Dangote Group Accuses BUA of sponsoring False and Negative Reports
Dangote Industries Limited (DIL) has strongly refuted allegations of engaging in illegal foreign exchange transactions and money laundering. The company has warned against the spread of such allegations and described them as acts of economic sabotage. These claims surfaced in sponsored reports in the online media, suggesting that Dangote was under investigation for alleged illegal foreign exchange activities. The investigation was supposedly led by Special Investigator Jim Obazee, who is probing the Central Bank of Nigeria (CBN) during the tenure of the former CBN governor, Mr. Godwin Emefiele.
DIL categorically dismissed these allegations as baseless and stated that they were a rehash of a similar report originating from a competitor, BUA Group, back in 2016. Dangote mentioned that the previous false report had been published in BusinessDay and Leadership Newspapers in 2016. The report alleged the diversion of around $3 billion in foreign exchange from the CBN to other Dangote companies outside Nigeria. The company clarified that the same false report was now being resurfaced with a new slant by an individual named Ahmed Fahad, making it appear as a new petition directed to key figures.
Dangote pointed out that both BusinessDay and Leadership Newspapers had issued public apologies to Dangote Industries Limited in writing and retracted the advertorial in its entirety. The company emphasized that foreign exchange for its various projects was sourced legally from the Interbank Foreign Exchange market in compliance with CBN approvals. Dangote stated that the allegations of payments through Dubai-based companies owned by them were entirely false.
The company clarified that its forex dealings were transparent and in compliance with international practices. Dangote Industries noted that funds invested in its expansion projects across African countries are legitimate capital investments, contributing to foreign exchange earnings in Nigeria. The company further underlined that it has consistently funded its construction projects in accordance with CBN directives.
In conclusion, DIL reaffirmed its commitment to legitimate business practices and called for an end to the circulation of baseless allegations that could tarnish its corporate reputation.
