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    Monday, November 6, 2023

    $688million Repatriated from Our African Operations says Dangote

    Dangote Industries Limited said that it has repatriated over $687.98 million, including $576 million through Nigerian banks and a $111.97 million cash swap with Ethiopian Airlines.

    In a statement issued on Sunday, the company reaffirmed its confidence in Nigeria’s economic prospects under President Bola Ahmed Tinubu.

    “We are not body-shop investors. 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 10 years and make public any infraction noticed or discovered.”

    The company emphasises that all foreign exchange used for its African Project Expansion was genuine and utilised as intended, with the projects clearly visible for all to witness.

    “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.”

    Dangote reechoed the belief that the naira will regain its value especially as its African investments start to repatriate forex into the country.

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