• About Us
  • Contact Us
  • Privacy & Policy
Wednesday, October 22, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Battle for Industrialization: Aliko Dangote Fights Sabotage to Secure Africa’s Future

Martins Nwakaji by Martins Nwakaji
June 14, 2024
in National, News
Reading Time: 3 mins read
A A
0
Dangote
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

Africa’s most affluent individual, Aliko Dangote, has revealed that numerous entities, both domestic and international, made concerted efforts to obstruct the operations of the Dangote Refinery, which has a daily capacity of 650,000 barrels.
Addressing attendees at the annual meetings of Afreximbank (AAN) and the AfriCaribbean Trade and Investment Forum in Nassau, The Bahamas, on Wednesday, Dangote disclosed that he has already repaid approximately $2.4 billion of the $5.5 billion borrowed to construct his $19 billion refinery.
The tycoon remarked that many skeptics anticipated the failure of the project and acknowledged that without the backing of Afreximbank and Access Bank, the vision would have faltered.
Dangote stated: “We managed to secure the funding based on our financial standing. The total loan amount was slightly over $5.5 billion. However, we incurred substantial interest costs due to project delays caused by land acquisition challenges and prolonged sand-filling activities. Nearly five years passed without significant progress.”We actually commenced construction in 2018. We borrowed the aforementioned amount and have since made significant interest and principal payments totaling around $2.4 billion. We have made commendable progress and now have an outstanding balance of approximately $2.7 billion. So, we have achieved remarkable progress for a project of such magnitude.”


Additionally, Dangote underscored the pivotal role of financial institutions such as the African Finance Corporation (AFC) and Afreximbank in catalyzing industrialization across the African continent, emphasizing their unique understanding of the challenges confronting the region.
He contended that foreign financial institutions have displayed a lack of interest in fostering Africa’s growth, revealing that some covertly attempted to induce loan defaults during the COVID-19 pandemic.

Characterizing the situation as profoundly concerning, Dangote expressed that proposing international project financing to these banks would be met with stringent demands, akin to requesting his great-grandmother’s birth certificate.
‘Those profiting from petroleum imports are resisting change’
Responding to inquiries regarding the availability of crude oil feedstock from international oil companies (IOCs) for his refinery, Dangote suggested that stakeholders benefiting from petroleum imports are reluctant to relinquish their lucrative positions.


“In an environment where individuals have thrived on substantial profits for over three decades, the notion of such profits diminishing is met with resistance rather than support,” he remarked.
“And that is precisely the challenge we are currently navigating. While the country, the sub-region, and the broader continent of sub-Saharan Africa stand to benefit significantly from this refinery, opposition is expected in the form of disruptions in crude supply and product purchases. However, I view these as transient obstacles. We will overcome them.”
Dangote acknowledged the existence of resistance but admitted to underestimating its intensity.
“I was prepared for opposition, but I did not anticipate the extent of resistance posed by the oil mafia, which surpasses that of drug cartels. This is a stark reality,” he stated.
“The local and international mafias made multiple attempts to sabotage the realization of the refinery.”
Identifying himself as a lifelong combatant, Dangote affirmed that these mafias have employed various tactics to thwart his endeavors.
“I have been a fighter my entire life. It is ingrained in me to confront challenges,” he remarked.
The magnate asserted that the battle continues, but he remains optimistic about prevailing with the support of the populace and the government.
Dangote stressed the imperative for Africa to produce what it consumes, lamenting the absence of Western support for the continent.

Tags: nigeriapoliticsTinubu
Martins Nwakaji

Martins Nwakaji

Related Posts

Supreme Court reserves judgment in PDP’s suit against Rivers emergency rule
National

Supreme Court reserves judgment in PDP’s suit against Rivers emergency rule

9 hours ago
Doctors strike: NARD to review FG’s response
National

Doctors strike: NARD to review FG’s response

9 hours ago
Majority Leader didn’t break my head – Abia Assembly member Akachukwu
National

Majority Leader didn’t break my head – Abia Assembly member Akachukwu

9 hours ago
TCN announces power outages in Abuja, Enugu
National

TCN announces power outages in Abuja, Enugu

9 hours ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Supreme Court reserves judgment in PDP’s suit against Rivers emergency rule
National

Supreme Court reserves judgment in PDP’s suit against Rivers emergency rule

9 hours ago
Doctors strike: NARD to review FG’s response
National

Doctors strike: NARD to review FG’s response

9 hours ago
Majority Leader didn’t break my head – Abia Assembly member Akachukwu
National

Majority Leader didn’t break my head – Abia Assembly member Akachukwu

9 hours ago
TCN announces power outages in Abuja, Enugu
National

TCN announces power outages in Abuja, Enugu

9 hours ago
PDP Has No Chance in 2027, Says Former APC Treasurer
National

Forum of APC chairmen want life membership of party’s NEC

9 hours ago
Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election
National

Stop clamping down opposition over alleged coup plot – ADC tells FG

1 day ago

POLITICS

Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election

Stop clamping down opposition over alleged coup plot – ADC tells FG

1 day ago
Some southeast politicians, businessmen prefer Nnamdi Kanu’s continued detention — Iwuanyanwu

Some southeast politicians, businessmen prefer Nnamdi Kanu’s continued detention — Iwuanyanwu

1 day ago
At my level, I can’t secretly defect to APC — Suswam

At my level, I can’t secretly defect to APC — Suswam

2 days ago
Arewa group lambast PDP Spokesperson over disrespectful comments on Ugwuanyi

Arewa group lambast PDP Spokesperson over disrespectful comments on Ugwuanyi

4 days ago
2027: Murray-Bruce defection to APC not surprising – Dele Momodu

2027: Murray-Bruce defection to APC not surprising – Dele Momodu

4 days ago
Breaking News: Former vice president Atiku Abubakar resigns from PDP

Atiku’s greed cause of PDP’s gradual demise

5 days ago

YOUR ECONOMY

Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre
Economy

Fuel price drops as marketers resume loading at Dangote Refinery

1 day ago
Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre
Economy

Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre

1 week ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

We never imported bad fuel – Dangote Refinery

2 weeks ago
Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn
Economy

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn

2 weeks ago
BREAKING NEWS: PENGASSAN Declares Nationwide Strike.
Economy

BREAKING NEWS: PENGASSAN calls off strike

3 weeks ago
You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery
Economy

You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery

3 weeks ago

E & P

2026 World Cup qualifying play-offs: We are ready for Nigeria – Gabon coach
Sports

2026 World Cup qualifying play-offs: We are ready for Nigeria – Gabon coach

by Steven Atogi
5 days ago
0

The national team coach of Gabon, Thierry Mouyouma, has said that his team is ready to tackle Nigeria in the...

2026 World Cup playoffs: Super Eagles likely to play Gabon

2026 World Cup playoffs: Super Eagles likely to play Gabon

1 week ago
EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd

EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd

2 weeks ago
EPL: Amorim should use Mbeumo as striker over Sesko — Owen

EPL: Amorim should use Mbeumo as striker over Sesko — Owen

3 weeks ago
Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

3 weeks ago
Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

4 weeks ago

YOUR THOUGHT & HISTORY

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’
National

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’

by Steven Atogi
2 weeks ago
The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour
Opinion

The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour

by Odini Brains
3 weeks ago
HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE
Opinion

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE

by Odini Brains
2 months ago
Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents
National

Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents

by Odini Brains
2 months ago
The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Supreme Court reserves judgment in PDP’s suit against Rivers emergency rule

Supreme Court reserves judgment in PDP’s suit against Rivers emergency rule

October 22, 2025
Doctors strike: NARD to review FG’s response

Doctors strike: NARD to review FG’s response

October 22, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address