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AMCON Speaks On Dangote Refinery Debt

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Lovetvnews Nigeria reports that the Assets Management Corporation of Nigeria (AMCON) has trashed viral reports that it is about to seize the Dangote Refinery over an alleged $7 billion debts owed to Nigerian banks.

It would be recalled that Several online news platforms reported that the 650,000 barrels a day Dangote refinery, which is yet to start production. is already prostate with debts.

The reports also claimed that AMCON was set to take over the refinery to recover the debts.

AMCON however, rubbished the report.

Head of Corporate Communications at AMCON, Jude Nwauzor, said neither Dangote Refinery or the Dangote Group is on its debtors’ list as such AMCON couldn’t have plan to take over the assets, desdcribing the report is false in its entirety.

The Dangote Group also trashed the report as “false and malicious”.

Some staffers said the conglomerate has the capacity to service its debt.

Meanwhile,the Nigerian National Petroleum Corporation (NNPC) has gotten the approval of the Federal Executive Council to buy a 20 percent stake in the refinery at a cost of $2.75 billion.

The refinery, which is an integrated petro-chemical industry is located in the Lekki Free Zone of Lagos.

The fertiliser plant that is part of the expansive project began production this year.

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