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Dangote signs $2b Chinese bank loan for 2 cement plants

Dangote Group, owned by Africa’s richest man, Aliko Dangote, has singed a $2-billion loan deal with the Industrial Commercial Bank of China Ltd for two cement plants.

The deal was sealed on Tuesday April 12. “The interest rate is Okay, quite favourable with me,” Dangote told Reuters.

“It’s for my two cement companies that we are establishing in Nigeria.” The deal included China Export & Credit Insurance Corporation (Sinosure).

The 2016 Edition of Forbes’ richest people in Africa estimates the Nigerian businessman’s wealth at $16.4 billion, an increase of $700 million from 2015.

The Dangote Group is a diversified and fully integrated conglomerate with an annual group turnover in excess of N450 billion (US$3 billion). The Group’s interests span a range of sectors in Nigeria and across Africa. Current interests include cement, sugar, salt, pasta, beverages and real estate with new projects underway in the oil and gas, telecommunications, fertiliser and steel sectors of the economy.

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