The Dangote Group of Nigeria has liquidated a US$1.2bn loan facility it took from a consortium of 10 Nigerian banks in May 2008 to finance its cement division expansion project.
President of Dangote Group Aliko Dangote gave cheques to the banks yesterday to mark the final repayment.
Speaking at its new cement facility in Ibese, Ogun State, Dangote said the company decided to liquidate the loan five and a half years ahead of schedule in line with its vision and strategy to consolidate its assets and ensure it does not owe any bank.
He said over the years the company had continued to execute its projects and had been on schedule as planned.
The term of the loan had indicated a repayment schedule of seven years. The first payment was scheduled to commence in August 2010 and the last 2015.
The loan was acquired to expand the second phase of the largest cement plant in sub-Saharan Africa located in Obajana, Kogi State and kickstart the cement plant in Ibese and Senegal.