Africa’s richest man, Aliko Dangote, has described the construction of his refinery and fertilizer projects as the biggest financial risk of his nearly 50-year business career.
Dangote disclosed this in an interview with Arise News, saying he pledged all his assets as collateral and gave a personal guarantee to secure an initial $3.7 billion loan for the projects.
“The biggest decision was the risk of the refinery and fertilizer,” he said.
According to Dangote, the refinery eventually cost about $20 billion to build. The 700,000-barrel-per-day facility in Lagos began operations in 2024 and now produces petrol, diesel, aviation fuel, and other petroleum products.
The refinery is now undergoing a planned $14.3 billion expansion that would increase its capacity to 1.4 million barrels per day by 2029.
Dangote’s comments come as the refinery’s public offer is underway. The offer, which opened on September 14, seeks to raise about ₦2.15 trillion through the sale of 4.1 billion shares at ₦525 each.
Dangote has described the share sale as the “IPO for the people,” saying he hopes to eventually have about 10 million shareholders across Africa.
He said his willingness to take major financial risks is driven by his belief that large-scale private investment is necessary for Africa’s industrialization.
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