Industrial behemoths, Dangote Industries Limited (DIL) and BUA Nigerian Limited are at daggers drawn over alleged allegations of underhand foreign exchange dealings.
According to a statement by Dangote Industries, allegations of trading in illegal foreign exchange deals against the company was being spread by its major competitor, BUA Nigerian Limited adding that the company was planning an economic sabotage against DIL.
DIL made this known in a seven-page statement titled: “Economic Sabotage: Our Stand,” where it dismissed claims that the company was currently being investigated for allegedly dealing in illegal foreign exchange and money laundering running to $3.4billion during the tenure of the ex-governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
“Attempts by the authors of this misleading allegation to give it a fresh life in the media is baffling as the two newspapers that were misguided into publishing it as advertorial then (2016) have since publicly apologised to the Management of Dangote Industries Limited in writing as well as retracted the advertorial in its entirety in their respective publications. Indeed, BusinessDay and Leadership Newspapers admitted that the advertorial was sponsored by Messrs. BUA Nigeria Limited.” DIL stated in the statement.
Shortly after suspending the ex-CBN governor, President Tinubu appointed a special investigator, Jim Obazee to commence a detailed investigation into the apex bank's deals during Emefiele's tenure.
Recently, some media platforms reported that DIL was among the companies being investigated by the CBN special investigator for shady FX deals and money laundering.
According to DIL, in 2016, a similar allegation which was allegedly sponsored by BUA was published in the media accusing the company of underhand FX deals as the author alleged that DIL transferred FX illegally to other sister Dangote companies outside Nigeria.
Responding, BUA industries tackled DIL accusing the company of dealing it a serious blow during the tenure of Ex-President Obasanjo. The FG had then, taken possession of NPA waterfront land (4.5 hectares) at the Tincan Island port, ‘Polo House’ which the BUA had leased from the late Usman Dantata, Aliko Dangote’s Uncle.
BUA said it had intended to use the property for its expanding sugar refining facility but had lost the location to Dangote after the FG had revoked the ownership.
It further revealed other challenges it faced which included the resistance from NPA authorities when it decided to dock its floating terminal in Lagos and Port Harcourt ports. The terminal, BUA CEMENT I was a cement factory built into a large ship, as a stopgap while the company was working on securing a land-based cement plant.
BUA further accused DIL of being responsible for most of its industrial challenges adding that even after several acts of sabotage against its businesses and operations across the country, it had resolved to stay strengthened.