*OPEN LETTER: PETITION TO PRESIDENT BOLA TINUBU AGAINST DANGOTE*

18 August 2023

His Excellency,
President Bola Ahmed Tinubu, GCFR
President
Federal Republic of Nigeria
State House
Abuja

Your Excellency,

*Subject: BRAZEN ILLEGALITY: HOW DANGOTE SIPHONED $3.4BILLION DOLLARS THROUGH THE CBN USING FORM A*

I write to you today as an alarmed Nigerian citizen and a tenacious advocate for social justice. I bring to your attention a scandalous issue of gross financial misconduct and illegality involving the Dangote Group - a flagrant abuse of the Central Bank of Nigeria's (CBN) forex guidelines for the past 10 years.

First exposed by Dr. Ope Banwo of Change Vigilantes International (CVI) in his 2016 petition to the former President Buhari(read here: https://www.ripplesnigeria.com/dangote-forex-violation-cbn/?amp) this brazen illegality involves a shocking violation of CBN guidelines, causing a USD 3.4 billion diversion from Nigeria's national treasury at rates between 150-200USD when the parallel exchange rate was more than double that. This insidious financial maneuvering still threatens the very stability of our country's economy even today.

Astoundingly, this flagrant siphoning was carried out using Form A, instead of the legal route through Form M, which is tantamount to a gross violation of the law as it offers no financial returns to our country. The barefaced audacity of these financial transgressions is further displayed by several implicated banks, which have audaciously sanctioned millions of dollars at the CBN rate to the Dangote Group, in direct violation of CBN's instructions to source funds from the parallel or interbank market.

These unscrupulous actions facilitated the illegal transfer of funds for supposed foreign investments, including the supposed construction of factories in countries like Congo and Liberia. These funds were moved out of Nigeria with the alleged unlawful aim of industrial developments in other nations, while our own country was left bereft of these much-needed investments.

More worryingly, there are several instances, such as in Liberia, where promised factories were never built. The siphoned funds were, instead, reportedly transferred to Dangote’s accounts abroad, thereby exploiting Form A for illicit cash movements that cannot be reclaimed by our country.

*It must be highlighted that the approvals sought from the CBN clearly stated that money sought by Dangote must be bought from the Interbank market - which means money outside the CBN. However, the funds were bought and transferred from the national treasury with the CBN, which was illegal. On a continued basis over the years and contrary to the approvals, Emefiele’s CBN continued illegally supplying money from Nigeria’s treasury at cheaper rates to Dangote Group (see some evidence attached). This is an illegality that must be righted. For instance in 2015, Form A number AA2541751 was used to transfer over 341million through telegraphic transfer (ECOBANK) in contravention of CBN directive to use interbank funds only for the Dangote Project in Cameroon whilst on February 12, 2016, Form A number AA2649626 was used to transfer over 420million for spare parts in Congo, also in contravention of the CBN directive.*


To further highlight the brazenness of these actions, it recently came to light that the suspended CBN Governor, Godwin Emefiele, had borrowed USD 1 billion from Afrexim Bank in the second quarter of 2023, USD 750 million of which was illegally funneled to Dangote at a concessionary rate. These funds were subsequently transferred to Dangote’s account abroad just as previously done in the past.
Your Excellency, as the beacon of hope for our nation's financial integrity, your swift action is desperately needed to rectify these glaring injustices. We implore you to order a comprehensive and immediate investigation into these flagrant violations of our financial laws.

We call upon you to ensure these stolen funds are returned and used for the betterment of our nation under your committed administration. This enforcement is essential not just to deter future violations but also to underscore the ethos of accountability and transparency that your administration represents. We enjoin you to direct the EFCC, ICPC, DSS and other relevant security agencies to investigate these illegal acts against our economy and ensure these funds are returned.

The time for a new era has come—an era where the rule of law supersedes illicit privileges, and economic justice becomes our national cornerstone. By addressing this issue decisively, you will send a powerful message that corruption, in all its forms, will no longer be tolerated in our country.

Thank you for your prompt attention to this urgent matter.

Yours faithfully,

Ahmed Fahad
A Concerned Nigerian and Social Justice Advocate

Attached

Ok

Where your News source

While others were struggling to get forex with the artifical scarcity created by the subsidy cabal in govt, Dangote was given a leeway by the the same cabal using Godwin Emefiele as the conduit pipe. Let's see what becomes of this scandal if true under this equally criminal government.

Dangote contributed immensely to problems Nigeria is grappling with

But I tot you fools claim Tinubu should free Emefiele n pursue Buhari ?!

Are you fools now arguing Tinubu should leave both Emefiele n Buhari to pursue Dangote now I do not understand ?

Racoon:
While others were struggling to get forex with the artifical scarcity created by the subsidy cabal in govt, Dangote was given a leeway by the the same cabal using Godwin Emefiele as the conduit pipe. Let's see what becomes of this scandal if true under this equally criminal government.

This kind matter hard to chook mout. You never can tell who the liar is and who is pushing self-interest

All these allegations with no concrete evidence. You go explain taya

It seems Dangote was the biggest beneficiary of the subsidized Naira policy under Buhari.

He was getting dollars at cheaper rate in Nigeria to finance his business outside Nigeria.

Well, the refinery project was a cornerstone of the APC-campaign that reinforced the criminal power heist so Poseidon could take an excursion on the seat. If the refinery has gulped up to that cost on paper, he could easily claim it was used for the refinery. Do you expect Poseidon to do anything about it?

MTNnews:
But I tot you fools claim Tinubu should free Emefiele n pursue Buhari ?!

Provide proof someone on Nairaland said so. You are lying.

madridguy:

Nigga, you're not gonn' say something?

Racoon:
While others were struggling to get forex with the artifical scarcity created by the subsidy cabal in govt, Dangote was given a leeway by the the same cabal using Godwin Emefiele as the conduit pipe. Let's see what becomes of this scandal if true under this equally criminal government.

The agbado crew will now come for Emefiele ....leaving out his Lord and master Buhari and his fulani hawks! One thing that gores me about my southwest brothers is that that....they never face the truth head on without their unending sophistry and political rigmarole! Cut to the chase and go after the northern establishment that have rendered Nigeria bankrupt....!

Vagabonds In Power






Wittyness

Often times I have to keep saying common sense is not so common.

1) Person no know if na fake news
2) Even if he no be fake new is it contrary to established requirements.
3) Assume Emefiele sell at lower rate who we go ask question.
4) If him get order not for him to provide same be that. I remember madam Ngozi once they were chatting crap na so she provide instruction shut them mouth to Buhari them.

Only a man with Ballz like late president YAR'ADUA can investigate and bring dangote to his knees

Whenever they call Dangote a rich man I only see amassment of the wealth of common Nigerians.

From monopoly they gave him over cement and other key industrial sectors, Emefiele was still selling dollars to him at a far cheaper rate than normal at the detriment of the naira.. Only God knows the many attrocities Emefiele committed as head of the apex bank.

I’ve been waiting for this to be brought to light and hammered upon

If Emefiele is in jail so should Dangote

How can you give discounted billions to one man alone?

All he needs to do is colllect it from cbn and take it to Maitama to change with Malams and he’ll be a billionaire from it alone

Every person gets a limit to how much they can get from the cbn, not him. And the refinery is still not yet ready. How much does it take to build a brand new refinery?

Ethiopian air funds were transferred to him so he could transfer his Ethiopian cement factory funds to them in their country, the cbn gave only him that exception


These are not billionaires due to genius but the exploitation of politicians and a broken system to collect rent

Yahaya Bello had to open fire on him for exploiting kogi resources without paying any royalty and still sellling cement more expensive in kogi than his home state of Kano


Daylight thieves, cheats and crooks

His uncle Santana is long retired but Dangote had to drag this pooor man to tinubu’s banquet and has made him to start attending politicians’ functions just so the hammer won’t fall on him


Dangote is a crook and should sincerely be in jail

Good bless you

Allah ya tsare ka

Nice job

ahmedfahad20:
*OPEN LETTER: PETITION TO PRESIDENT BOLA TINUBU AGAINST DANGOTE*

18 August 2023

His Excellency,
President Bola Ahmed Tinubu, GCFR
President
Federal Republic of Nigeria
State House
Abuja

Your Excellency,

*Subject: BRAZEN ILLEGALITY: HOW DANGOTE SIPHONED $3.4BILLION DOLLARS THROUGH THE CBN USING FORM A*

I write to you today as an alarmed Nigerian citizen and a tenacious advocate for social justice. I bring to your attention a scandalous issue of gross financial misconduct and illegality involving the Dangote Group - a flagrant abuse of the Central Bank of Nigeria's (CBN) forex guidelines for the past 10 years.

First exposed by Dr. Ope Banwo of Change Vigilantes International (CVI) in his 2016 petition to the former President Buhari(read here: https://www.ripplesnigeria.com/dangote-forex-violation-cbn/?amp) this brazen illegality involves a shocking violation of CBN guidelines, causing a USD 3.4 billion diversion from Nigeria's national treasury at rates between 150-200USD when the parallel exchange rate was more than double that. This insidious financial maneuvering still threatens the very stability of our country's economy even today.

Astoundingly, this flagrant siphoning was carried out using Form A, instead of the legal route through Form M, which is tantamount to a gross violation of the law as it offers no financial returns to our country. The barefaced audacity of these financial transgressions is further displayed by several implicated banks, which have audaciously sanctioned millions of dollars at the CBN rate to the Dangote Group, in direct violation of CBN's instructions to source funds from the parallel or interbank market.

These unscrupulous actions facilitated the illegal transfer of funds for supposed foreign investments, including the supposed construction of factories in countries like Congo and Liberia. These funds were moved out of Nigeria with the alleged unlawful aim of industrial developments in other nations, while our own country was left bereft of these much-needed investments.

More worryingly, there are several instances, such as in Liberia, where promised factories were never built. The siphoned funds were, instead, reportedly transferred to Dangote’s accounts abroad, thereby exploiting Form A for illicit cash movements that cannot be reclaimed by our country.

*It must be highlighted that the approvals sought from the CBN clearly stated that money sought by Dangote must be bought from the Interbank market - which means money outside the CBN. However, the funds were bought and transferred from the national treasury with the CBN, which was illegal. On a continued basis over the years and contrary to the approvals, Emefiele’s CBN continued illegally supplying money from Nigeria’s treasury at cheaper rates to Dangote Group (see some evidence attached). This is an illegality that must be righted. For instance in 2015, Form A number AA2541751 was used to transfer over 341million through telegraphic transfer (ECOBANK) in contravention of CBN directive to use interbank funds only for the Dangote Project in Cameroon whilst on February 12, 2016, Form A number AA2649626 was used to transfer over 420million for spare parts in Congo, also in contravention of the CBN directive.*


To further highlight the brazenness of these actions, it recently came to light that the suspended CBN Governor, Godwin Emefiele, had borrowed USD 1 billion from Afrexim Bank in the second quarter of 2023, USD 750 million of which was illegally funneled to Dangote at a concessionary rate. These funds were subsequently transferred to Dangote’s account abroad just as previously done in the past.
Your Excellency, as the beacon of hope for our nation's financial integrity, your swift action is desperately needed to rectify these glaring injustices. We implore you to order a comprehensive and immediate investigation into these flagrant violations of our financial laws.

We call upon you to ensure these stolen funds are returned and used for the betterment of our nation under your committed administration. This enforcement is essential not just to deter future violations but also to underscore the ethos of accountability and transparency that your administration represents. We enjoin you to direct the EFCC, ICPC, DSS and other relevant security agencies to investigate these illegal acts against our economy and ensure these funds are returned.

The time for a new era has come—an era where the rule of law supersedes illicit privileges, and economic justice becomes our national cornerstone. By addressing this issue decisively, you will send a powerful message that corruption, in all its forms, will no longer be tolerated in our country.

Thank you for your prompt attention to this urgent matter.

Yours faithfully,

Ahmed Fahad
A Concerned Nigerian and Social Justice Advocate

E don reach front page already

Nice work da uwa

Racoon:
While others were struggling to get forex with the artifical scarcity created by the subsidy cabal in govt, Dangote was given a leeway by the the same cabal using Godwin Emefiele as the conduit pipe. Let's see what becomes of this scandal if true under this equally criminal government.

Just shows how helpless you Empty Barrels really are, Waiting for your enemies to do your bidding for you?

You go wait tire.

Yankee101:
I’ve been waiting for this to be brought to light and hammered upon

If Emefiele is in jail so should Dangote

How can you give discounted billions to one man alone?

All he needs to do is colllect it from cbn and take it to Maitama to change with Malams and he’ll be a billionaire from it alone

Every person gets a limit to how much they can get from the cbn, not him. And the refinery is still not yet ready. How much does it take to build a brand new refinery?

Ethiopian air funds were transferred to him so he could transfer his Ethiopian cement factory funds to them in their country, the cbn gave only him that exception


These are not billionaires due to genius but the exploitation of politicians and a broken system to collect rent

Yahaya Bello had to open fire on him for exploiting kogi resources without paying any royalty and still sellling cement more expensive in kogi than his home state of Kano


Daylight thieves, cheats and crooks

His uncle Santana is long retired but Dangote had to drag this pooor man to tinubu’s banquet and has made him to start attending politicians’ functions just so the hammer won’t fall on him


Dangote is a crook and should sincerely be in jail

Poor minded useless failed filled with hate ipobi Obidient.

Now on front page

Godjone:
Dangote contributed immensely to problems Nigeria is grappling with

it's obvious now. The thread is on fp