Dangote To Build $8 Billion Refinery

Filo: Africa’s richest man, Aliko Dangote, has announced plans to construct an $8 billion refinery in Nigeria later this year, according to a report by Nigeria’s Leadership newspaper.

Dangote made the announcement last week in Lagos during a breakfast meeting with some senior editors of various Nigerian media organizations to commemorate his 57th birthday. While Dangote did not disclose the planned location of the facility or its capacity, he said his Dangote Group, will start work on the refinery as soon as the company secures final approval from the federal government and other related agencies.

Kiyo: Shrewd businessman, he would obviously get a consortium to finance the project, which invariably would mitigate tax liability because of interest charges; and Nigerians would celebrate him for creating employment opportunities, which in turn would garner more goodwill for his business group. At the end, it is still the rich getting richer.