Africa’s richest man Aliko Dangote drops out of top 60 billionaires list even as his net continues to rise

Probabilities are that Dangote will very likely reclaim his location on the prime 60 billionaires checklist quickly sufficient, thinking of his bets on the newly released fertiliser plant and the Dangote Refinery that is predicted to start functions by Q3 2022.

In the most recent development, a report published by Fitch, the world’s biggest global ranking agency, alleged that the Aliko Dangote was trying to get to increase an more $1.1 billion (900 billion) to entire the refinery but has invested all his hard cash and even borrowed to finance the refinery venture.

According to the report, the Dangote refinery job is however on observe to be done by 2023 and necessitates an more USD1.1 billion capex in 2022 to be partly funded by the new bond.

The report adds that Dangote Industries Restricted (DIL) is organizing to create a nearby bond programme amounting to USD750 million to partially finance the completion of its refinery and petrochemical plant. DIL’s subsidiaries – Dangote Oil Refining Firm Restricted (DORC) and Dangote Fertiliser Confined (DFL) – will be co-obligors under the proposed programme.

“Funding for the completion of the refinery venture is anticipated to be partly lined by proceeds of the new bond. If the transaction is not effective, or should really completion expenses overrun or market place conditions in the cement or urea sector deteriorate materially, we do not imagine that DIL’s current lenders would have further more lending capacity. We believe that that further asset gross sales, both in cement or stakes in the initiatives, would be the more most likely solutions to tackle funding of the refinery,” the report said.