Dangote Industries also denied claims that it was under investigation for illegal foreign exchange deals and money laundering activities, saying it’s actions and activities relating to foreign exchange transactions with the CBN are in line with directives and periodic progress reports to the apex bank.

It noted also that all the transactions were submitted to banks for onward submission to the CBN.

The company, in the statement, said the terms and conditions for payments on all it’s forex transactions were clearly spelled out in the Letters of Credit instruments in line with the International Chamber of Commerce’s Universal Customs and Practices for Documentation Credit (UCP 600).

It noted that all FX purchases in respect of its African project expansion were fully utilized. According to the group, there are records to show that the projects executed in other African countries were duly commissioned with top officials of the governments, banks, the media and other respectable bodies in attendance.

Disabusing the minds of those who attach illegal motives to it’s transactions, Dangote said  all funds invested in its expansion projects in different African countries are legitimate capital investments adding that the sum of $576 million foreign exchange has already been repatriated to the country, thus helping to boost exchange earnings in Nigeria and assisted in stabilising the local  Foreign Exchange market.

The company disclosed that payments to certain local suppliers, contractors, and vendors are most times made locally for regulatory and tax reasons due to host country rules as the money is then moved to its project accounts in the host nations for pre-operational costs and other local building material purchases so that vendors can be paid according to local laws.

It noted that all its transactions were well documented and approved by the authorities, hence, its ability to repatriate FX into Nigeria.

 The company said all it’s payments were properly audited and could be further verified.

However, it explained that the CBN specifically gave the company  approval to purchase foreign exchange totaling $3.755 billion from the interbank market between 2010 and 2018,  explaining that this was to fund its various African projects.

The Group said it, however, utilised only 47.70 percent of the approvals totalling  $1.791 billion.