Dangote Industries is seeking more opportunities to raise money from global investors after the African company made its first foray into international markets last month.
The industrial conglomerate is looking to the bond market to potentially fund some of its businesses, including energy and fertilizer assets, Dangote’s chief financial officer, Murat Erden, told Bloomberg News. Dangote Fertiliser, which operates Africa’s largest urea plant, raised $750 million from a private bond placement in April.
Owned by Africa’s richest man, billionaire Aliko Dangote, the company also spans cement and infrastructure businesses and is critical to the economy of Nigeria, where it is headquartered. Dangote Cement Plc alone generated almost $3.2 billion of revenue last year, while Dangote Sugar Refinery Plc produced around $610 million. The group’s oil refinery, the biggest in Africa, plans to increase capacity from 650 000 barrels of crude per day to 1.4 million by 2028.
Lagos-based Dangote, who is worth $35.4 billion on the Bloomberg Billionaires Index, has set a target of investing at least $40 billion to fund growth over the next five years. He wants to build the biggest deep-seaport in Nigeria, boost the output of urea to 12 million tons by 2030, diversify into liquefied gas, and construct a 20,000 megawatt power plant.- moneyweb
