Billionaire Dangote Leads Record Nigerian Syndicated Loan Surge
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Billionaire Aliko Dangote, Africa’s richest man, helped fuel a record surge in syndicated loans by Nigerian borrowers last year with a $3.3 billion facility.
The nation’s companies signed more than $13 billion of syndicated debt, four times the amount raised in 2012, according to data compiled by Bloomberg. Dangote Industries Ltd. got its loan from local and international banks to help fund construction of a $9 billion oil refinery and the company said it will borrow a further $2.2 billion.