While Fitch has stopped monitoring Dangote Industries, other agencies like Moody’s and S&P Global Ratings are expected to continue assessing the company.

Fitch Ratings announced on Feb. 11 it will no longer assess Dangote Industries. After keeping the Nigerian conglomerate under negative watch due to refinancing struggles, the credit rating agency has decided to withdraw all its evaluations. The move could have serious consequences for one of Africa’s largest industrial groups, as investors grow increasingly uneasy about its financial health.

Dangote Industries is currently dealing with $2 billion in syndicated senior debt and $1.65 billion in intra-group loans that can be called in at any time. The company has pinned its growth hopes on the Lekki refinery, but the massive project has yet to reach full production capacity or generate the revenue needed to ease cash flow pressure.

Officially, Fitch says the decision was made for commercial reasons. However, in its last report, the agency had placed Dangote Industries under “Rating Watch Negative,” signaling a possible downgrade due to the company’s difficulties in meeting its financial commitments.

Operating across cement, oil refining, and fertilizers, the group is under increasing pressure to restructure its debt while still needing significant liquidity. Fitch noted that the issue remains unresolved due to the ongoing refinancing of the company’s maturing debt. To avoid a liquidity crisis that could derail its expansion plans—especially in oil refining—Dangote must urgently secure new funding sources.

Fitch’s decision does not mean Dangote is in default, but it raises serious questions about its ability to refinance on favorable terms. Without a credit rating, securing loans from international investors and lenders could become more expensive, as many rely on ratings to gauge credit risk. Higher interest rates or reduced access to funding could add further strain on the company’s finances.

Still, Dangote is not sitting idle. Sources close to the matter say the group is in advanced talks with creditors to extend debt maturities and secure better refinancing terms. If it succeeds in stabilizing its cash flow, it could quickly regain market confidence.