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Africa’s richest man, Aliko Dangote, has disclosed that he used all his assets as collateral and personally guaranteed the initial $3.7 billion loan secured for his refinery and fertiliser projects.

Dangote made the revelation during an exclusive interview with Arise News, describing the investment as the biggest risk he had undertaken in nearly five decades of doing business.

Asked to identify the biggest risk of his entrepreneurial career, Dangote immediately cited the refinery and fertiliser projects.

“The biggest decision was the risk of the refinery and fertiliser,” he said.

Dangote explained that securing financing for the projects meant putting up virtually everything he had accumulated at the time.

“We gave all our assets as collateral,” he said.

“And apart from that, I gave a personal guarantee.”

He disclosed that the projects initially received $3.7 billion in financing, even though the eventual cost and completion timeline were still uncertain at the time.

The refinery ultimately cost approximately $20 billion to construct, making it one of the largest privately financed industrial projects in Africa.

The 700,000-barrel-per-day Dangote refinery commenced petroleum production in 2024 and has since expanded its output to include petrol, diesel, aviation fuel and other petroleum products.

The facility has become a major part of Nigeria’s drive to reduce its reliance on imported petroleum products.

Dangote is also pursuing a further $14.3 billion expansion that is expected to double the refinery’s capacity to 1.4 million barrels per day by 2029.

The refinery this week launched a landmark public offer, giving retail and institutional investors an opportunity to acquire shares in a company that has largely operated as a privately owned enterprise.

Dangote said the move represents a fresh chapter for the business following years in which he carried a significant portion of the financial risk associated with developing the project.

He described the offering as a ‘People’s IPO’ and disclosed that his long-term ambition is to have at least 10 million shareholders across Africa.

Dangote said his willingness to undertake substantial financial risks is driven by his conviction that Africa cannot industrialise without entrepreneurs prepared to commit significant capital to large-scale projects.

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