Dangote, BUA trade accuse each other over alleged forex deal probe

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Dangote Industries Limited and BUA Group, two major players in the industrial sector, find themselves at odds over an alleged investigation into illegal foreign exchange transactions involving the former. This dispute has given rise to a war of words between the two companies.

Dangote Group vehemently denies any wrongdoing and accuses BUA Group of disseminating inaccurate and damaging information about their financial activities. In an official statement, Dangote Industries refutes the claims of engaging in illegal foreign exchange dealings and warns those responsible for spreading these allegations of undermining the company’s economic stability. 

The controversy centers around reports that a Special Investigator, Jim Obazee, appointed to look into the Central Bank of Nigeria during the tenure of the former CBN governor, Godwin Emefiele, is probing Dangote Industries for alleged illegal foreign exchange dealings and money laundering.

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Dangote Industries characterizes these allegations as baseless and a rehash of a similar report, initially propagated by BUA Group in 2016, masquerading as a concerned Nigerian. The company points out that the 2016 report was discredited and publicly retracted by the newspapers that published it. They argue that the current resurgence of these allegations in the media is unjust and detrimental to their corporate reputation.

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On the other hand, BUA Group rebuffs Dangote’s claims, alleging that they are part of a larger campaign to sabotage its operations. The statement issued by BUA Group characterizes Dangote’s actions as blackmail and mentions past incidents where Dangote had obstructed BUA’s business activities. 

BUA Group emphasizes its historical ties to the land on which its Lagos sugar refinery stands, handed over by the late father of its chairman, Abdul Samad Rabiu. This land was transferred without compensation, and it was a significant factor in BUA’s growth.

BUA Group also mentions past challenges related to its entry into the cement industry, which saw resistance in securing a location for its floating cement terminal. Despite facing numerous hurdles and even attempts to deport the expatriate crew of their vessel, BUA remained resilient.

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The ongoing Edo Cement Plant issue is also highlighted, with BUA Group mentioning that their plant in Edo would not have survived without the intervention of former President Buhari. The matter is currently before the Supreme Court.

In the midst of these allegations and counter-claims, it is clear that a long-standing rivalry and tension exist between these industrial giants, with each side vehemently defending its position.

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