Home Business Dangote repatriates $688m From African Operations

Dangote repatriates $688m From African Operations

Dangote Industries Limited recently made public that it has successfully repatriated more than $687.98 million via multiple Nigerian banks. The company confirmed that $576,008,672.41 was brought in through different banks within Nigeria, with an additional $111,968,109.38 involved in a cash swap arrangement between Dangote Cement Plc and Ethiopian Airlines.

The company reiterated its commitment to Nigeria, emphasizing the government’s efforts under President Bola Ahmed Tinubu to revitalize the economy. “We are not superficial investors. We have faith in Nigeria and the entire African continent. Our investments are sincere and genuine, and we urge all relevant authorities to thoroughly investigate our foreign exchange transactions over the past decade, making public any identified violations,” a company spokesperson stated.

Asserting that all foreign exchange purchases made for the African Project Expansion were authentic and utilized for their designated purposes, the company highlighted the visibility of the projects funded by the foreign exchange. “Notably, some of these projects were inaugurated in the presence of high-ranking Nigerian government officials, alongside executives from various banks, industry leaders, and Presidents of the host countries, supported by their senior government officials.”

The firm further emphasized that the commissioning ceremonies of these projects were thoroughly documented and covered by both local and international media. In addition, there exist printed and electronic records of the commissioning events, serving as further evidence of the appropriate utilization of the funds.

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