Nigeria’s largest conglomerate, Dangote Group is in discussion to raise a syndicated loan totalling $3.5 billion for the first time to fund fertiliser and oil refinery project.
The syndicated loan would cover a period of seven years and will be
Quoting the source, “If any international bank wants to make a new play for Africa then this is the deal to join.”
There has been no official statement from Dangote Group on the deal.
It also remains to be seen how international lenders react to the risks associated with such a huge syndicated loan as the Group has never taken out such loans.
The Dangote Group’s position as the largest conglomerate in Nigeria is set to whet the appetite of lenders who were starved of such deals last year. In a filing with the Nigerian Stock Exchange in December, the Group forecast a 38 percent rise in net profit to 81.5 billion naira for the first quarter compared to a year earlier.
The company’s full year report is being expected.
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