Aliko Dangote is value greater than $12 billion in line with Forbes and is overseeing the development of what is going to be one of many world’s largest oil refineries.
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This story initially appeared on Black Enterprise
The world’s richest Black man, Aliko Dangote, might add greater than $2.5 billion to his web value relying on the phrases of the sale of a 20 p.c share of his oil refinery.
Reuters reported final week Nigeria’s authorities has accepted its state oil agency the Nigerian Nationwide Petroleum Company (NNPC), to purchase a 20% share of Dangote’s oil refinery. In response to Afrotech, Timipre Sylva, the junior oil minister mentioned in an announcement NNPC pays $2.76 billion for the 20% share.
The NNPC informed Reuters its transfer to work with non-public corporations is an effort to safeguard the nation’s vitality safety and the acquisition wouldn’t have an effect on plans to refurbish its personal refineries. NNPC is at present approaching banks to finance the acquisition of the refinery.
The deal got here collectively as Nigeria secures crude oil provide agreements so as to lower its overseas dependence on refined oil. Afrotech experiences Nigeria is Africa’s high exporter of crude oil, however the nation additionally solely imports all its refined oil, attributable to defunct state refineries, thus the curiosity in Dangote’s refinery.
Dangote, who was born in Kano, Nigeria, is value greater than $12 billion in line with Forbes and is overseeing the development of what is going to be one of many world’s largest oil refineries, which is anticipated to finish the nation’s dependence on overseas refined oil. As soon as accomplished, the refinery is anticipated to supply 650,000 barrels of refined oil per day.
Earlier this yr, Nigeria accepted $1.5 billion in spending on the refurbishment and modernization of the Port Harcourt oil refinery. The nation has additionally accepted the upgrades of the Warri and Kaduna refineries which is able to price a mixed $1.4 billion.
Dangote owns 85% of Dangote Cement, which produces 45.6 million metric tons of cement per yr and has greater than 10 areas all through Africa. Dangote additionally has investments in sugar and salt refineries which have largely contributed to his multi-billion greenback fortune.
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