Yemisi Izuora/Agency Report
Dangote Group has singed a $2-billion loan deal with the Industrial Commercial Bank of China Ltd for the construction of two cement plants.
Dangote told Reuters after the signing of the agreement that, “The interest rate is Okay, quite favourable with me. It’s for my two cement companies that we are establishing in Nigeria.”
The deal included China Export & Credit Insurance Corporation (Sinosure).
Aliko Dangote has been estimated by the 2016 Edition of Forbes’ richest people in Africa as worth $16.4 billion, an increase of $700 million from 2015.
The Dangote Group is a diversified and fully integrated conglomerate with an annual group turnover in excess of N450 billion (US$3 billion).
Dangote Group’s interests span a range of sectors in Nigeria and across Africa. Current interests include cement, sugar, salt, pasta, beverages and real estate with new projects underway in the oil and gas, telecommunications, fertiliser and steel sectors of the Nigerian economy.