Dangote Boosts Nigeria's Foreign Exchange With Over $687m Returned From its African Operations
- Dangote Industries said it had repatriated about $687,977 million from its operations in Africa
- The company revealed that it also returned $576 million via various commercial banks in Nigeria
- Dangote stated that the amount was in addition to the $111,968 million cash swap with Ethiopian Airlines
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Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Dangote Industries Limited (DIL) has stated that its pan-African operations have boosted Nigeria's foreign exchange market with $687,977 million.
The company revealed that it has returned about $576.009 million via various commercial banks in Nigeria.
This, it added, was in addition to a $111.968 million cash swap arrangement between Dangote Cement Plc and Ethiopian Airlines.
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Dangote praises Tinubu's effort to move the economy forward
Leadership reported that the company stated that the move had saved Nigeria the amount that would have been paid by the Central Bank of Nigeria (CBN).
In a statement sent to journalists, the organisation noted that the government of President Bola Tinubu has shown the resolve to move the Nigerian economy forward.
The company said:
"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."
The firm insisted that all foreign exchange purchases regarding its African project expansion were authentic and fully used for what they were meant for.
It stated that the project for which the company utilised the foreign exchange was visible to everyone.
Dangote Industries speaks on its project
The company announced that it is on record that some projects were commissioned by top government officials and attended by chief executives of various banks and industry captains, among others.
The company stated that the commissioning events of the projects were well-recorded and covered by both local and international media.
The development comes as the company refuted allegations by BUA Industries that Dangote Industries engages in forex manipulations and fraud.
Dangote refutes allegations of Forex fraud by BUA Industries
In a statement sent to Legit.ng, Dangote stated that the allegations were spurious and a rehash of the same allegations in 2016 by the same company.
The company recalled that BUA started the spurious and false story in 2016 and published it in both BusinessDay and Leadership Newspapers.
It accused the authors of the report of rejigging it to make it appear authentic and a new development.
Dangote management explained that the same false report back in 2016 was now being given a fresh incorrect slant by one Ahmed Fahad, purporting it to be a new petition directed to the attention of Tinubu and Jim Obazee, the Special Investigator probing the CBN.
It said subsequently, different blogs and social media platforms have been carrying variants of this arrant falsehood to the detriment of our corporate reputation.
Dangote re-emphasised that foreign exchange for its numerous projects was sourced strictly from the Interbank Foreign Exchange market in compliance with the CBN approvals.
It also said the Letters of Credit were established for the construction of the various operational plants and the purchase of heavy equipment and spares required for the take-off of the Dangote Cement plants.
Dangote ranks 9th world’s billionaire manufacturer with $10.5 billion as refinery begins production
Legit.ng earlier reported that Dangote was ranked among the world’s richest manufacturing billionaires in 2023.
CEOWorld Magazine said Dangote was the only African on the list, dominated by Asian and European billionaires.
The Nigerian industrialist, whose wealth comes primarily from his 85.2% stake in the Dangote Cement, attributes his success to his grandfather.
Source: Legit.ng
