Nigeria: Dangote Group Settles U.S.$1.27 Billion Loan On Cement Project

The Dangote Group has settled a $1.27billion loan facility it took from a consortium of 10 Nigerian banks in May 2008 to finance its cement division expansion project.

The loan was acquired to expand the second phase of the largest cement plant in sub-Saharan Africa, located in Obajana, Kogi State, kick start the cement plant in Ibese, Ogun State and Senegal.

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