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Dangote, BUA, Billionaires Fight in Public over Allegations Financial Impropriety
Aliko Dangote, Africa’s richest man has Abdul Samad Rabiu, another billionaire of attempting to instigate a probe into alleged money laundering at companies run by Dangote.
Abdul Samad Rabiu, BUA Group and Aliko Dangote, Dangote Group
The latest is coming after the truce brokered by Abdullahi Ganduje, then Kano governor and current APC chairman, between Dangote of Dangote Group and Rabiu of BUA Group seems to have been short-lived.
However, both conglomerates are now engaged in renewed clashes after a brief respite. Dangote Group recently accused BUA of running a smear campaign in the media over alleged financial crimes.
Through their large investment empires that stretch across sectors, they place Nigeria on the spotlight for good.
While Dangote Group has accused BUA Group of orchestrating a malicious campaign in the media by disguising as a concerned citizen, the latter on the other recalled how it overlooked its rival’s antics aimed at running it out of business.
In a seven-page statement titled: “Economic Sabotage : Our Stand,” published in the media on November 2, Dangote Group dismissed claims on its investigation for alleged illegal foreign exchange deals and money laundering running to $3.4billion under the watch of Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN).
The company described the report as a rehash of a similar report peddled out operating as a concerned Nigerian” in 2016.
“The attention of the management of Dangote Industries Limited has been drawn to an unfounded allegation making the rounds in some online media, suggesting that the Company is being probed over alleged illegal foreign exchange laundering running to $3.4bn allegedly perpetrated by the Central Bank of Nigeria under the leadership of Mr. Godwin Emefiele over the years.
“As an organisation, it is not in our custom to respond to any spurious allegation. Still, since it is a rehash of a similar report peddled out of malice by a competitor masquerading as a concerned Nigerian in 2016, we are constrained to provide context to this issue.
“The reporting of this spurious foreign exchange allegation by some media houses was turned down by some credible traditional and online media news until it was featured as a paid advertorial in two Nigerian Newspapers BusinessDay and Leadership (Published on March 14, 2016) titled “Acts of Economic Sabotage by Dangote Cement” published in the name of David Osa Ighalo, from Benin, Edo State.
“It is saddening to note that this publication of Monday, March 16, 2016, wherein the author alleged that ‘monies went from the company in question to other sister Dangote Companies Outside Nigeria.
“It is estimated that almost $3bn, if not more, has been taken out of Nigeria through these means. This encourages round-tripping and, in effect, money laundering since there is no proper documentation has recently been given a fresh false slant by one Ahmed Fahad, purporting it to be a new petition directed to the attention of President Bola Ahmed Tinubu and Mr. Jim Obazee, the Special Investigator probing the CBN,” the statement read.
Responding, BUA, in a statement issued by its management on Friday, recalled how it resisted Dangote’s antics for 32 years as both organisations engaged in an acrimonious battle for control in their various market segments.
“We have been cast as the antagonists in a narrative woven with malice. We have not just survived; we have thrived, expanding our operations and contributing to Nigeria’s economy without resorting to subterfuge.
“It’s with a profound sense of responsibility and a heavy heart that we address the claims and very cheap attempts at blackmail levelled against BUA by Aliko Dangote in a recent 7-page editorial following months of sponsored campaigns of calumny against us using third-party platforms. To put things in perspective, it’s imperative to revisit history—a history not of rivalry but of resilience; not of enmity, but of endurance.
“In August 1991, a young BUA was doing its commodities trading business just as Nigeria faced a scarcity of sugar. As sugar was scarce, BUA was lucky to be one of the few with any stock for sale, and we stood prepared to supply the nation’s needs as best as our stock could.
“It was during this period that Aliko Dangote approached us to purchase sugar. If only we knew he was setting the first of many traps in our business history. He gave us a Societe Generale Bank of Nigeria cheque which bounced upon presentation to the bank. Unbeknown to us, this was a ruse that would lead to a court-sanctioned freeze of our assets orchestrated by Dangote.
“For three agonising months, our accounts were garnisheed, warehouses shuttered, and our spirit tested. Yet, from the ashes of deceit, BUA survived.
“Fast forward a few years later, we decided that since we were making good progress in our various businesses, we should open a sugar refinery. We approached one Usman Dantata (now late), Aliko Dangote’s uncle, and leased his NPA waterfront land (4.5 hectares) at the Tincan Island port, ‘Polo House’.
“We took the land, signed an agreement with the consent of NPA, and paid all applicable dues. Dangote waited until our contractors and equipment had been mobilised to the site, then he went to former President Olusegun Obasanjo. President Obasanjo had the land revoked entirely and gave the lease to Dangote. As a result, even his uncle lost the land. BUA was only given 24 hours to vacate the land,” it said.
It is unclear how this rift would be resolved this time around.
Mohammed Idris, the Minister of Information and National Orientation, has reaffirmed the government’s commitment to collaborating with key stakeholders in the global information and broadcasting sector to strengthen Nigeria’s information dissemination framework.
This pledge was made on Monday during discussions with prominent broadcast and information companies at the ongoing National Association of Broadcasters Show 2025 in Las Vegas, United States.
Speaking at the event, Idris said the Bola Tinubu administration remained committed to adopting cutting-edge technologies and acquiring state-of-the-art equipment for Federal Government media organisations to ensure effective service delivery.
“Strategic communication is essential to ensuring that the policies of the Renewed Hope Agenda reach the Nigerian people effectively,” he stated.
The minister also highlighted the government’s plans to invest in upgrading facilities and replacing outdated infrastructure in radio, television, and other media institutions.
According to the minister, this will improve the dissemination of credible, balanced, and objective information to the public.
Idris further said that the government would explore collaborations and partnerships that would allow local broadcasters to benefit from emerging technologies and industry-specific training opportunities.
The minister had visited exhibitions showcasing hardware and software solutions during the event.
Items exhibited included broadcast antennas, transmitters, and studio equipment, which are pivotal for enhancing broadcasting capabilities.
Thomas King, Chairman of KINTRONIC Laboratories and Enrico Vaccari, Chief Operating Officer of Axel Technology SRL, had expressed their organisations’ readiness to partner with the Nigerian government.
Gianluca Baccalini, Chief Operating Officer of System Engineering Solutions and Khiran Keerodhur, Chief Operating Officer of Thomson Broadcast, among others, also expressed commitment to enhancing Nigeria’s broadcasting landscape and regulatory agencies.
Idris is leading a delegation of chief executives of agencies in his ministry to the NAB event.
Members of the delegation included the Managing Director of NAN, Ali Muhammad Ali, and the Director-General of the Nigeria Television Authority, Salihu Dembos.
Others are the Director-General of the National Broadcasting Commission, Charles Ebuebu; and Director-General of the Advertising Regulatory Council of Nigeria, Lekan Fadolapo.
Also in the delegation is the Director-General of Voice of Nigeria, Jibrin Ndace.The forum, NAN reports, is to strengthen broadcast collaborations and form strategic alliances. The NAB event, running from Saturday to Wednesday, has as theme: “The Technology, The Trend, The Future.”
NAN also reports that the forum is focusing on a range of topics, including Artificial Intelligence, cloud visualisation, creator economy, as well as sports production and streaming.
In a glowing testimonial that reveals the rising influence of Konga 103.7FM beyond Lagos, a business merchant from Kano, Mr. Ishaku Mohammed, shared how the station’s late-night programming helped him overcome insomnia and reconnect with hope.
Mr. Mohammed, who was in Lagos to attend a wedding, stumbled on KongaFM by chance, but the impact, he says, was life-changing.
“KongaFM solved my insomnia. It was like a miracle. I tuned in around 9 pm and left the radio on. The inspirational songs and messages gave me peace and helped me sleep properly again, for the first time in a long while,” said Mr. Mohammed.
Having returned to Kano, he now streams the station regularly on kongafm.com, calling it “a sound of hope in changing times.”
The testimonial has been widely shared on social media, drawing attention to the station’s unique blend of entertainment and emotionally resonant content. With increasing listenership on-air and via digital streams across Nigeria and, by extension, the world, Konga 103.7FM is quickly becoming a household name in the country’s evolving media space.
Speaking on the impact, Ifeoma Ajumobi, Head of Konga TV & Radio, noted: “Mr. Mohammed is exactly why we do what we do. At KongaFM, we’re not just filling the airwaves with music or talk, but filling a gap in people’s lives 24hrs daily. Whether it’s easing stress, igniting hope, as a domain of knowledge, or simply keeping people company through the night, our goal is to be the voice that truly resonates.
“We are building a station that listens, heals, inspires, and leads. And as we continue expanding our reach, our mission remains clear: to be Nigeria’s most human radio experience. One voice, one story, one soul at a time.”
KongaFM continues to deliver engaging programming in entertainment, inspiration, commerce, and culture. With a growing footprint in northern and southern Nigeria and a commitment to reflecting the voices of real people, the AI tech-driven station is positioning itself as a trailblazer in 21st-century African radio broadcasting.
Advertising Offences Tribunal (AOT) has issued a bench warrant for the arrest of Captain Ado Sanusi, managing director, Aero Contractors Company of Nigeria Limited, for failing to appear before the tribunal in an ongoing case concerning alleged violations of Nigerian advertising laws.
The Advertising Regulatory Council of Nigeria (ARCON) filed a 22-count charge against Captain Sanusi and Aero Contractors, accusing them of exposing advertisements targeted at the Nigerian market without obtaining the necessary approval from the Advertising Standards Panel (ASP). This, according to ARCON, contravenes established Nigerian advertising regulations.
The case was initially scheduled for hearing on February 26, 2025. However, during the proceedings, Captain Sanusi was absent, prompting his legal representatives to assure the tribunal of his presence at the next hearing while also pleading for leniency. Despite these assurances, the defendant failed to appear on the adjourned date.
Given Captain Sanusi’s continued absence, the Advertising Offences Tribunal, in line with its mandate to enforce compliance with advertising regulations, issued a bench warrant for his arrest.
The tribunal has ordered that he be presented at its next sitting, scheduled for May 8, 2025.
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