Dangote Group has made a significant announcement regarding its financial transactions within Nigeria. In a press release issued on Sunday, the company disclosed that it has successfully repatriated over $687.98 million through various banks in Nigeria. This revelation is a testament to the company’s continued commitment to investing in and supporting the Nigerian economy.
According to the statement, Dangote Industries Limited repatriated $576,008,672.41 through various banks in Nigeria. In addition to this, there was a $111,968,109.38 cash swap arrangement between Dangote Cement Plc and Ethiopian Airlines. This news highlights the substantial financial activity undertaken by the conglomerate in the country.
Dangote Industries emphasized its unwavering belief in Nigeria and Africa, underscoring that they are not merely “body-shop investors.” The company’s commitment to the nation is resolute, and it recognizes the determination and will of the Nigerian government under the leadership of President Bola Ahmed Tinubu to revive and stimulate the nation’s economy.
“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 10 years and make public any infraction noticed or discovered,” the statement noted.
Dangote Industries asserted that all forex transactions related to its African Project Expansion were genuine and utilized for their intended purposes. The projects for which the foreign exchange was employed are evident for all to see, as they have been commissioned with the participation of high-ranking government officials, bank executives, industrial leaders, and the Presidents of host countries, along with 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,” the company stated.
This revelation showcases Dangote Industries Limited’s dedication to contributing to the economic growth and development of Nigeria and Africa as a whole. The company’s call for a thorough investigation of its foreign exchange transactions underlines its commitment to transparency and adherence to regulations.
As Dangote Industries continues to play a significant role in various sectors of the Nigerian economy, its financial activities serve as a testament to the potential for sustainable growth and investment in the country. This development reinforces the belief that Nigeria remains a prime destination for both domestic and foreign investments.