Aliko Dangote, the wealthiest individual in Africa and the founder of the Dangote Group, revealed that approximately $2.4 billion of the $5.5 billion loan he secured to construct his $19 billion refinery, situated near Lagos, has already been repaid.

Addressing attendees at the Afreximbank Annual Meetings (AAN) and Afro-Caribbean Trade & Investment Forum in Nassau, The Bahamas, the billionaire entrepreneur also mentioned that various local and international entities attempted to sabotage the 650,000 barrels per day facility.

Emphasizing that many had doubts about the project’s success, he commended Afreximbank and Nigeria’s Access Bank for their pivotal support, asserting that without them, the vision would have faltered.

He underscored the crucial role of financial institutions such as the African Finance Corporation (AFC), AfreximBank, and others in the industrialization of the African continent, citing their comprehensive understanding of the region’s challenges and unique issues.

Without directly naming them, he suggested that foreign banks lack interest in fostering Africa’s growth, alleging that some clandestinely attempted to force the company into defaulting on loans during the COVID-19 pandemic.

Describing the situation as concerning, he expressed that proposing international project financing to them would have likely been met with rejection, as international banks would demand extensive documentation, jokingly remarking they might even ask for his great-grandmother’s birth certificate.

“We acquired the funds based on our own financial standing. Initially, we borrowed slightly over $5.5 billion. However, due to project delays caused by land acquisition challenges and prolonged sand-filling processes, we incurred significant interest expenses. For almost five years, there was minimal progress.

“We commenced active work in 2018, having borrowed the aforementioned amount. Over time, we have diligently repaid both interest and a portion of the principal, totaling approximately $2.4 billion. Considering the scale of the project, our progress has been commendable. Presently, we have around $2.7 billion remaining to settle.

“In response to queries regarding the sufficiency of crude oil feedstock supply from International Oil Companies (IOCs), Dangote remarked that entities accustomed to substantial financial gains over decades would naturally resist any change that threatens their interests. In a system where reliance on such revenue streams persisted for 35 years, the cessation of such privileges would understandably elicit opposition rather than support.”

“And I believe that’s the phase we’re currently navigating. However, the reality is that both the country, the sub-region, and indeed the entire continent of sub-Saharan Africa, require this refinery. So, we anticipate resistance in forms such as withholding crude supply or refraining from purchasing the product, but I view these obstacles as temporary. We will persevere,” he emphasized.

Highlighting his expectation of encountering opposition, Dangote acknowledged that he hadn’t anticipated its intensity. I expected some level of resistance, but I underestimated its intensity. The oil mafia, both local and foreign, have made numerous attempts to derail the refinery project,” he revealed, describing their influence as surpassing that of drug cartels.

Identifying himself as a lifelong fighter, Dangote asserted that he has faced and overcome various challenges. “I’ve encountered all sorts of opposition. However, fighting has been a constant in my life,” he remarked.

Although he acknowledged that the battle continues, he expressed confidence in eventual victory.” I am confident in our success because we have the backing of both the public and the government,” he asserted.

He emphasized the importance of Africa producing what it consumes, noting the lack of support from Western nations to the continent. “During the COVID-19 period, some international banks actively sought to push us into loan default, hoping to terminate the project. Thankfully, institutions like Afreximbank prevented this,” he revealed.

Furthermore, he disclosed that 25 percent of Dangote fertilizer currently exports to the US, highlighting its capacity to meet the urea needs of Caribbean countries.

He noted that presently, Nigeria lacks strategic oil reserves, a precarious situation. However, with the completion of the Dangote refinery, the country will have a reliable source. “So, we’re no longer living hand to mouth. Nigeria currently lacks strategic petroleum reserves, which poses significant risks. However, within our facility, we had initially 4.78 billion liters of tankage capacity, and now, with an additional capacity of 600 million liters, the refinery will effectively serve as the nation’s strategic petroleum reserve,” he explained. He emphasized that the refinery will produce and export top-quality products.

He highlighted that previously, Nigeria imported inferior-quality fuels with health implications such as cancer due to their poor quality.

Emphasizing the Dangote Group’s ambitious revenue target of over $30 billion, Dangote revealed plans to venture into the steel industry.” Our goal is to guarantee that all steel utilized in our operations is sourced from Nigeria,” he declared. He urged Africans not to be deceived, emphasizing the pivotal role of domestic investors in driving the continent’s development. “Foreigners cannot make our continent great; it’s the domestic investors that pave the way for foreign investment,” he stressed.

He emphasized that the Dangote Group currently generates approximately 1,500 megawatts of power for internal use without relying on the national grid, which would have adversely affected operations.