Dangote Industries Repatriates Over $687mn from Pan-African Operations
By Patience Ikpeme
Dangote Industries Limited (DIL) has repatriated over $576 million through various banks in Nigeria and has a cash swap arrangement of $111 million with Ethiopian Airlines, saving the Central Bank of Nigeria (CBN) the same amount of foreign exchange.
The company made this disclosure in a statement released to the media on on Sunday to set the record straight regarding its foreign exchange (FX) transactions, approved by the CBN, which were meant for its pan-African operations.
Dangote re-affirmed its determination and belief in Nigeria, noting that the present Government, of President Bola Ahmed Tinubu, has shown the will and resolve to get the economy moving again.
“We are not body-shop investors,” said a Dangote spokesperson. “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 insisted that all forex purchased in respect of its African Project Expansion were genuine and fully utilised for what they were meant for. The company revealed that the projects for which the forex was utilised are visible for everyone to see.
“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 Industries, and the Presidents of the host countries supported by their Senior Government Officials,” said the Dangote spokesperson.
Dangote further explained 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 stabilize the forex Market.
