Sunday, 05 November 2023 04:40

Dangote, Rabiu feud publicly, accuse each other of treachery

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Nigerian billionaire Aliko Dangote blamed fellow tycoon Abdul Samad Rabiu for attempting to instigate a probe into alleged money laundering at companies run by Africa’s richest man.

Dangote, who runs Nigeria’s biggest cement maker and is about to start operating Africa’s largest oil refinery, in a seven-page advertisement published in local newspapers alleged that Rabiu was behind an attempt to get President Bola Tinubu’s government to embroil Dangote Industries Ltd.in a probe into the Central Bank of Nigeria. Dangote’s companies aren’t under any investigation.

A spokesman for Dangote didn’t answer phone calls or respond to messages, while a spokesperson for BUA couldn’t be reached for comment.

The allegations, which first surfaced in 2016, were resurrected when Tinubu in July ordered a probe into operations at Nigeria’s central bank over the past eight years. Tinubu alleged that several unidentified Nigerian businesses engaged in money laundering as the central bank oversaw a complex foreign-exchange regime that critics say encouraged arbitrage.

“As an organization, it is not our custom to respond to any spurious allegation,” Dangote Industries said in the advertisements published on Friday. “But to the fact that this is a rehash of a similar report peddled by a competitor masquerading as a concerned Nigerian in 2016, we are therefore constrained to provide context to this issue.”

Rabiu responded hours later accusing his rival of a litany of infractions against his business since the early 1990s, including giving him a dud cheque on one occasion.

“To Dangote and the Dangote Group, we say: Let us build, not belittle,” Rabiu’s BUA Group said in a post on X. “While we may share the marketplace, we need not share malice. We have nothing to do with your self-inflicted issues. Blame no one but yourself.”

Dangote has a net worth of $16.4 billion, according to the Bloomberg Billionaires Index, while Rabiu’s wealth is valued at $5.5 billion.

 

Bloomberg

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