Dangote and BUA start a media spat over claims of illicit foreign exchange transactions

Industry titans Dangote Industries Limited (DIL) and BUA Nigerian Limited are tense over reported charges of unscrupulous foreign exchange operations. DIL refuted reports that the company was under investigation for allegedly engaging in unlawful foreign exchange trading.In a statement, Dangote Industries said that its main rival, BUA Nigerian Limited, was spreading accusations of the company's involvement in illicit foreign exchange transactions and that it was preparing an economic sabotage against DIL.“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.