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Petition On How Dangote Allegedly Siphoned 3.4Billion Dollars Forex Through CBN Submitted To Tinubu

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Aliko Dangote

President Bola Ahmed Tinubu has received a Petition against Billionaire Businessman, Alhaji Aliko Dangote over $3.4 Billion allegedly siphoned through the Central Bank of Nigeria.

The petition, seen by POLITICS NIGERIA, filed by Ahmed Fahan, a Social Justice Advocate, alleged that Dangote grossly violated the Forex Guidelines of the CBN for years.

The petition was attached to a letter written to the President on August 18th, 2023.

The Letter read; “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”.

Below are Documents attached to the letter;

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Cryptotimes Africa and 4 Other Crypto-Focused Publications shaping the narrative of cryptocurrency in Africa

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It’s no doubt that Africa has emerged as a hotbed for cryptocurrencyadoption and innovation. With a growing interest in digital assets andblockchain technology, several publications have sprung up to cater tothe information needs of crypto enthusiasts across the continent.Among these, Cryptotimes Africa stands out as a leading source of newsand insights on the African crypto scene. Let’s take a closer look atCryptotimes Africa and five other noteworthy publications that areshaping the narrative of cryptocurrency in Africa.1. Cryptotimes AfricaAs the name suggests, Cryptotimes Africa is dedicated to covering allthings crypto-related on the African continent. From news updates andmarket analysis to interviews with industry experts, this publicationoffers a comprehensive view of the rapidly evolving crypto landscapein Africa. With a focus on promoting blockchain adoption and financialinclusion, Cryptotimes Africa serves as a valuable resource for bothnewcomers and seasoned veterans in the crypto space.2. Bitcoinke.ioBitcoin Africa is another prominent publication that provides in-depthcoverage of Bitcoin and other cryptocurrencies in Africa. With a teamof experienced writers and analysts, Bitcoin Africa deliversinsightful articles, guides, and reviews to help readers navigate thecomplexities of the crypto market. Whether you’re interested intrading strategies, regulatory developments, or technologicalinnovations, Bitcoin Africa has you covered.3. TechnextTechnext is a broad tech publication with a strong focus on Africanstartups, innovation, and trends, coverage includes articles onblockchain technology, cryptocurrencies beyond Bitcoin, and theirapplications in Africa.4. Tech CabalTech Cabal focuses on providing in-depth analysis and reporting on theAfrican tech ecosystem, including funding rounds, investment trends,and interviews with key players. While its primary coverage is notsolely focused on cryptocurrencies, Tech Cabal features insightfularticles on blockchain technology, cryptocurrency adoption in Africa,and the regulatory landscape. Targeting investors, entrepreneurs, andprofessionals working in the African tech sector, Tech Cabalcontributes valuable insights to the broader conversation on cryptoinnovation in Africa.5. NairametricsNairametrics is a financial and business news platform with a focus onthe Nigerian economy and markets. While covering a wide range offinancial topics, Nairametrics includes articles on cryptocurrenciesas an investment asset class, analysis of their impact on the Nigerianfinancial sector, and regulatory updates. Targeting investors,business people, and those interested in the financial sector inNigeria, Nairametrics provides valuable insights into the evolvinglandscape of cryptocurrencies in Africa’s largest economy.In conclusion, Cryptotimes Africa and the aforementioned publicationsare playing a crucial role in shaping the narrative of cryptocurrencyin Africa. By providing reliable news, analysis, and educationalresources, these platforms are empowering individuals and businessesto participate in the digital economy and seize the opportunitiesoffered by blockchain technology. As the crypto revolution continuesto unfold, these publications will undoubtedly remain essential guidesfor enthusiasts and professionals alike.

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Eid-el-Fitr: Speaker Obasa Congratulates Muslims

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  • urges patriotism for national prosperity

As Nigerian Muslims celebrate the Eid-el-Fitr with their counterparts across the world, Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, says he joins other faithful in their steadfast belief that Almighty Allah will listen to their supplications and meet their needs at this time.

Dr. Obasa’s prayer came in his congratulatory message to Muslims for having the divine privilege from Allah to partake in the Ramadan.

According to Obasa, in a statement by his Chief Press Secretary, Eromosele Ebhomele, the Eid-el-Fitr is not just a time to eat and be merry, but a day dedicated for thanksgiving to God for the strength and passion He has given the Muslim faithful.

“It is a day to reflect on the blessings and opportunities that have been granted by Allah just as it is a period to engage in acts of charity and love to one another.

“As emphasised in the Holy Book, Muslims are advised to give at this period and beyond. They are urged to share love and be compassionate while having the consciousness of Allah’s mercy upon us all.

“I congratulate Muslim faithful both in Lagos, Nigeria and the world for the successful conclusion of the Ramadan while praying that Allah hearkens to all our supplications throughout the period with the faith that He will continue to bless our state and country,” the Speaker said.

Obasa urged the citizens to mark the festival rededicating their lives to God and doubling their patriotism to the country for national prosperity.

“We all must continue to work hard as we build a peaceful, united and prosperous Nigeria under President Bola Ahmed Tinubu while upholding the lessons that Ramadan brings.

“As Nigerians, regardless of our religious beliefs, we have a country that we aspire to see. We all have to make the country achieve that greatness by being more patriotic and working with the government.

“In the same vein, it has been an upward progression for Lagos. The result of the effective collaboration among the arms of the government is very obvious.

“At the House of Assembly, our pro-people direction has resulted in legislation, motions and resolutions that have brought happiness to the residents of our state. We promise to continue to build on our successes.

“On behalf of my family, colleagues at the House, the management and staff of the Assembly, I wish our Muslim brothers and sisters a beautiful celebration,” Dr. Obasa said.

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Gov AbdulRazaq commiserates with CJ Adebara over father’s death

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Kwara State Governor AbdulRahman AbdulRazaq sends his profound condolences to the Chief Judge of Kwara State Justice Abiodun Ayodele Adebara and the people of Shao on the death of the CJ’s father, Pa Adebara Adio Durodoye Dogo.

Pa Adebara, 98, commanded the respect of all in Shao and environs for his industry, leadership, and huge contributions to the development of his community as a foremost businessman who founded the popular Abulesowo Amuludun Sand Association, according to the Governor.

Governor AbdulRazaq says the late businessman left salutary legacies in the sand of times, as can be seen in the quality of his children and his impacts on the people.

On behalf of the government and the people of Kwara State, the Governor sends his condolences to the Shao community, the Ajakitipa chieftaincy family, and to the immediate and extended families of the patriarch.

He asks God to repose the soul of Pa Adebara and to give fortitude to the illustrious family he left behind.

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