Breaking NEWS: AFRICA S Richest Billionaire, ALIKO DANGOTE financially broke, seeking to borrow $1 1 billion (900 billion Naira) for Refinery Project -Fitch, world s biggest global rating agency … Already exhaust all cash in other projects, funds loaned Dangote Group of Companies not enough to finance Refinery Complex completion by 2023, can only raise fund through sale of Dangote Cement bonds * Dangote Industries suffering from weak corporate governance It is a risk for Aliko Dangote to remain largest shareholder and CEO of the project who already has a lot of power over operations * In the report, Fitch said: Dangote Industries Limited has a complex group structure with a large amount of related-party transactions, with a negative effect on operational and financial transparency We also view the dominance of Aliko Dangote, as CEO and the main shareholder, in operations as an additional risk *BY SAMSON SHOAGA/MANAGING EDITOR, London & BY AHMED NURENI/ GROUP BUSINESS Editor, Abuja
nigeriastandardnewspaper.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nigeriastandardnewspaper.com Daily Mail and Mail on Sunday newspapers.