Dangote Industries Limited (DIL) Denies Economic Sabotage Claims

Dangote Industries Limited (DIL) has denied allegations that it is being probed for illegal foreign exchange deals and money laundering, describing the claims as “spurious and a rehash of a similar report peddled out of malice by a competitor masquerading as a concerned Nigerian in 2016,” according to a statement by the company’s management.

“We source foreign exchange for our numerous projects strictly from the Interbank Foreign Exchange market in compliance with CBN approvals,” the statement said.

DIL also provided details of its foreign exchange transactions, including the establishment of Letters of Credit for the construction of its operational plants and the purchase of heavy equipment and spares.

“We have repatriated $576 million so far from our expansion projects in African countries, which has helped to boost foreign exchange earnings in Nigeria and stabilize the FX Market,” the statement added.

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DIL also emphasized that it has always funded the construction of its various plants from the Interbank FX Market in line with the CBN directives and has submitted relevant periodic progress reports to the banks for onward submission to the Central Bank of Nigeria.

“We have obtained CBN approvals to purchase FX totaling $3.755 billion from the Interbank market between 2010 and 2018 for the funding of our various African Projects, of which we have only utilized 47.70 percent in the total sum of N1.791 billion,” the statement concluded.

DIL also reiterated its commitment to transparency and accountability in its business dealings and said it will continue to cooperate fully with any investigation into its operations.

Source: The Nation Newspaper

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