We paid 40% interest on Obajana loans — Dangote

Punch Nigeria · Arinze Nwafor · 2026-11-06 10:41 UTC

Founder and President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has disclosed that his company paid interest rates of up to 40 per cent to local banks while financing the construction of its Obajana Cement plant in Kogi State.

Founder and President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has disclosed that his company paid interest rates of up to 40 per cent to local banks while financing the construction of its Obajana Cement plant in Kogi State.

Dangote said the project, initially estimated to cost 1bn, faced delays due to infrastructure deficiencies and other operational challenges.

He stated this on Thursday at the 25th annual conference of Women in Management and Business in Lagos, where he encouraged women entrepreneurs to venture into industrial businesses and pursue ambitious investment plans.

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