Dangote Group subsidiaries secured significant foreign exchange (FX) in the latest CBN Retail Dutch Auction, buying $105.33 million worth of successful bids, accounting for approximately 13% of the total $876.26 million allocation.
Leading banks including Zenith Bank, Access Bank, Providus Bank, Union Bank, and Sterling Bank facilitated most of the FX for Dangote companies. Notably, four of these banks also ranked among the top 10 in terms of FX obtained from the CBN’s auction.
These banks played a crucial role in importing essential materials and equipment for Dangote’s industrial empire. Notably, Dangote Sugar Refinery, led with $87.42 million in FX bids, receiving significant allocations for importing Brazilian cane raw sugar, including a single transaction of 16,000 metric tons valued at $10.96 million.
Dangote Cement PLC, a leading player in Africa’s cement industry, secured $9.03 million in a successful bid. The company also received smaller allocations for spare parts for its cement plant machinery.
Dangote Oil & Gas Company Limited obtained $5.33 million from the CBN auction, primarily for purchasing gasoil and low-pour fuel oil (LPFO) essential for energy production and industrial operations. The largest single bid was $2.5 million for 15,000 metric tons of gasoil.
Dangote Industries Limited received $2.5 million for importing gas turbines, while Dangote Agro Sacks Limited secured $941,600.96 for spare parts for textile machinery and manufacturing equipment. Smaller allocations went to Dangote Sinotruk West Africa Limited ($7,161.50) and Dangote Coal Mines Ltd ($104,568.68). A significant portion of the foreign exchange allocated to Dangote’s firms was for importing spare parts for manufacturing and industrial processes.
