News
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.
Advertising Regulatory Council of Nigeria (ARCON) has issued a stern warning to marketers, content creators, and social media influencers amid an alarming rise in fraudulent, AI-generated advertisements circulating across digital platforms.
Dr. Olalekan Fadolapo, director-general, ARCON, during a press briefing at its Lagos headquarters, decried the “porous” state of Nigeria’s online ad ecosystem and pledged to prosecute offenders to the fullest extent of the law.
Dr. Fadolapo opened the media parley by highlighting how easily unscrupulous operators deploy artificial intelligence tools to produce convincing—but entirely fabricated—advertisements.
“Our social media space has become so porous that people now freely post fake adverts, some of which claim outrageous and bogus benefits,” he remarked.
According to the Director-General, these deceptive campaigns often promise “miraculous cures” or “guaranteed returns” without any credible data or verifiable sources to back them.
Among the most alarming examples cited was an herbal remedy advertisement alleging to cure over 200 ailments—ranging from HIV to cancer—through a single “miracle” concoction.
“Imagine an advert claiming that a single herbal drug could cure HIV, cancer, and more than 200 other diseases,” Dr. Fadolapo said.
ARCON’s DG emphasized that such misleading advertisements not only jeopardize public health—by luring vulnerable individuals into purchasing untested or harmful products—but also undermine consumer confidence in legitimate businesses operating within advertising guidelines.
Dr. Fadolapo pointed to the regulatory vacuum that allows bad actors to exploit the anonymity of social media.
Unlike traditional broadcast or print media—where advertisements must pass through editorial or legal vetting—online platforms can be manipulated with minimal oversight.
Creating an ad using AI-powered design and voice generators, he warned, takes only minutes, making it difficult for regulators to identify the original perpetrators.
“The CBEX case is a painful reminder of what can happen when digital platforms are left unchecked,” Dr. Fadolapo said, explaining that the scheme purportedly defrauded unsuspecting Nigerians of nearly $2 trillion through slick, unregulated social media promotions.
He described how the CBEX promoters used AI-generated video testimonials, falsified financial statements, and cloned websites to entice victims with promises of triple-digit returns on cryptocurrency trades.
Microsoft has laid off over 300 employees as part of a fresh round of job cuts.
The latest layoffs, disclosed through a notice filed in Washington state, affected several hundred positions across various departments.
However, the tech company did not specify which units were impacted, the publication said.
Citing a notice, the report said a spokesperson for Microsoft described the move as a “recalibration” in response to shifting business priorities and a fast-changing tech landscape.
“We continue to implement organisational changes necessary to best position the company for success in a dynamic marketplace,” the spokesperson said.
Vice President Kashim Shettima on Tuesday, said the Federal Government has renewed its strategic partnership with the United Nations International Children’s Emergency Fund (UNICEF) to train and empower 20 million young Nigerians with digital skills by 2030.
This is just as the Vice President has accepted to chair the board of Generation Unlimited Nigeria (GenU 9JA), a public-private-youth partnership platform constituted to help young Nigerians between the ages of 10 and 24 transition from learning to earning through digital connectivity.
Shettima, while speaking during a meeting with Mohammed Fall, the United Nations Resident and Humanitarian Coordinator; Rownak Khan, UNICEF Deputy Representative and Celine Lafoucriere, Chief of the UNICEF Lagos Field Office, at the President Villa, Abuja, warned that Nigeria’s rapidly growing population, currently estimated at over 230 million with an average age of 17, presents both a challenge and an opportunity.
Shettima described his invitation to serve as Chair of the Generation Unlimited (GenU 9JA), as a great honour, adding that ” This platform provides a vista of opportunities for our young people. Beyond rhetoric, if we want to survive and thrive, we must empower our youth through digital means. That’s the only way forward,” the Vice President said.
The GenU 9JA initiative aligns with the Federal Government’s Renewed Hope Agenda, which prioritises inclusive development, digital innovation, and youth empowerment as tools for national transformation.
Shettima stressed that Nigeria is not seeking handouts but sustainable, equitable partnerships. “We are not looking for charity. We want a mutually beneficial relationship—one based on respect and shared interests. This is why I’m very passionate about the digital initiative. Beyond leadership in our enlightened self-interest, if we want to live in this part of the world, we have to involve them, we have to empower them,” he said.
He described the initiative as a beautiful programme that would enable the Nigerian youths trade their skills in the global market, saying “from earning to learning is a beautiful initiative and more than any other platform, the digital space gives us the easiest window to get the youth engaged effortlessly.
“They can trade their skills in the global market. I know of a lot of young Nigerians who are working for global firms from the comfort of their homes,” he added.
Fall had in his remarks earlier, praised Nigeria’s leadership under President Bola Tinubu, noting that the GenU platform is central to addressing youth unemployment, educational inequality, and digital exclusion.
“Under the Renewed Hope Agenda, youth-focused initiatives—skills, digital access, and employment—are critical. And GenU is helping to drive those priorities,” Fall said.
Also, Khan, in his remarks, revealed that the GenU 9JA is one of UNICEF’s most successful global youth empowerment programmes, with Nigeria showcased as a model.
“We’ve seen incredible results from Nigeria. Few countries globally have recorded the level of youth impact that GenU 9JA has achieved,” she said.
According to Khan, the programme is built on three pillars: digital connectivity, pathways from learning to earning, and youth engagement and empowerment—all designed to prepare Nigerian youth for today’s job market.
On her part, Celine Lafoucriere, noted that since its launch in 2022, GenU 9JA has impacted over 10 million young people, with 1,500 job linkages already secured.
“To reach our target of 20 million youth by 2030, we must now strengthen coordination among partners and align even more closely with national policy,” Lafoucriere said.
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