{
  "id": 18487782,
  "title": "We paid 40% interest on Obajana loans — Dangote",
  "url": "https://urgent.news/2026/11/06/we-paid-40-interest-on-obajana-loans-dangote-18487782",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-06T11:14:51.000Z",
  "source": {
    "name": "Punch",
    "slug": "punch",
    "url": "https://punchng.com/we-paid-40-interest-on-obajana-loans-dangote/"
  },
  "original_language": "en",
  "account": "Dangote Industries Limited's CEO, Aliko Dangote, revealed that his company paid interest rates of up to 40 percent while financing the construction of the Obajana Cement plant in Kogi State. The project, initially estimated to cost 1 billion, faced challenges due to infrastructure inadequacies and operational issues. Dangote disclosed this during the 25th annual conference of Women in Management and Business in Lagos, where he encouraged women to venture into industrial businesses. He explained that the company had to borrow from local banks, despite expecting the government to provide essential public utilities. The infrastructure shortfalls contributed to the project's cost increasing to 1 billion, leading to Dangote seeking additional financing from the International Finance Corporation. The company initially planned to pay off the loans within three years, but the International Finance Corporation offered a seven-year repayment plan. Despite the extended repayment period, Dangote paid off the remaining loans six months before the 18-month financing arrangement expired.",
  "summary": "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/",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}