Dangote Refinery May Be Taken Over By AMCON Over Debt—–Okey Ikechukwu

<p>&nbsp&semi;<&sol;p>&NewLine;<p>Dangote Refinery may be in trouble<&sol;p>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that Alhaji Aliko Dangote&comma; a Nigerian billionaire business magnate&comma; reputed as the wealthiest person in Africa&comma; with an estimated net worth of US&dollar;11&period;1 billion may be swimming in a financial mess if information available to OpenLife is a guide&period;<br &sol;>&NewLine;Specifically&comma; the Dangote Refinery&comma; owned by the Kano State-born billionaire&comma; which business analysts view as the next cash cow after his cement industries&comma; is the world&&num;8217&semi;s biggest single-train facility&period;<br &sol;>&NewLine;Upon commissioning by end of 2021&comma; the refinery would have gulped about &dollar;18 billion&period;<&sol;p>&NewLine;<p>Also&comma; the refinery will produce Euro-V quality gasoline and diesel&comma; as well as jet fuel and <a href&equals;"https&colon;&sol;&sol;www&period;thisdaylive&period;">polypropylene&period;<&sol;a> The project is expected to generate 4&comma;000 direct and 145&comma;000 indirect jobs&period;<&sol;p>&NewLine;<p>Expectedly&comma; young Nigerians are already upbeat in abundant jobs even as government exudes confidence in the anticipated expanded gross domestic product&comma; GDP&period;<br &sol;>&NewLine;But in all of this&comma; information filtering out does not support the realization of these expectations&period;<br &sol;>&NewLine;According to Dr&period; Okey Ikechukwu&comma; a scholar and the University of Nigeria&comma; UNN&comma; Don&comma; the Dangote refinery is allegedly indebted to about &dollar;7billion&period;<br &sol;>&NewLine;The huge debt&comma; according to the Executive Director&comma; Development Specs Academy&period; Senior Fellow&comma; Nnamdi Azikiwe University&comma; Awka&comma; during an interactive session on Arise TV&comma; may not have been properly regulated&period;<&sol;p>&NewLine;<p>He stated that the  development would necessitate Asset Management Corporation of Nigeria &lpar;AMCON&rpar; to take over the refinery&comma; which  he has also read in the papers&period;<br &sol;>&NewLine;Amcon was established on the 19th of July 2010 to be a key stabilizing and re-vitalizing tool aimed at reviving the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;