The management of Dangote Industries Limited (DIL) announced that the company has successfully repatriated over USD 576,008,672.41 through various Nigerian banks. Additionally, a USD 111,968,109.38 cash swap agreement between Dangote Cement Plc and Ethiopian Airlines was cited, signifying a substantial savings equivalent to the sum that would have been paid by the Central Bank of Nigeria (CBN).
The company made this disclosure in response to allegations propagated by BUA Group, asserting that the latter had sponsored misleading news concerning its foreign exchange transactions, which were approved by the CBN for its pan-African operations.
Dangote Industries Limited reiterated its unwavering commitment to Nigeria, citing its faith in the current administration led by President Bola Ahmed Tinubu, and commending the government’s efforts to stimulate economic growth.
“We are not mere investors. We firmly believe in Nigeria and Africa. Our investments are sincere and genuine, and we call on all relevant agencies to thoroughly investigate our FX transactions over the past decade and transparently disclose any infractions uncovered,” the company stated.
Emphasizing the legitimate utilization of foreign exchange purchased for its African expansion projects, Dangote Industries highlighted the tangible outcomes of these projects visible for all to see.
“Several of these projects were commissioned by senior Nigerian government officials, attended by prominent banking executives, industry leaders, and the Presidents of the host countries, alongside their senior government officials. The commissioning events were extensively covered by local and international media, solidifying evidence of the prudent utilization of funds.”
The company also underscored its significant investments in Pan Africa, expressing optimism that these ventures would contribute to the repatriation of foreign exchange in the near future, thus boosting Nigeria’s foreign exchange earnings and ensuring greater stability in the forex market.
