Emmanuel OchayiDangote Industries Limited (DIL) has declared that it has repatriated a sum of over $576 million through Nigerian banks, further solidifying its commitment to Nigeria and its pan-African expansion.
The company also revealed a cash swap arrangement of $111.97 million between Dangote Cement Plc and Ethiopian Airlines, effectively saving the same amount that would have been disbursed by the Central Bank of Nigeria (CBN).
DIL made this revelation in a statement released to the media, in which it accused BUA Group of being the mastermind behind the proliferation of fake and misleading news regarding its foreign exchange transactions. These transactions, it asserts, were approved by the CBN and were earmarked for its pan-African operations.
Dangote Industries reaffirmed its faith in Nigeria and applauded the present government, led by President Bola Ahmed Tinubu, for exhibiting the determination and resolve to revitalize the economy.
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The company declared, “We are not body-shop investors. We believe in Nigeria, and we believe in Africa. We are genuine and authentic about our investments, and we call on all relevant agencies to investigate our FX transactions in the past ten years and make public any infraction noticed or discovered.”
The company defended the legitimacy of its foreign exchange dealings, emphasizing that all the forex it purchased for its African Project Expansion was utilized for its intended purposes.
Dangote highlighted that the tangible results of these investments are visible to all, citing commissioning events attended by high-ranking government officials, bank CEOs, industrial leaders, and the presidents of host countries, with the backing of their senior government officials. These commissioning ceremonies were well-documented and received extensive media coverage.
Furthermore, Dangote Industries explained that its investments in Pan Africa would lead to the repatriation of foreign exchange shortly. This, it believes, will not only bolster foreign exchange earnings in Nigeria but also contribute to the stabilization of the forex market.
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