DANGOTE SET TO BUILD AFRICA'S LARGEST REFINERY

Africa's wealthiest man, Aliko Dangote, has signed a $3.3bn deal with local and foreign banks to finance the building of an oil refinery in Nigeria. According to the business mogul, the refinery which would be built in the south-west, would be the largest in Africa, and would become operational in 2016, with about 8,000 engineers needed for the smooth take off. Dangote told the BBC's Focus on Africa programme that asides the refinery which when completed would provide, direct and indirect jobs for 85,000 Nigerians, a petrochemical plant would also be built. The entire venture would cost $9bn, with $3bn in equity from Dangote Industries and $6bn to be raised in loan capital. Alhaji Dangote who made his fortune in cement, flour and sugar, is worth an estimated $16bn and has topped the Forbes list of Africa's richest men for the past three years.