Dangote to FG: End all oil for loan deals
CAPE TOWN\SOUTH AFRICA, 06MAY11 - Aliko Dangote, President and Chief Executive Officer, Dangote Group, Nigeria, during the African Fellowship Programe with Young Global Leaders announcement at the World Economic Forum on Africa 2011 held in Cape Town, South Africa, 4-6 May 2011. ..Copyright (cc-by-sa) (C) World Economic Forum (www.weforum.org/Photo Matthew Jordaan matthew.jordaan@inl.co.za
Omeiza Bilal with agencies
The President of Dangote Group, Aliko Dangote has urged the federal government to end all crude oil for loan deals.
Dangote disclosed on Wednesday at the ongoing Crude Oil Refinery-owners Association of Nigeria Summit in Lagos.
The Nigerian billionaire and Africa’s richest man, who was represented by the Executive Director of Dangote Group, Engr Mansur Ahmed said the country must refrain from mortgaging its future wealth through crude-for-loan deals.
“To ensure sufficient feedstock availability, we will need to stop mortgaging crude. It is unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, in Africa, we are spending oil proceeds from the future today,” he stated.
In June 2024, African Export-Import Bank, Afreximbank disbursed a total of $3,175 billion to the Nigerian government, of a $3.3 billion crude-for-loan syndicated facility through the Nigerian National Petroleum Company Limited.
Earlier, Dangote told the Nigerian government to remove fuel subsidy totally.
