News
WAR! Dangoge battles BUA! *Denies getting illegal forex from Emefiele
Published
1 month agoon

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.”
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N15billion VP’s residence: Stop whining, you’re a hypocrite, Shettima attacks Obi
Published
21 hours agoon
December 6, 2023
“President Tinubu and Vice President Shettima have left no stone unturned since they assumed office in the bid to wriggle the country out of the economic and social morass it had been enmeshed in. Under their watch, within a period of seven months, Nigeria’s foreign policy process and international relations have been reinforced with commendable results.”
These were the exact words, with which Vice President, Kashim Shettima, pushed back against attacks from Nigerians over the N15billion proposed by Nyesom Wike, Minister of the Federal Capital Territory (FCT), for the completion of the official residence of the Vice President in Abuja, saying those kicking against the project, were not being sincere.
He particularly lashed out at Peter Obi, former Governor of Anambra State and presidential candidate of the Labour Party (LP) in the February 25, 2023 election, accusing him of speaking out of the pains he still felt over his defeat by President Bola Tinubu and himself, who ran on the platform of the All Progressives Congress (APC).
The VP wondered why the same Obi, who had as governor, ordered the completion of abandoned projects during his tenure in Anambra would rail against the same move by the Tinubu administration, saying it smacked of hypocrisy on his part, as the project in question came about not because he wanted to live in a new house but that the current government at the federal level desired to complete projects abandoned by previous governments.
In a statement signed by Stanley Nkwocha, his spokesman, the VP, admonished Obi to quietly lick his wounds from his defeat rather than whining endlessly over every move of the Tinubu administration, which he said were bold steps being taken in its determination to turn things around for the country.
The full statement, read: “We have taken note of statements credited to presidential candidate of the Labour Party (LP) in the 2023 presidential election, Mr. Peter Obi, in which he made yet another frail and futile attempt to paint the President Bola Ahmed Tinubu administration in bad light.
“For good 24 hours, Obi danced naked in the public square, trying to curry the attention of those who care to listen to his falsehood and warped opinions about waste. On Sunday, he accused the current administration of sponsoring over 1,400 delegates to Dubai for COP28.
“The next day, being Monday, the subject of his new found passion – armchair criticism – after his colossal loss at the presidential poll was the proposed N15.5 billion budgeted by the Federal Capital Territory Administration (FCTA) to renovate the house of the Vice President, which he claimed would pay the annual salary of 3,000 University Professors.
“Ordinarily, we wouldn’t have bothered to gratify Peter Obi with a response, especially when it is obvious that the Labour Party candidate is an unhealthy subject to post-election trauma.But it has become necessary to put the records straight. In his recent tirade against President Tinubu and his deputy, Vice President Kashim Shettima, Obi started another series of self-aggrandizement aimed at convincing Nigerians that he is the only person who has their interest at heart. But a clear shift of the veil will reveal deeply a man who is still sobbing after his woeful loss in the 2023 presidential election.
“For the records, unlike the “most brilliant, all knowing and Nigeria’s mirific but never-had President,” Mr Peter Obi, both President Bola Ahmed Tinubu and Vice President Kashim Shettima, have never claimed to know it all or exhibit anything close to perfection in their dealings. If anything, they have always submitted to their human nature, leaving perfection to the Almighty God only.
“Giving the reactions and invocations generated by Mr Obi’s comments, however, it is necessary for the sake of history to clarify that the proposed plan for the construction of the Vice President’s official residence, for which budgetary allocation was made in the 2024 budget by the FCT Administration, was awarded by the administration of former President Goodluck Jonathan. It was not originated by the present administration. This, Mr Obi, knows but chose to play dumb all in a bid to inflamate a targeted group of Nigerians and, as usual, score cheap political goals, accolades and praises.
“The project, which was reinitiated in 2010 and was funded by the Jonathan administration, was abandoned. Appalled by the sorry state of the uncompleted building that was now overtaken by weeds and reptiles over a decade after construction started about 13 years ago, the current FCT Minister, Nyesom Wike, felt it would be a waste to allow such a project started with public funds to continue to lie fallow; thus, in his wisdom and without the prompting of the Vice President, decided to resuscitate the building.
“We invite more cerebral Nigerians to crosscheck properly which should be considered a waste between Obi’s tantrums because the project has attracted government’s attention, given the decision by the current administration to complete vital abandoned projects. What is more wasteful and reckless than abandoning an edifice to rot and depreciate despite the amount that has been sunk into it over the years?
“We recall that while Obi was governor of Anambra State, he had insisted that contractors should return to site to complete abandoned projects, which he then never considered as a waste. If he did this while deploying ‘entailed wisdom and leadership’ to Ndi Anambra as a governor, the question now is: why should the same action by the Tinubu administration now be termed blue murder?
“Nigerians know that the issue of a befitting residence for the Vice President had been a recurring decimal in the budget of Nigeria since 2007. It did not start today, same for residences of the Senate President and the Speaker. The array of abandoned Federal Government projects littered all over the country is a national embarrassment that the current administration has taken a bold step to save the country from. This is why it has made it a priority that all abandoned projects must be completed before new ones are initiated, save for some on exceptional basis, either because of the need for strategic alignment or economic significance.
“Comparing the amount budgeted for the residence of the VP and salaries paid to Professors is an analogy taken too far. This is the only government that has repeatedly made it clear that the welfare of lecturers is paramount and the need to increase the budget of the educational sector is a gradual process in the face of the daunting security challenges it met on ground.
This same government directed that the backlog of salaries owed both teaching and non-teaching staff of universities be paid immediately despite the ‘no work, no pay’ order, while negotiations for their welfare continue in view of a wage package in 2024. The introduction of a student’s loan scheme is also a masterstroke that is targeted at ensuring that nobody, no matter his/her status, will be denied the right to quality education.
“Taking into cognisance the recent inflation rate, which has become a global phenomenon that Nigeria is not immune to, budgetary provisions are estimates aimed at advancing monies to complete projects that have bearings on the lives of the people. That the amount budgeted for various sectors are deemed to be on the high side is not unconnected with inflationary trends as being witnessed the world over. And since Mr Obi has qualms with this, he may as well explain to Nigerians why despite being a self acclaimed billionaire he and his likes continue importing all manner of junks, including toothpicks to sell to Nigerians all in a bid for his NEXT business empire to flourish at the detriment of our foreign exchange and economy.
“Curiously, it is under the Tinubu administration that Obi has suddenly “become a man,” with a shrill voice in the opposition camp. His claim about Nigerians needing leaders willing to make sacrifices for the nation’s development smacks of hypocrisy of the highest order. It appears the former Anambra State governor has forgotten so soon reports about the plethora of contracts he awarded in the twilight of his administration, including road contracts worth over N30 billion he awarded within a record period of three weeks.
“Nigerians have also not forgotten the investigation by the global International Consortium of Investigative Journalists (ICIJ)-led Pandora Papers project which linked Obi to a number of secret business deals and relationships that he kept top secret, including businesses he surreptitiously set up and operated overseas. He later admitted that he did not declare these companies and the funds because he wasn’t aware that he was expected to declare assets or companies he jointly owns with his family members or anyone else as provided by the law.
“There is no other context to situate Obi’s sermon about waste other than the fact that he has refused to swallow the bitter pills of reality. It is pitiful that since he was mercilessly defeated by President Tinubu, he and his army of social media cohorts have continued to brazenly unleash a campaign of calumny against the President and now, his administration.
“But despite Obi’s divisive rhetoric, Nigerians have since put a final seal on religious and ethnic politicking so that the country can move forward against the wish of certain persons in the mold of Obi who have continued to fan the embers of division and falsehood just to create tension and spurn vexatious narratives in the polity.
“They have turned themselves into marketers-in-chief to attract direct foreign investments, all in a bid to turn around the nation’s economic fortune for good. But the likes of Obi have not for once applauded these efforts. Still labouring under post-election trauma, the Labour Party candidate and his ilk are bent on pulling down the Tinubu administration at all cost.
“We advise him and his fellow travellers in the opposition to accept defeat honourably, and put the interest of Nigeria and Nigerians first as patriotic citizens they claim to be. Nigerians are not so gullible to be hoodwinked by statements that fly in the face of common sense. Our candid advice for him is that he should join hands with the current administration in nation building instead of all these red herrings he is throwing around.
The Vice President is a very busy man. He has committed himself to serving Nigeria and helping President Bola Ahmed Tinubu to achieving his set goals and objectives. As his work attitude and skills speak to, Senator Kashim Shettima is a very serious-minded leader. He is not into dubious or phony politics of statistics manipulation or mind games. Leadership, to him, is a serious business and not a circus show!”




News
Kaduna bombing: How I lost 34 family members – witness *After the first, they returned to cause the main havoc
Published
1 day agoon
December 5, 2023
“As we rushed to aid the injured, the jet returned, unleashing a second bomb, this time, many of those who had come to help were among the casualties,” were the exact words with which Idris Dahiru used to paint the gory incident of the massacre of his kinsmen after the bombing of his community by soldiers from the Nigerian Army.
Dahiru, who claimed he lost 34 of his family members in the incident to which Taoreed Lagbaja, Chief of Army Staff (COAS), attributed to mistaken identity as the operatives mistook them for bandits, said there was an initial attack in which the first set of victims were torn to shreds where others escaped death by the whiskers.
Stating that it was when rescuers from the village, who initially dispersed for dear life, returned to help the wounded that the more devastating attack happened as the soldiers returned to drop more bumbs.
Lagbaja, a Lieutenant General, who led other military top brass to commiserate with the community, where he donated N10million to help victims of the attack which occurred on Sunday, had told his hosts, “Having trailed them for sometimes, the decision was taken to conducts a strike based on the observations of tactics usually employed by bandits. Unfortunately, the report we got thereafter revealed that it was innocent civilians in Tudun Biri that the drone carried out the strike on.”
Stating that the reason for the urgent and essential visit to the village was to commiserate with the community on the unfortunate incident, Lagbaja assured them that a thorough investigation had commenced on the matter even before the directive to that effect by President Bola Tinubu.
Dahiru, who spoke with the BBC Hausa, said the bombing, which went off without notice killing many people, disrupted their Maulud celebration, adding: “Unexpected airstrikes shattered our annual Maulud celebration. The first bomb exploded without warning, killing innocent people, including women and children, the blast tore apart some victims.
“My family alone has lost 34 members in this tragedy. We have 66 loved ones receiving medical care at Barau Dikko Hospital.”
December 6, 2023 8:51 pm


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