We have repatriated $687m from pan-African operations, says Dangote


Dangote Industries Limited (DIL) has put the funds so far repatriated from its pan-African operations at $576,008,672.41.

Its management said the repatriations were done through various banks in Nigeria

The returns, according to the company, were in addition to the $111,968,109.38 cash swap arrangement between Dangote Cement PLC and Ethiopian Airlines.

According to the firm, it had saved the Central Bank of Nigeria (CBN) the same amount it would pay.

In a statement at the weekend, the DIL accused a competitor of sponsoring fake and misleading news about its foreign exchange transactions, which it insisted got the CBN nod.

The company re-affirmed its determination and belief in Nigeria, noting that the administration of President Bola Ahmed Tinubu has shown the will to revive the economy.

The statement reads: “We are not body-shop investors. 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.”

Defending the genuineness of the forex it purchased in respect of its African Project Expansion and that they were used for the purpose they were meant for, the DIL said the projects were visible for all to see.

The DIL said: “It is on record that some of these projects were commissioned [onaugurated] 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 commissioning events of these projects were well documented and covered by both local and international media. There are also print and electronic copies of the commissioning ceremonies as further testimony to the judicious utilisation of the funds.”

The company further explained that its massive investments in Pan Africa will lead to the repatriation of forex in the near future and boost foreign exchange earnings and stabilise the forex market. [The Nation]

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