CBN, Dangote Plc and Other Importers responsible for Nigerian Current Economic woes

According to a facebook post by one Murtadha Baba Yakubu, CBN and Dangote Plc are responsible for the hardship we have been facing since the dollar exchange rate increase. A documents secretly released by one of the Central Bank Of Nigeria, CBN, staff, shows that Aliko Dangote, Chairman of Dangote group and other Nigerian Importers are behind the economic woes the country are facing today. See the CBN leaked document after the cut...

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-trace-ability of the funds.

This is the main reason why poor Nigerians are facing the heat of inflation due to high dollar exchange rate, while the big corporations are gaining from it. This another blow from the Past administration fraudulent activities.

See documents below: