Recently there have been publications in some online media to the effect that Africa’s richest man Aliko Dangote is broke, with his holding Company Dangote Industries Limited (DIL) said to be unable to complete its multi-billion dollars 650,000-barrel refinery in the outskirts of Lagos.

We believe such reports to be financial illiteracy and a lack of understanding of how modern finance works.

A simple definition of financial illiteracy is the opposite of financial literacy. Financial literacy is the knowledge necessary to make important financial decisions. It can help with decisions about budgets, debt, and investing.

Dangote is the 66th richest man in the world, and worth $21 billion, according to the Bloomberg Billionaires Index.

MoneyCentral will below breakdown the reasons Dangote cannot be ‘broke’ and how the current and future cash flows from all of his productive assets (sugar, cement, refining, salt, agriculture, fertilizer etc) are the source of his wealth.

DIL is a diversified conglomerate in Nigeria with a leading share in the cement business and a future key operator in the petrochemical industry through its fertiliser and oil refinery business.

Read more: https://moneycentral.com.ng/markets/article/5-reasons-why-talk-of-dangote-being-broke-is-financial-illiteracy/

Dangote is not a god in money. He can be broke if God says so. I repeat, he isn't the god of money!

I cannot fathom the reason for this response to IDIOCY on the part of IGNORANCE.

Whose business it it, if he is broke or not and has the billionaire complained to anybody about his financial standing. Responding to IDLE interlopers is a bloody waste of productive time.

Sometimes this people are also not as busy as portrayed.

Fitch is not an online Media. It's the largest Company in the world in it's line of business..
Don't display your ignorance on public platform, it's quite shameful. A 10MB worth of Data would have throw up good information to clear your doubt if you have any..

A lot of African countries are looking up to Nigeria and it's Money bags for Business Innovation and Fiscal Responsibility! Not a business grown on political patronage, insider dealings And cooked books!

moneycentral20:
Recently there have been publications in some online media to the effect that Africa’s richest man Aliko Dangote is broke, with his holding Company Dangote Industries Limited (DIL) said to be unable to complete its multi-billion dollars 650,000-barrel refinery in the outskirts of Lagos.

We believe such reports to be financial illiteracy and a lack of understanding of how modern finance works.

A simple definition of financial illiteracy is the opposite of financial literacy. Financial literacy is the knowledge necessary to make important financial decisions. It can help with decisions about budgets, debt, and investing.

Dangote is the 66th richest man in the world, and worth $21 billion, according to the Bloomberg Billionaires Index.

MoneyCentral will below breakdown the reasons Dangote cannot be ‘broke’ and how the current and future cash flows from all of his productive assets (sugar, cement, refining, salt, agriculture, fertilizer etc) are the source of his wealth.

DIL is a diversified conglomerate in Nigeria with a leading share in the cement business and a future key operator in the petrochemical industry through its fertiliser and oil refinery business.

Read more: https://moneycentral.com.ng/markets/article/5-reasons-why-talk-of-dangote-being-broke-is-financial-illiteracy/

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023
May 14th 2022, 2:52:34 pm

According to the report, Dangote has invested all his cash and even borrowed to finance the refinery project.
The report claims that the only way Dangote can raise money is through the sale of bonds by his cement company, Dangote Cement.
A new report claims that Africa’s richest man, Aliko Dangote, does not have the kind of money needed to complete his refinery by 2023.


The report published by Fitch, the world’s biggest global rating agency, alleges that the Nigerian billionaire requires an additional $1.1 billion (900 billion) to complete the refinery but has invested all his cash and even borrowed to finance the refinery project.

According to the report, the Dangote refinery project is still on track to be completed by 2023 and requires an additional USD1.1 billion capex in 2022 to be partly funded by the new bond.

The report adds that Dangote Industries Limited (DIL) is planning to establish a local bond programme amounting to USD750 million to partially finance the completion of its refinery and petrochemical plant. DIL's subsidiaries - Dangote Oil Refining Company Limited (DORC) and Dangote Fertiliser Limited (DFL) - will be co-obligors under the proposed programme.


“Funding for the completion of the refinery project is expected to be partly covered by proceeds of the new bond. If the transaction is not successful, or should completion costs overrun or market conditions in the cement or urea sector deteriorate materially, we do not believe that DIL's existing creditors would have further lending capacity. We believe that further asset sales, either in cement or stakes in the projects, would be the more likely options to address funding of the refinery.”

Fitch also noted that Dangote Industries suffers from weak corporate governance, adding that it’s a risk for Dangote, who already has a lot of power over operations, to remain the largest shareholder and CEO of the project.

In the report, Fitch said, “DIL has a complex group structure with a large amount of related-party transactions, with a negative effect on operational and financial transparency. We also view the dominance of Aliko Dangote, as CEO and the main shareholder, in operations as an additional risk.”

Fitch concluded its report by saying that the refinery project is expected to sustain strong margins and yield solid cash generation, adding diversification to DIL's profile and allowing rapid deleveraging.

“Once operational, we expect this project to contribute around USD1 billion to EBITDA annually when ramped up from 2024,” it added.
VICTOR OLUWOLE

Weeks ago Roman Abrahmovich, billionaire Russian oligarchy who owned Premier League club Chelsea was reportedly broke due to Western sanctions on him & his holdings, and cap in hand begging his billionaire friends for a couple of million dollars for personal living expenses... Honestly, ordinary Russian people careless if Abrahmovich go hungry. But you Nigerians always like defending crooked business men, rogue politicians and scam pastors who has done so much to make life miserable for you all, and deprived other African countries policy direction that ought to be the case if you don't defend nonsense...

Do you think because he's Chelsea owners he would just go deep hand on Chelsea finances? Or you think even at that time, some of his other businesses can not throw up $2 million for him? I know That's exactly what an African Money bag like Dangote would likely do. Not so with the White's because everything is structured.

WHERE HAVE YOU SEEN OR HEARD THAT Dangote IS GOING AROUND CAP IN HAND TO BEG FOR MONEY AND OR ASSISTANCE?

When you have proof of the above would you have made any point and or sense. I am aware that you IDLE NOSEY interlopers would rather get yourself engaged busy with unfounded useless SPECULATIVE nonsense for lack and want of some to do.

Go get a worthy life with a rewarding job and stop wasting your time over unsolicited wailing and unrequired medicine for the headache of another person.

Dangote being broke is like the oceans running out of fishes. Never going to happen