Home » BUA Counters Dangote Claims, Champions Corporate Fair Play

BUA Counters Dangote Claims, Champions Corporate Fair Play

by Oluwatosin Racheal Alabi

In a detailed response to accusations from the Dangote Group, BUA Group has firmly dismissed claims of business malpractice. BUA’s statement, infused with a commitment to accountability, outlines a historical struggle for market fairness in the face of alleged anti-competitive actions.

BUA recalls its early days in August 1991, trading commodities amid Nigeria’s sugar scarcity. The company narrates a critical incident when Aliko Dangote purchased sugar, providing a cheque that bounced, leading to a legally sanctioned freeze on BUA’s assets. Despite this, BUA emerged resilient.

Progressing to establish a sugar refinery, BUA leased land from Aliko Dangote’s uncle. However, following significant investment in the site, the land was revoked on orders from then-President Obasanjo and awarded to Dangote, forcing BUA to vacate within 24 hours. BUA recounts how it overcame this obstacle through the generosity of its Chairman’s father, which laid the foundation for what is now West Africa’s leading sugar refining entity.

In 2007, President Yar’Adua’s administration granted BUA a license to break the cement industry monopoly. BUA introduced an innovative floating terminal as a provisional solution during the development of its land-based plant. However, this move faced obstructions, with the company eventually succeeding thanks to presidential intervention.

BUA outlines further challenges, such as attempts to deport its expatriate staff and obstacles faced during the construction of its Edo Cement Plant. It credits interventions by former President Buhari for ensuring the plant’s operations continued. The narrative also details the adversities overcome to establish its Port Harcourt sugar refinery.

After more than three decades of adversities framed as antagonism, BUA reiterates its commitment to Nigeria’s economic growth. The statement ends with an appeal to Dangote Group for a market built on mutual respect and innovation, distancing BUA from the “self-inflicted issues” of its competitor.

BUA affirms its continued dedication to national service, emphasizing integrity and a history of earned prosperity. The company vows to maintain its focus on development, undistracted by unwarranted allegations.

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