AMCON has no plan to take over Dangote Refinery – Says Corporation

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*Debunks rumour on social media

(Report by Udeme Clement):

The Assets Management Corporation of Nigeria (AMCON), says it has no plan to take over Dangote Refinery, over debts owed by Dangote Group to commercial banks in the country.

AMCON debunked the rumour on social media about possible take over of the Refinery, saying it has no business with Dangote Group.

AMCON stated categorically that neither Dangote Refinery; or Dangote Group are on its debtors list. As such, it does not have any plan to take over the assets. The Corporation also described the reports on social media as mere rumours and misleading.

Recall that some online news platforms had earlier reported that the Africa’s richest man, Aliko Dangote, may forfeit the Dangote Refinery over $7 billion debt burden owed to commercial banks in the country, with a possible take over by AMCON.

Therefore, making official clarification on the issue, the Head of Corporate Communications, AMCON, Jude Nwauzor, explained that since Dangote Group is not on AMCON’s debtors list, the rumour about the Corporation planning to take over the assets of Dangote Refinery is false; and should be ignored by the reading public.

More so, other sources within Dangote Group, emphasised that the media reports are false and malicious, assuring that Dangote Group has the capacity, as well as the resources to service and pay its debts accordingly.

Financial Business News inquest shows that in 2010 fiscal year, AMCON bought about 12,743 Non-Performing Loans (NPLs) worth N3.8 trillion in monetary value. These NPLs were acquired from 22 Financial Institutions for N1.8 trillion purchase price, which are all on AMCON’s records.

Also, the financial records from AMCON revealed that Dangote Refinery was not part of the NPLs bought by AMCON.
Dangote Oil plant has the capacity to produce 650,000-barrel per day when fully completed.
The Refinery project, which is still under construction is located at Lekki Free Trade Zone, Lagos.