We paid 40% interest on Obajana loans — Dangote
Founder and President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has disclosed that his company paid interest rates of up to 40 per cent to local banks while financing the construction of its Obajana Cement plant in Kogi State. Read More: https://punchng.com/we-paid-40-interest-on-obajana-loans-dangote/
Aliko Dangote, founder and president/CEO of Dangote Industries Limited, revealed that his company paid interest rates of up to 40 percent while financing the construction of the Obajana Cement plant in Kogi State. This high-interest rate was due to delays caused by infrastructure deficiencies and operational challenges. The project, initially estimated at 1 billion naira, required additional financing from the International Finance Corporation (IFC) after Dangote rejected their proposed three-year repayment plan.
Despite the extended repayment terms, Dangote admitted that high interest rates on local bank loans continued to pose a challenge.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- We paid 40% interest on Obajana loans — Dangote punchng.com
