A loan of USD675,000,000 obtained by Dangote Cement from Afreximbank and advanced to Dangote Industries Limited (DIL) for financing of its refinery project has been repaid.
The loan had a grace period of 24 months, with repayments to be done in quarterly equal instalments from the end of the grace period up to the maturity period of 60 months.
Interest was charged at SOFR plus margin of 6.5% on the outstanding principal and was payable quarterly. The loan was also secured by an all assets debenture.
This amount was advanced to Dangote Industries Limited (DIL) for its refinery project under similar terms and conditions. The loan was repaid in 2025, according to Dangote Cement in its latest 9-months financial statement.
The outstanding balance on the loan was N1.045 trillion which fell to zero as at the 9-months 2025 period. That helped to push down Dangote Cements total borrowings by 47% to N1.32 trillion as at September 2025, from N2.51 trillion in December 2024.
Finance costs fell by 36% to N286 billion, from N451 billion in 2024.
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