Dangote set to refund $4.89bn to CBN

The chairman and founder of Dangote group, Aliko Dangote is set to refund $4.89 billion back to the Central Bank of Nigeria, CBN....CONTINUE READING

The rapidly appreciating Naira is set to make Dangote to return that sum out of the laundered foreign exchange during the former CBN governor, Godwin Emefiele’s regime.

A total of over $12 billion was set to have been laundered by the world’s richest black man during this period.

Foreign exchange speculators are set for a surprise decline in dollars to Naira exchange over the next few days as a result of this refund.

Similarly, the lien on the $11 billion of the federal reserve has been lifted on Monday, November 6, after the UK Court dismissed the breach of contract case against Nigeria.

This has boosted the Nigeria’s foreign reserve by over 400 percent.

Dangote is a Nigerian businessman and industrialist. He is best known as the founder, chairman, and CEO of the Dangote Group, the largest industrial conglomerate in West Africa.

The Bloomberg Billionaires Index estimated his net worth at $16.1 billion in November 2023, making him the richest person in Africa, the world’s richest black person, and the world’s 107th richest person overall.

Dangote became Nigeria’s first billionaire in 2007.

He was said to have added $9.2 billion to his personal wealth in 2013, according to the Bloomberg Billionaires Index, making him the 30th-richest person in the world at the time, and the richest person in Africa.

In 2015, the HSBC leaks revealed that Dangote was a HSBC client and that he had assets in a tax haven in the British Virgin Islands.

As of June 2022, Dangote is the wealthiest person in Africa, with an estimated net worth of $20 billion.