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Dangote Industries Limited, the diversified manufacturing conglomerate led by Africa’s richest man Aliko Dangote, announced on Sunday that it has successfully repatriated a substantial sum of $687 million through various Nigerian banks.
This significant capital repatriation not only underscores the conglomerate’s enduring commitment to Nigeria but also reflects its trust in the country’s economic resurgence under the leadership of Nigerian President Bola Ahmed Tinubu.
In a statement released on Sunday, the conglomerate made a declaration of its faith in Nigeria and the African continent. It emphasized that it is not a mere “body-shop” investor but rather reaffirmed its authenticity and integrity in its investments.
Dangote Industries urged all relevant agencies to scrutinize the group’s foreign exchange (FX) transactions over the past decade and make any detected infractions public.
A detailed breakdown of the substantial $687-million repatriation
The $687-million repatriation includes $576,008,672.41 transferred through various Nigerian banks and an additional $111,968,109.38 involved in a cash swap arrangement between Dangote Cement Plc, the flagship company of the Dangote Group and Ethiopian Airlines. This is a testament to Dangote Industries’ substantial financial engagement with Nigeria.
Dangote Industries firmly defended the legitimacy of all foreign exchange purchases made in support of its African Project Expansion. The conglomerate, under the leadership of Dangote, asserted that these funds were used precisely for their designated purposes, and the projects they financed remain visible for public scrutiny.
The conglomerate revealed that many of these projects have been inaugurated by high-ranking Nigerian government officials, attended by CEOs of leading banks, captains of industries, and the Presidents of host countries, along with their senior government officials.
Dangote Industries reaffirms commitment to transparency
Moreover, Dangote Industries stressed that the commissioning events of these projects were meticulously documented and widely covered by both local and international media. The existence of printed and electronic records further attests to the diligent and transparent utilization of these funds.
Dangote Industries’ significant repatriation of capital is expected to bolster confidence in the Nigerian economy and encourage further investment. It strongly conveys that the conglomerate remains a steadfast partner in Nigeria’s growth and development.
As Nigeria continues its economic reforms and strives to attract foreign direct investment, this substantial repatriation of funds by Dangote Industries is a testament to the confidence that prominent business leaders like Dangote have in the nation’s prospects.
