When in 2013 Aliko Dangote dreamt of establishing the first privately owned refinery in his country, he turned to a syndicate of 13 Nigerian banks to raise the initial $5.5 billion. The Central Bank of Nigeria (CBN), in addition, provided over N125 billion and ensured the availability of FX for equipment. When Nigerian Breweries had to refinance its huge FX obligations and slash down its Naira-denominated financial liabilities last year, it turned to the country’s capital market and raised N590.99 billion through a rights issue that concluded last October.