AMCON speaks on Dangote refinery debt - Olofofo Voice | Top Naija 24/7 Gossip Hub

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AMCON speaks on Dangote refinery debt

Wednesday, August 11, 2021

 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.

Some online news platforms orchestrated a report 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.

Hence AMCON couldn’t have plan to take over the assets.

He said 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.

The  Nigerian National Petroleum Corporation (NNPC)  got 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 producing this year.

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