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WAR! Dangoge battles BUA! *Denies getting illegal forex from Emefiele
Management of Dangote Industries Limited (DIL) has refuted allegations that it engaged in illegal foreign exchange deals, warning those peddling the allegation of economic sabotage against the company to desist from such underhand practices.
It gave the warning following what it alleged as “claims in some sponsored reports in the online media,” suggesting that the company is being probed for alleged illegal foreign exchange deals and money laundering by the Special Investigator, Jim Obazee, who is probing the Central Bank of Nigeria (CBN) under the leadership of the former governor, Godwin Emefiele.
The latest development is coming on the heels of what appears a recurring battle between DIL owned by African richest man, Aliko Dangote and the BUA Group, owned by Abdul Samad Ishiaku Rabiu, both playing in the league of Nigeria’s leading investors in various sectors.
Describing the allegation as “spurious and a rehash of a similar report peddled out of malice by a competitor, BUA Group, masquerading as a concerned Nigerian in 2016,” the company said in a statement that “the spurious and false story was started in 2016 and published in both BusinessDay and Leadership Newspapers,” accusing the authors of the report of rejigging it to make it appear as authentic and a new development.
Dangote said: “It is saddening to note that this publication of Monday, March 14, 2016 in BusinessDay and Leadership newspapers where the author had alleged that about “$3billion foreign exchange sourced from the CBN were diverted to other Dangote companies outside Nigeria, a practice that encourages round tripping and effect money laundering since there is no proper documentation.
“The same false report back in 2016 is now being given a fresh false slant by one Ahmed Fahad purporting it to be a new petition directed to the attention of President Bola Ahmed Tinubu and Mr. Jim Obazee, the Special Investigator probing the CBN, and subsequently different blogs and social media platforms have been carrying variants of this arrant falsehood to the detriment of our corporate reputation.
“Attempt by the authors of this misleading allegation to give it a fresh life in the media is baffling as the two newspapers that were misguided into publishing it as advertorial then (2016) have since publicly apologised to the Management of Dangote Industries Limited in writing as well as retracted the advertorial in its entirety in their respective publications. Indeed, BusinessDay and Leadership Newspapers admitted that the advertorial was sponsored by Messrs. BUA Nigeria Limited.”
DIL re-emphasised that foreign exchange for its numerous projects were sourced strictly from Interbank Foreign Exchange market in compliance with the CBN approvals and that “Letters of Credit” were established for the construction of the various operational plants and for the purchase of heavy equipment and spares required for the take-off of the Dangote Cement plants.
“The terms and conditions for payments on the transactions were clearly spelt out in the Letters of Credit instruments and in line with the International Chamber of Commerce – Universal Customs & Practice for Documentation Credit – UCP 600. It is also crucial to note that the Letters of Credit in favour of Sinoma International Engineering Co Ltd (a Chinese Government owned company), being the major contractor who accounted for over 75 per cent of these expenditure were paid against the presentation of all relevant shipping documents. There was no single payment that was made through any Dubai company owned by us.
“All FX purchased in respect of our African Projects expansion were fully utilised for what they were meant for. The projects for which the FX 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.”
The company further stated that funds invested in its expansion project across African countries were legitimate capital investments in those countries and the repatriation of FX in sum of $576 million so far had helped to boost foreign Exchange earnings in Nigeria and stabilise the FX Market.
Besides, DIL emphasised that it had “always funded the construction of her various plants from Interbank FX Market in line with the CBN directives and relevant periodic progress reports were submitted to the banks for onward submission to the Central Bank of Nigeria.”
Afenifere, the pan-Yoruba socio-cultural organisation, seems to find merit in the damning verdict of the US Commission on International Religious Freedom (USCIRF), accusing security agencies in Nigeria of complicity in the deluge of terrorist attacks in the country.
Jare Ajayi, National Secretary of the group, in agreeing with the position, posited on Wednesday: “This is because of the strong belief that the nature of terrorism bedeviling Nigeria would not be festering for this long without complicity from some powerful quarters.”
Though he acknowledged the determination of some patriotic operatives and government to stem the tide, he posited how difficult it was to believe that the activities of the terrorists would continue to thrive without active connivance.
Hear him: “With the vows by the President and top security officers, one has the feeling that the government is determined to end terrorism in Nigeria. When President Bola Tinubu appointed General Christopher Musa, (retd), as Minister of Defence, we had a lot of hope that within months, a total stop would be put to terrorism and banditry in the country.
“Unfortunately, there seems to be a spike, rather than reduction. The reason for this could be rooted in sabotage and complicity from within and from without. This tends to buttress the alarm raised by the US Commission.”
Stressing how the organisation been consistently calling the attention of authorities to areas that needed be looked into he maintained that these included politicians, who could be complicit in promoting the urgly situation.
Citing the recent comments by Godswill Akpabio, Senate President, who pointed in the same direction, Ajayi stated that no matter how unpalatable the position of the US body could be: “It is very important not to dismiss it but to use it a beacon with which to comb all areas.”
“Many people doubted us. Some dismissed us. Others predicted confusion, division, and even outright collapse. But you stood firm. You kept faith with the ADC. And today, because of your commitment, our party stands taller, stronger, and more united.”
With these words, David Mark, National Chairman of the African Democratic Congress (ADC) on Wednesday’s night showered praises on members for conducting what he considered a flawless presidential primary election to choose its candidate for the 2027 election.
Mark, Senate President from 2007 to 2015, his audience at the Congress Hall of Transcorp Hilton, Abuja, that by the outcome, the party had demonstrated that democracy and political competition could still thrive in Nigeria without crisis or division.
Regardless of the rejection of the result of the exercise by Rotimi Amaechi, former Minister of Transportation and Mohammed Hayatu-Deen, former Chairman of the Nigerian Economic Summit Group (NESG), who contested in the exercise, the former Chairman of the National Assembly, was still upbeat about its outcome.
Atiku Abubakar, Vice President between 1999 and 2007, had emerged winner of the process that took place across Nigeria from Monday till Wednesday, when the result was eventually announced.
The declared result showed that the former VP who would be running for the nation’s number one job for a record seven times came tops with Atiku 1,846,370, to Amaechi’s 504,117 and Hayat-Deen’s 177,120. Total votes cast in the election: 2,546,457 in the 3,113,599 tally.
Mark, who officially presented the ADC flag to Atiku as the party’s presidential standard-bearer, was emphatic that the exercise was not merely about producing a presidential candidate but about proving that internal democracy could still function effectively in the country.
Hear him: “Today is not just about announcing a presidential candidate. Today is also about proving a point to Nigeria and to Nigerians. It is about proving that democracy can still work.
“Proving that political competition does not have to become political warfare. That a party can organise itself around principles instead of personalities. This event has shown that in a season of deep national anxiety, a bright future is still possible.”
Stressing that had doubted the party’s ability to conduct a peaceful and credible primary, with some predicting division and collapse within the ADC, he praised members of the Presidential Screening Committee and Presidential Primary Election Committee for what he described as their professionalism and commitment to fairness despite pressure surrounding the exercise.
“In the face of enormous pressure, logistical complexity, and intense national attention, they carried out their responsibilities with courage, discipline, and an unwavering commitment to fairness and transparency. The conduct of the primary has strengthened confidence in the party and its democratic process.
“Their work has strengthened the credibility of this exercise and reinforced the confidence of our members and the Nigerian people in the integrity of the African Democratic Congress.
“It is important to mention that we are the only political party to have three strong aspirants contest for the presidential ticket. This alone makes the ADC unique in its deep commitment to democracy and democratic practices.
“By subjecting themselves to this process, they did not merely contest an election. They strengthened democracy. And despite efforts in some quarters to create uncertainty and tension, they remained committed to this process and to the ideals of this party,” he added.
For Nnenna Nnannaya-Oti, the first female Vice-Chancellor of the Federal University of Technology, Owerri (FUTO), it was another day of glory, as Alex Otti, Governor of Abia laid out another red carpet for her in lieu of her starling performance in the 2023 governorship election in the state.
The university don, was the Returning Officer of the Independent National Electoral Commission (INEC), who was nationally recognised for standing her ground against forces that reportedly tried to skew the process, leading to the emergence of Otti as governor.
Since then, she had received several recognitions including from the governor and other bodies, including her own students at FUTO, who gave her a heroic welcome upon the conclusion of her INEC task – the first and only one to be so accorded in Nigeria.
Wednesday’s recognition came through the naming of the newly inaugurated Umuahia Central Bus Terminal, a multimodal transport facility in the state capital after her, by the governor, who said it was in recognition of her role in that exercise.
Otti, who stressed that the decision was informed by her act of courage, integrity and commitment to truth, said: “This terminal has been named after Professor Nnenna Nnannaya-Oti, the courageous INEC returning officer who demonstrated unflinching integrity in the discharge of her duties during a high-stakes election assignment here in Abia.”
The governor, while stating that the honour was not limited to don alone but symbolised all individuals who resisted electoral manipulation added: “In 2023, through her courageous disposition of standing firmly by the truth… she reminded us that ordinary people can achieve extraordinary results by simply saying no.
“So she’s just a representative of all of you—INEC staff who never bent, party officials who didn’t give in, security agencies… people who said no to intimidation.”
Stressing that the state had moved beyond basic infrastructure delivery to building an integrated transport system, he said: “The days of playing small is over. We shall no longer confine ourselves to the margins.”
He explained that the terminal was designed to accommodate over 340 buses and would improve accessibility, safety and efficiency in urban transport operations, adding that it would be supported by electric bus services, with 20 already in operation, while additional units are expected in phases.
“Services will keep improving as more buses are delivered… and you can tell with accuracy when a particular bus will arrive and depart,” he said.
He urged residents to protect the facility and support government efforts by maintaining order and paying taxes, warning against vandalism, waste disposal violations and other practices that could undermine the project, stressing that offenders would face sanctions.
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