Dangote Industries Limited (DIL) has revealed that $687 million has been reimbursed from its pan-African operations at $576,008,672.41.
In a statement over the weekend, its management stated that the reimbursements were conducted through various banks in Nigeria, News About Nigeria reports.
Dangote Industries Limited noted that 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, highlighting that it has saved the Central Bank of Nigeria (CBN) the same amount it would have paid.
Dangote Industries Limited, DIL, had accused a competitor of sponsoring fake and misleading news about its foreign exchange transactions, insisting that they received approval from the Central Bank of Nigeria, CBN.
The company reaffirmed its faith in Nigeria, acknowledging that the administration of President Bola Ahmed Tinubu has demonstrated the will to revive the economy.
According to the statement, the Dangote company is not a body shop place for investors, emphasizing that they are genuine and authentic about the company’s investments.
It also called on relevant agencies to investigate the FX transactions of the company over the past ten years and make any infractions noticed or discovered public.
Debunking rumours that the forex purchased for its African Project Expansion was diverted, DIL stated that they were used for their intended purpose and maintained that the projects were visible for all to see.
The statement partly reads: “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.”
