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Aliko Dangote Shows Commitment to Nigeria With $687 Million Repatriation

Dangote Industries Limited, the multinational industrial group owned by Africa’s richest man, Aliko Dangote, stated on Sunday that a large sum of $687 million had been successfully repatriated through multiple Nigerian banks.

This huge capital repatriation, not only demonstrates the conglomerate’s long-term commitment to Nigeria but also displays its confidence in the country’s economic rebirth under President Bola Ahmed Tinubu’s leadership, according to Billionaires Africa, a news publication on Africa’s richest people.

The company declared its trust in Nigeria and the African continent in a statement issued on Sunday. It stressed that it is not a “body-shop” investor and instead reiterated its authenticity and integrity in its investments.

Dangote Industries has invited all relevant authorities to investigate the company’s foreign exchange (FX) operations over the last decade and make any violations public.

The $687 million repatriation comprises $576,008,672.41 sent through several Nigerian banks and another $111,968,109.38 engaged in a cash exchange transaction between Dangote Cement Plc, the Dangote Group’s main firm, and Ethiopian Airlines. This demonstrates Dangote Industries’ significant financial investment in Nigeria.

Dangote Industries vehemently defended all foreign exchange acquisitions made in support of its African Project Expansion. The group, led by Africa’s richest man, Aliko Dangote, said that the monies were used precisely for their intended goals and that the projects they supported are still visible to the public.

The conglomerate disclosed that several projects have been officially launched by senior government officials from Nigeria. Notably, CEOs of prominent banks, industry titans, and the presidents of the host nations were present at the ceremonies.

Furthermore, Dangote Industries emphasized that the commissioning ceremonies for these projects were well-recorded and extensively reported by regional and global media. The fact that written and digital records are in existence is another evidence of the careful and open use of these monies.

Source : Business Insider