Dangote

By Ngozi Onyeakusi—Management Corporation of Nigeria (AMCON) has denied the report that it could take over the Dangote Refinery over debts owed by the Dangote Group to banks.
The corporation noted that it has no business with the group. Some online news platforms had yesterday reported that Africa’s richest man, Aliko Dangote, could forfeit the Dangote Refinery over a $7 billion debt burden owed to commercial banks in the country with a possible takeover by AMCON. AMCON however denied such plans. It said neither Dangote Refinery nor the Dangote Group is on its debtors’ list and so could not warrant it taking over of the assets. Head of Corporate Communications at AMCON, Jude Nwauzor, told LEADERSHIP that since the Dangote Group is not on its debtors list, the rumour that it was planning to take over the assets of Dangote Refinery was false. Multiple sources in the Dangote Group also said the report was “false and malicious”, as the group has the capacity to service and pay its debt. AMCON had in 2010 purchased 12,743 bad loans worth N3.8 trillion from 22 Eligible Financial Institutions (EFIs) for a purchase price of N1.8 trillion.