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Standard Chartered, GTBank, nine others finance Dangote Refinery.

Guaranty Trust Bank and Standard
Chartered Bank led nine other local and
international commercial banks in the
provision of a loan facility to Dangote
lndustries Ltd to the tune of $3.3billion
for the purpose of constructing the
biggest Petroleum Oil Refinery &
Petrochemical/ Fertilizer Plants in
Nigeria.
This first facility was jointly coordinated
by Standard Chartered Bank as the
global coordinator, and Nigeria's
Guaranty Trust Bank Plc as the local
coordinator.
The plants, which will cost a total of $9
billion will generate up to 9,500 direct
and 25,000 indirect jobs, in addition to
reducing current volumes of refined fuel
imports by around 50 percent and
effectively stopping the importation of
fertilizer.
The US$9 billion project will be financed
by US$3 billion equity and US$6 billion
loan capital. Yesterday's signing
ceremony commits the first tranche of
loans secured by Dangote, comprising a
US$3.3billion term loan facility
supported by a consortium of 12 local
and international banks.
President of Dangote Group, Aliko
Dangote said: "This plant will further
entrench Africa's role on the global map
as not only a valued contributor for
natural resources, but also a competent
manufacturer of refined products and
fertilizer. As a result, several African
nations will be less reliant on importing
fuel and fertilizer from foreign markets,
reducing the negative impact of
negotiating terms within increasingly
turbulent international markets."
In the same vein, CEO of Standard
Chartered Bank in Nigeria, Mrs. Bola
Adesola, added: "Standard Chartered is
proud to support the Dangote Group in a
project which will significantly boost
Nigeria's economic productivity and
create valuable jobs with specialist skills
from key growth sectors.
This project is an historic example of
self-empowerment and leadership for the
continent as a whole – and is made
possible through effective partnerships
between the Nigerian private sector,
Government and international financial
institutions. Standard Chartered remains
committed to being here for good in
Nigeria, and the region. According to Mr
Segun Agbaje, Managing Director,
Guaranty Trust Bank Plc, "This landmark
project reinforces Dangote's
commitment to the development of the
Nigerian economy.
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