Dangote Industries Limited (DIL) has announced that its Pan-African operations have contributed significantly to Nigeria’s foreign exchange reserves, with total repatriations exceeding USD 687.98 million. The company clarified that it repatriated over USD 576.01 million through various Nigerian banks, in addition to a USD 111.97 million cash swap arrangement between Dangote Cement Plc and Ethiopian Airlines. This arrangement saved the equivalent amount that would have been incurred by the Central Bank of Nigeria (CBN).
In a statement released to the media, Dangote Industries accused the BUA Group of disseminating false and misleading information about its foreign exchange transactions, which were authorized by the CBN and intended for its Pan-African business activities.
Dangote reaffirmed its unwavering commitment to Nigeria and expressed confidence in the government’s determination to revitalize the economy under the leadership of President Bola Ahmed Tinubu.
“We are not merely investors; we are firm believers in Nigeria and Africa. Our investments are genuine, and we urge all relevant agencies to scrutinize our FX transactions over the past decade and disclose any detected or identified violations.”
The company emphasized that all foreign exchange purchases made for its African Project Expansion were legitimate and fully utilized for their intended purposes. The projects that benefited from these funds are visible for all to see.
“It is well-documented that some of these projects were inaugurated in the presence of senior Nigerian government officials, along with CEOs of various banks, industry leaders, and the Presidents of the host countries, supported by their senior government officials. The commissioning ceremonies received extensive coverage from both local and international media. Print and electronic records of these events further attest to the prudent use of the funds.”
Dangote also pointed out that its substantial investments across Africa will lead to increased forex repatriation in the near future. This will enhance Nigeria’s foreign exchange earnings and contribute to stabilizing the forex market.
