Recently, the Central Bank of Nigeria conducted a retail Dutch auction, with the Dangote Group emerging as a significant recipient. Dangote Group successfully purchased at least $105.33 million in foreign exchange. Statistically, this allocation represents approximately 13% of the total $876.26 million distributed by the CBN among qualified banks.
Zenith Bank, Access Bank, Providus Bank, Union Bank, and Sterling Bank were the primary banks that facilitated the majority of the foreign exchange transactions for Dangote’s companies in the latest auction. Four of these banks also ranked among the top ten banks receiving the most foreign exchange from the CBN’s auction.
These banks played crucial roles in supporting the importation of essential raw materials, spare parts, and equipment, which is vital for maintaining the operational efficiency of Dangote’s diverse industrial enterprises.
Among Dangote’s companies, Dangote Sugar Refinery led with a bid of $87.42 million. This allocation was significant for importing Brazilian cane raw sugar, with one transaction involving 16,000 metric tons of raw sugar and a single bid amounting to $10.96 million.
Dangote Cement PLC, a leading entity in Africa’s cement industry, secured $9.03 million. This amount included various smaller allocations for procuring spare parts for cement plant machinery.
Dangote Oil & Gas Company Limited received $5.33 million, which was used to purchase gasoil and low-pour fuel oil (LPFO), essential for energy production and industrial operations. Notably, a single bid of $2.5 million was allocated for purchasing 15,000 metric tons of gasoil.
Dangote Industries Limited was allocated $2.5 million for importing gas turbines, while Dangote Agro Sacks Limited received $941,600.96 for acquiring spare parts for textile machinery and manufacturing equipment.
Smaller allocations were granted to Dangote Sinotruk West Africa Limited and Dangote Coal Mines Ltd, receiving $7,161.50 and $104,568.68, respectively.
