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Dangote pan African operations fetch Nigeria $687,977m


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The management of Dangote Industries Limited (DIL), has reported that Nigeria has received $687,977 million from its pan-African activities.

The company reported that it has so far repatriated around $576.009 million through several Nigerian banks, in addition to a $111.968 million cash swap deal between Dangote Cement Plc and Ethiopian Airlines, saving the same amount that the Central Bank of Nigeria (CBN) would have paid.

This was announced in a statement made by the company.

In the statement, it reaffirmed its determination and belief in Nigeria, stating that the current administration of President Bola Tinubu has demonstrated the will and determination to get the economy moving again.

“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 ten years and make public any infraction noticed or discovered,” he said.

While insisting that all forex purchased in respect of its African Project Expansion were genuine and fully utilised for what they were meant for, Dangote group disclosed that, the projects for which the forex was utilised are visible for everyone to see.

To him, “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.

“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 utilisation of the funds.”

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