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Forex: Dangote repatriates $687,977m from pan-African operations

Alhaji Aliko Dangote, President/Chief Executive of Dangote Group

*The Management of Dangote Industries Limited assure the massive investments of the conglomerate in pan-Africa will lead to  Inves repatriation of Forex soon towards boosting Foreign Exchange earnings in Nigeria, and stabilising the market

Isola Moses | ConsumerConnect

The Management of Dangote Industries Limited (DIL) have revealed that the company so far repatriated over USD576,008,672.41 through various banks in Nigeria, besides a USD$111,968,109.38 cash swap arrangement between Dangote Cement Plc and Ethiopian Airlines.

The DIL said the arrangement had saved the same amount, which the Central Bank of Nigeria (CBN) would have paid.

The company noted that it disclosed this development in a statement released to the media, where it accused BUA Group of sponsoring fake and misleading news about its Foreign Exchange (Forex) transactions, approved by the CBN, which were meant for its pan-African operations.

The conglomerate re-affirmed its determination and belief in Nigeria, noting that the present administration of President Bola Ahmed Tinubu has shown the will and resolve to get the economy moving again.

The statement said: “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.”

Insisting that all Forex purchased in respect of its African Project Expansion were genuine and fully utilised for what they were meant for, Dangote Group stated that the projects for which the Forex was utilised are visible for everyone to see.

It further noted: “It is on record that some of these projects were commissioned by Nigerian top-ranking government officials, and in attendance were Chief Executives of various banks, captains of industry, and the Presidents of the host countries supported by their senior government officials.”

The company explained “the commissioning events of these projects were well-documented and covered by both local and international media. “There are also print and electronic copies of the commissioning ceremonies as further testimony to the judicious utilisation of the funds.”

Dangote further stated that its massive investments in pan-Africa will lead to the repatriation of Forex in the very near future, and boost Foreign Exchange earnings in Nigeria, as well as stabilise the market.

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