Dangote Group Repatriates $687,977M From Pan-African Operations

The Management of Dangote Industries Limited (DIL) has announced that the conglomerate has repatriated over USD576,008,672.41 through different banks in Nigeria, in addition to a USD$111,968,109.38 cash swap deal between Dangote Cement Plc and one of Africa biggest airline, the Ethiopian Airlines;  saving the same amount that the company would have been paid by the Central Bank of Nigeria, CBN.

The company made this known in the recent statement it released to the press; alongside this announcement, the Gropu also accused its counterpart, the BUA Group of sponsoring fake and misleading news about its forex transactions approved by the CBN, which was meant for its pan-African operations.

Dangote also re-affirmed his commitment, determination, and belief in Nigeria, saying that the current Government led by President Bola Ahmed Tinubu has shown the willingness to resolve and bring the nation's economy back to life.

“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 also added that the foreign exchange purchased regarding its African Project Expansion was genuine and has been implemented solemnly on what it is meant for. He concluded that the projects for which the forex was utilised are visible to everyone.

He said,

• 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 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 said that its massive investments in Pan Africa will lead to the repatriation of forex in the coming years, help boost forex earnings in Nigeria, and also stabilize the foreign exchange market.