Dangote Industries Limited (DIL) has vehemently denied allegations of being a “body-shop investor” and instead emphasized its significant contribution to the Nigerian economy and the pan-African region.
The company revealed that it has repatriated over USD 576,008,672.41 through various Nigerian banks and orchestrated a USD 111,968,109.38 cash swap arrangement between Dangote Cement Plc and Ethiopian Airlines. This move saved an equivalent sum that would have been incurred by the Central Bank of Nigeria (CBN).
In a statement released to the media on Sunday, Dangote Industries Limited accused the BUA Group of disseminating fake and misleading news about the company’s foreign exchange transactions, which were approved by the CBN for its pan-African operations.
Dangote Industries expressed unwavering confidence in Nigeria and the African continent, stating that it is a sincere and authentic investor in these regions. The company called for relevant agencies to investigate its foreign exchange transactions over the past decade and urged them to make any discovered infractions public.
The statement released by DIL read, “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.”
Dangote Industries stressed that all foreign exchange purchased for its African Project Expansion was genuine and used for their intended purposes. The company pointed out that the projects funded by these foreign exchange transactions are visible and well-documented, with commissioning events attended by high-ranking Nigerian government officials, Chief Executives of various banks, industry leaders, and Presidents of host countries, along with their senior government officials.
These commissioning events were widely covered by both local and international media, with print and electronic documentation available as further evidence of the judicious utilization of the funds, according to DIL.
Dangote Industries anticipates that its substantial investments in Pan Africa will lead to the repatriation of foreign exchange in the near future. This, in turn, is expected to boost Nigeria’s foreign exchange earnings and contribute to the stability of the forex market.
The company’s statement serves as a strong rebuttal against allegations and underlines Dangote Industries’ commitment to its investments and operations in Nigeria and across Africa.