In documents secretly released by one of the Central Bank Of Nigeria, CBN, staff, shows that Aliko Dangote, Chairman of Dangote group and other Nigeria’s big corporation are behind the economic woes the country are facing today.
According to this leaked documents which were obtained from highly reliable sources in the financial services industry, big companies like Dangote have been collecting approvals from the CBN to buy dollars from the interbank market for the expansion of their plants in other countries but then go on to use that approval to buy FX from the official market through Form A. Form As are normally used for transactions like school fees, etc but what these companies do is to export our FX and roundtrip back to the country through shadow corporations based in Dubai amongst others.
The leaked documents further revealed that Dangote cement is getting CBN approvals for dollars for the following expansion projects –
1. Zambia Expansion – US$353,000,000.00 and EUR22,000,000.00 (three hundred and fifty three million dollars and twenty two million euros respectively)
2. Liberia expansion – US$100,000,000.00 (one hundred million dollars only) 3. Senegal Expansion – US$201,000,000.00 (two hundred and one million dollars only)
4. Other countries that similar funds have been taken out illegally include Congo, Cameroon amongst others Whilst the CBN clearly states in its approval that only interbank funds should be used and not official market funds, FX allocation publications by the banks not only show that they used official funds but that they also used Form A to ensure non-traceability of the funds.
No wonder poor Nigerians, are facing the heat, while the big corporations are gaining from it. See documents below:
Documents obtained by: ReportsAfrique