Secret Reporters No place to hide
Secrets Reporters
For whatever reason that made BUA group owner Abdul Samad Rabiu found favor in the eyes of sacked Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele, it can only be unraveled by federal investigators in the West African country, Nigeria.
While struggling companies begged for forex from CBN and got none, Emefiele turned to Santa Claus. Giving BUA group the forex at will, even as the Naira kept losing its value under the embattled sacked bank chief.
SecretsReporters intercepted various years of these forex given to the Abdul Rabiu led conglomerate.
In our analysis of 2017 forex allocation, this is what we found.
On the 3rd of January 2017, BUA SUGAR REFINERY received a credit of USD
1,619,077,043.97 into their account number 9992023306 domiciled in ECO. The
transaction description reads FX CURRENCY SALE FX SALE-BUA SUGAR
REFINERY LIMITED IRO LC MATURED OBLIGATIONS FORWARD CONTRACT
CBN SMIS FOR FORM M NO.MF20150051645 FOR USD4,898,871.54 @330.5/USD-
TB57286-NGN1619077043.97 AT 330.5.
2. On the 12th of June 2017, BUA RICE LIMITED received a credit of NGN
1,322,273,520.00 into their account number 62487976 domiciled in STERLING from CBN
3. On 14th March 2017, BUA SUGAR REFINERY account 9992023306 domiciled in
Ecobank witnessed an inflow of N38,963,589.00 with the transaction description “FX
CURRENCY SALE FX SALE – BUA SUGAR REFINERY LIMITED IRO FORWARD
CONTRACT OFFSHORE CHARGES (FBN, UK) for FORM M/ LC NO.
MF20150051645/01420789L15144FB – $92770.45 @ 420/USD TB58160-
NGN38963589@420”.
4. On 12th September 2017, BUA SUGAR REFINERY account 2014477236 domiciled in
First Bank witnessed an inflow of N813,750,000.00with the transaction description
“10627172-LOCAL SRF DRAWDOWN FOR FX-”.
5. On 29th September 2017, BUA SUGAR REFINERY account 2014477236 domiciled in
First Bank witnessed an inflow of N651,000,000.00 with the transaction description
“10629995-LOCAL SRF DRAWDOWN FOR FX -”.
6. On 26th September 2017, BUA SUGAR REFINERY account 2014477236 domiciled in
First Bank witnessed an inflow of N189,344,588.58 with the transaction description
“10629995-LOCAL SRF DRAWDOWN FOR FX -”.
7. On 21st September 2017, BUA SUGAR REFINERY account 2014477236 domiciled in
First Bank witnessed an inflow of N132,604,000.00 with the transaction description
“10628666-LOCAL SRF DRAWDOWN FOR FX- -”.
8. On 7th November 2017, BUA SUGAR REFINERY account 2014477236 domiciled in
First Bank witnessed an inflow of N165,250,000.00 with the transaction description
“10635061-LOCAL SRF DRAWDOWN FOR FX”.
9. On 30th November 2017, BUA SUGAR REFINERY account 2014477236 domiciled in
First Bank witnessed an inflow of N688,576,478.42 with the transaction description
“10638372-ROLLOVER1 150D 10625250-F”.
10. On 29th November 2017, BUA SUGAR REFINERY account 2014477236 domiciled in
First Bank witnessed an inflow of N33,099,575.00 with the transaction description
“10638197-LOCAL SRF DRAWDOWN FOR FX”.
11. On 29th November 2017, BUA SUGAR REFINERY account 2014477236 domiciled in
First Bank witnessed an inflow of N198,300,000.00 with the transaction description
“10638198-LOCAL SRF DRAWDOWN FOR FX”.
12. On 29th November 2017, BUA SUGAR REFINERY account 2014477236 domiciled in
First Bank witnessed an inflow of N661,000,000.00 with the transaction description
“10638199-LOCAL SRF DRAWDOWN FOR FX”.
13. On 29th November 2017, BUA SUGAR REFINERY account 2014477236 domiciled in
First Bank witnessed an inflow of N1,652,500,000.00 with the transaction description
“10638200-LOCAL SRF DRAWDOWN FOR FX”.
14. On 29th November 2017, BUA SUGAR REFINERY account 2014477236 domiciled in
First Bank witnessed an inflow of N813,750,000.00 with the transaction description
“10638177-ROLLOVER 150D 10627172-F”.
15. On 1st November 2017, BUA SUGAR REFINERY account 2014477236 domiciled in
First Bank witnessed an inflow of N183,174,471.42 with the transaction description
“10634312-LOCAL SRF DRAWDOWN FOR FX”.
