Billionaire businessman, Aliko Dangote, has said his conglomerate lost $500million due to the delay in findng a location for the Dangote Petrochemical Facility, in Ogun State.
During a tour with the media, Dangote said that the process of obtaining property in Olokola, for a petrochemical plant is very lengthy. He said it had cost him $500million in addition to the $2.5billion that he had originally borrowed from banks.
He expressed his displeasure with the bureaucratic obstacles he had to go over. Because this had impacted the project budget and timeline.
Dangote said, “the three years and eight months delay by Ogun State Govt over Olokola land for petrochemical facility, cost us $500m.”
According to BusinessDay’s Findings, Dangote originally intended for the petrochemical and refinery complex to be located in the Olokola Free Trade Zone. This crosses the states of Ondo and Ogun.
However, unseen players in the political arena seem to have managed to thwart the scheme in some way.
He can make more than that again after 2 weeks
The man is stinkingly rich