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Press Release

Dangote Boost Nigeria’s FX Earnings by $687.977m.

The management of Dangote Industries Limited (DIL) has announced that the company has sent back more than USD 576 million to Nigeria through different banks. Additionally, they have made a cash swap agreement worth USD 111 million between Dangote Cement Plc and Ethiopian Airlines. This arrangement has helped DIL save an equal amount of money that would have otherwise been paid to the Central Bank of Nigeria.

Dangote Boost Nigeria’s FX Earnings by $687.977m.
Dangote Boost Nigeria’s FX Earnings by $687.977m.

The management of Dangote Industries Limited (DIL) has announced that the company has sent back more than USD 576 million to Nigeria through different banks. Additionally, they have made a cash swap agreement worth USD 111 million between Dangote Cement Plc and Ethiopian Airlines. This arrangement has helped DIL save an equal amount of money that would have otherwise been paid to the Central Bank of Nigeria.

The company revealed this in a statement released to the media, where it accused BUA Group of sponsoring fake and misleading news about its foreign exchange 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 current government of President Bola Ahmed Tinubu has shown the will and resolve to get the economy moving again.

“We are not body-shop inventors. 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.”

Insisting that all forex purchases with respect to its African Project Expansion were genuine and fully utilized for what they were meant for.

Dangote revealed that the projects for which the forex was utilized 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 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 utilization of the funds.”

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.

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