Africa Business Radio

The President of the Dangote Group, Alhaji Aliko Dangote, disclosed that the 20 per cent equity taken by the Nigerian National Petroleum Corporation in his much-awaited refinery will not be paid in a single cash transaction.He noted that while a third of the $2.7 billion deal would be paid in cash, the second would be through crude sales and the third would be through profits made by the corporation.He noted that there are a lot of misconceptions around the planned 20 per cent equity holding by the national oil company, explaining that the deal also involves all the products to be churned out by the $19 billion facilities, including petrochemicals.He pointed out that the project currently employs 29,000 Nigerians and 11, 000 foreigners with plans to ramp up the number to 57,000 in the coming months.