LAGOS, Nigeria – Dangote Industries Limited, Africa’s largest conglomerate, has vehemently denied allegations that it was involved in illicit foreign exchange transactions.
The claims, which surfaced through various online media reports, suggested that the company was under investigation for purportedly engaging in illegal forex deals and money laundering.
In a forceful rebuttal released to The Trent on Friday, November 3, 2023, Dangote Industries called the allegations “spurious” and a malicious attack orchestrated by a business rival.
The statement denounced the suggestions of economic malfeasance, branding them a deliberate smear campaign revived from a 2016 incident involving BUA Group, a competitor in the Nigerian market.
The company recalled that the original accusations were published by BusinessDay and Leadership Newspapers in 2016, asserting that the current reports are merely regurgitated versions of the same unfounded claims.
“It is saddening to note that this publication of Monday, March 14, 2016, where the author had alleged foreign exchange diversion, is being repackaged to seem like a new development,” Dangote Industries stated.
Dangote Industries emphasized that the reports of a new petition being directed to President Bola Ahmed Tinubu and Mr. Jim Obazee, the Special Investigator for the Central Bank of Nigeria (CBN), are baseless.
The conglomerate condemned the recycling of these accusations on social media, highlighting the detrimental impact on its corporate reputation.
Furthermore, Dangote Industries Limited pointed out that BusinessDay and Leadership Newspapers had previously issued apologies and retracted the 2016 advertorial, admitting BUA Nigeria Limited sponsored it.
The company assured that its foreign exchange dealings for various projects were conducted through legitimate channels, strictly adhering to CBN guidelines.
“Letters of Credit for the construction of operational plants and purchase of equipment were established in compliance with international banking practices,” Dangote Industries explained.
Detailing its financial operations, Dangote Industries noted that a significant portion of the transactions was paid to Sinoma International Engineering Co Ltd, a Chinese government-owned company, against appropriate shipping documentation, with no payments made through any Dubai-based company owned by Dangote.
Dangote Industries Limited defended its extensive African expansion projects, asserting that all foreign currency procured was judiciously used for the intended purposes, as evident by the commissioned projects.
It also highlighted that the repatriation of $576 million in foreign exchange has contributed positively to Nigeria’s FX earnings and market stability.
In conclusion, the conglomerate reiterated its commitment to compliance with CBN directives and transparency, underscoring that regular progress reports were submitted to banks for CBN oversight.
The company stands firm against the allegations, maintaining that its business practices are above board and in line with national and international financial regulations.
