Governor of the Central Bank of Nigeria, Godwin Emefiele has revealed that the Dangote Group has remitted 70 percent of the loans it obtained from the apex bank to build its oil refinery. He said, “We have it on good authority that the Dangote Group has paid off some portion of these commercial loans even before this commissioning today,” Emefiele said. “Today, total loans outstanding have dropped from over $9 billion when this project started to N2.7 billion. This reflects the astute credit worthiness and commercial capability of the group and its chairman, Alhaji Dangote. “They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due.”

Source: Punch May 23, 2023 09:59 UTC