African Export Import Bank : Afreximbank Board Members visit Dangote’s Lagos refinery, fertilizer plants

Afreximbank

Members of the Board of Directors of the African Export-Import Bank (Afreximbank), led by Bank President Dr. Benedict Oramah, today toured the petroleum refinery and fertilizer plant under construction by Dangote Industries Limited in the Lekki Free Trade Zone of Lagos, Nigeria.


In comments at the site, Dr. Oramah said that the Board Members, who were in Lagos to hold their third quarterly meeting for 2016, wanted to take the opportunity to see the work being done by Dangote Industries Limited. The Bank is supporting Dangote Industries Limited, especially in the area of intra-African trade.

According to the President, the two Dangote projects could have significant impact not only in Nigeria but also across the African continent because of the boost they could give to intra-African trade.

Those undertakings by Dangote Industries Limited also stood out as shining examples of what determined African entrepreneurs could achieve, he stated.

Receiving the delegation, Olakunle Alake, Chief Operating Officer of Dangote Industries Limited, commended the Board Members for the visit and expressed the commitment of the company to working with Afreximbank.

In presentations to the delegation, Dangote Industries representatives said that the refinery would be the largest single-stream one in the world and would have capacity for 220 million metric tonnes per annum. It was being fitted with the latest state of the art technology and equipment and was expected to earn $5.5 billion per annum when completed.

The fertilizer plant was being targeted to make Nigeria self-sufficient in fertilizer and to support the move toward a more agriculture-focused economy, they said. It had a capacity of three million tonnes of urea and was being built to the highest environmental standards.

During a dinner he hosted for the Board Members, Aliko Dangote, President of Dangote Industries Limited, said that the company saw itself as a partner with Afreximbank in the pursuit of the development of intra-African trade.

Board Members on the delegation included Dr. Mahmoud Isa-Dutse, Permanent Secretary, Ministry of Finance of Nigeria; Jean-Marie Benoît Mani, National Director for Cameroon at the Central Bank of Central African States; Victor-Jérôme Nembelessini Silué, Former Chairman and CEO, Banque Nationale d'Investissement, Cote d'Ivoire; Andrew Gamble from the United Kingdom; and Ronnie Sibongiseni Ntuli, Chairman, Thelo Group (Pty) Ltd of South African.

Accompanying the delegation were Executive Vice Presidents Denys Denya of Finance, Administration and Banking Services, and Dr. George Elombi, of Governance, Legal and Corporate Services, along with several directors and other staff of the Bank.