{"id":51206,"date":"2021-08-10T23:25:23","date_gmt":"2021-08-10T22:25:23","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=51206"},"modified":"2021-08-10T23:26:20","modified_gmt":"2021-08-10T22:26:20","slug":"amcon-denies-plans-to-take-over-dangote-refinery","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/amcon-denies-plans-to-take-over-dangote-refinery\/","title":{"rendered":"AMCON Denies Plans To Take Over Dangote Refinery"},"content":{"rendered":"

 <\/p>\n

Contrary to some reports that the Assets Management Corporation of Nigeria (AMCON) could take over the Dangote Refinery over debts owed by the Dangote Group to banks, the corporation have denied such claims, saying it have no business with the group.<\/p>\n

Some online news platforms had on Tuesday reported that Africa\u2019s richest man, Aliko Dangote, could forfeit the Dangote Refinery over a $7 billion debt burden owed to commercial banks in the country with a possible takeover by AMCON.<\/p>\n

AMCON, however, denied such plans. It said neither Dangote Refinery or the Dangote Group are on its debtors\u2019 list, hence it couldn\u2019t have plan to take over the assets.<\/p>\n

Head of Corporate Communications at AMCON, Jude Nwauzor, told newsmen that since the Dangote Group is not on its debtors list, the rumour that it was planning to take over the assets of Dangote Refineries is false.<\/p>

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Multiple sources in the Dangote Group also said the report was \u201cfalse and malicious\u201d, as the group has the capacity to service and pay its debt.
\nAMCON had in 2010 purchased 12,743 bad loans worth N3.8 trillion from 22 Eligible Financial Institutions (EFIs) for a purchase price of N1.8 trillion.<\/p>\n

According to AMCON, Dangote Refineries was not part of the bad debts that it took over and there was no way it would be taking over the assets of the company now.<\/p>\n

The Federal Executive Council (FEC) had recently approved the acquisition of 20 per cent minority stake by the Nigerian National Petroleum Corporation (NNPC) in the Dangote Petroleum and Petrochemical Refinery.<\/p>\n

Newsmen reports that Dangote Oil Refinery is a 650,000-barrel per day (BPD) integrated refinery project under construction in the Lekki Free Zone of Lagos<\/p>\n","protected":false},"excerpt":{"rendered":"

Contrary to some reports that the Assets Management Corporation of Nigeria (AMCON) could take over the Dangote Refinery over debts owed by the Dangote Group to banks, the corporation have denied such claims, saying it have no business with the group.<\/p>\n","protected":false},"author":6,"featured_media":27829,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[5085],"coauthors":[2391],"class_list":["post-51206","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-dangote-refinery"],"yoast_head":"\nAMCON Denies Plans To Take Over Dangote Refinery - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/amcon-denies-plans-to-take-over-dangote-refinery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AMCON Denies Plans To Take Over Dangote Refinery - 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