has interests in flour milling, agriculture and …
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