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BUA vs Dangote: Resurgence of Agelong Industrial Rivalry
Published
2 years agoon
By
Eric
By Eric Elezuo
The rivalry between two Nigerian industrial giants, BUA and Dangote groups, was resuscitated during the week when Dangote firedT Bua, accusing the company of sponsoring a false and negative narrative against its activities.
Dangote accused Bua of alleging that it engaged in illegal foreign exchange deals, and warned those peddling the allegation of economic sabotage against the company to desist from such underhand practices.
The allegations as reported by some online media platforms, suggested that the company is being probed for alleged illegal foreign exchange deals and money laundering by the Special Investigator, Jim Obazee who is probing the Central Bank of Nigeria, CBN, under the leadership of the former CBN governor, Godwin Emefiele.
The allegations, according Dangote, in a statement of rebuttal, is “spurious and a rehash of a similar report peddled out of malice by a competitor, BUA Group, masquerading as a concerned Nigerian in 2016.”
The statementsaid in part: “It is saddening to note that this publication of Monday, March 14, 2016 in BusinessDay and Leadership newspapers where the author had alleged that about “$3billion foreign exchange sourced from the CBN were diverted to other Dangote companies outside Nigeria, a practice that encourages round tripping and effect money laundering since there is no proper documentation”.
It expressed disgust that the same false report back “in 2016 was now being 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, and subsequently different blogs and social media platforms have been carrying variants of this arrant falsehood to the detriment of our corporate reputation.”
In addition, the statement revealed that “attempt by the authors of this misleading allegation to give it a fresh life in the media is baffling as the two newspapers that were misguided into publishing it as advertorial then (2016) have since publicly apologised to the Management of Dangote Industries Limited in writing as well as retracted the advertorial in its entirety in their respective publications.
“Indeed, BusinessDay and Leadership Newspapers admitted that the advertorial was sponsored by Messrs. BUA Nigeria Limited.” Dangote’s statement explained.
It went ahead however, to probe that “The terms and conditions for payments on the transactions were clearly spelt out in the Letters of Credit instruments and in line with the International Chamber of Commerce – Universal Customs & Practice for Documentation Credit – UCP 600.
“It is also crucial to note that the Letters of Credit in favour of Sinoma International Engineering Co Ltd (a Chinese Government owned company), being the major contractor who accounted for over 75 per cent of these expenditure were paid against the presentation of all relevant shipping documents.
“There was no single payment that was made through any Dubai company owned by us,” the statement noted.
Recall that penultimate week, stories made the rounds that Tinubu refused audience with Chairman of Dangote Group, Aliko Dangote, as a result of his supposed indictment by the Jim Obazee report, which mandated him to refund monies owned to the CBN. Although the reports have been found to be false, Dangote believe that BUA verily has a hand in whatever false report against the company.
However, in response to the fingers of accusations pointed at it by Dangote, BUA, on Friday, released a statement detailing how the Dangote Group has been hounding it from inception.
The statement is presented in graphic details below:
BUA RESPONDS TO DANGOTE
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 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. (see attached court order)
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 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 took us over a year to get another land. How?
Our survival as a business especially our Lagos sugar refinery is a legacy handed to us by a loving father who, seeing his son’s distress, did what only the noblest and kindest of hearts could do. With unwavering faith, our Chairman’s late father—may his soul rest in eternal peace—handed him the land on which our Lagos Sugar Refinery stands today. This land was the location of one of his thriving businesses with a warehouse, which he shut down and handed to us without asking for compensation. He just saw the pain of our chairman, Abdul Samad Rabiu, called him one day and handed him the papers to the land. His gesture was a beacon of hope in one of our darkest hours. And so, BUA survived again another Dangote trap. Today, we are now the largest Sugar refining concern in West Africa.
Our businesses continued to surge forward amid several other attempts, too many to mention now. In 2007, under President Yar’Adua’s visionary mandate to broaden Nigeria’s cement industry and break the monopoly in the sector, BUA was among the six companies selected and granted licenses. Our approach was unconventional but effective: we introduced a floating terminal – ‘BUA CEMENT I’, which is a cement factory built into a large ship, as a stopgap while we were working on securing our land-based cement plant.
What followed, however, was another act intended to drive us out of business. Our application to dock the floating terminal in Lagos met with resistance. We then decided to berth the ship at the terminal we owned in Port Harcourt. Despite this, we faced considerable pushback and it took the decisive intervention of late President Yar Adua, who directed that the Minister of Transport and the Chairman of NPA honour our right to contribute to the nation’s growth.
But the hurdles didn’t end there. The drama intensified when Orwell Brown, a Deputy Comptroller General who was also an older brother to a Dangote Staff, launched a sudden strike, attempting to deport our vessel’s entire expatriate crew. It was a Friday that is forever seared into our memory—the shock of our expatriates rounded up, their confusion as they were shepherded onto a Dangote-funded one-way local flight from Port Harcourt to Lagos en-route Asia via Emirates.
Upon hearing of what had happened, we reached out to Tanimu Yakubu, the then Chief Economic Adviser, who acted with the urgency that the situation demanded. His call to the CG of Immigration was a lifeline, and our expatriate team was brought back from the Emirates aircraft and not deported. The aftermath was swift action by the President, who ensured that such a misuse of power would not go unchecked. DCG Brown, caught in a tangle of undue influence, admitted what he did to the Minister, and he was later dismissed.
Through all these tribulations, BUA’s resolve has only strengthened. These events narrate not just the trials of a company but the resolve of its people, bound together by a shared vision and an unwavering belief in justice and fairness.
We also know what transpired whilst we were building our Edo Cement Plant. Everyone knows the issues we faced. The plant we are operating in Edo would not have been operating and contributing immensely to the economy, if not for the former President Buhari who had to intervene by calling Governor Obaseki that no staff must lose their jobs and the plant must not be shut down, no matter what happens. We cannot say more as the matter is currently sub-judice – and is at the Supreme Court. During that time, Edwin Devakumar and Sunday Esan (two long-time and current staff of Dangote) were caught in leaked emails, whose content were not limited to sending thugs to foment trouble, close our factory as well as pushing bad press against us (See emails attached).
Same thing happened again with our Port Harcourt sugar refinery – the only sugar refinery in Nigeria that is outside Lagos. Dangote utilized every means possible to ensure the refinery did not take off and we raised the alarm. At some point, the terminal was taken away from us and was to have been given to someone else at the behest of Dangote. There had to be a presidential intervention again for NPA to do the right thing. Yet, we survived.
For over 32 years, 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.
To Mr. Dangote and the Dangote Group, we say: Let us build, not belittle. Let us cultivate, not conquer. While we may share the marketplace, we need not share malice. We have nothing to do with your self-inflicted issues. Blame no one but yourself.
In closing, we at BUA remain committed to our ethos of innovation, integrity, and inclusiveness. Our history is not one of being handed anything on a silver platter. We will continue to serve our beloved country and its people with the diligence and honour they deserve. Our past, present, and future activities are rooted in the prosperity of Nigeria, undeterred by the winds of unfounded criticism. We remain focused on building and developing Nigeria.
Signed:
Management
The rivalry of the two industrial giants, who incidentally hail from Kano State, has remained an age long affair, where one blames the other for any misfortune that befalls it.
Again, the question who will settle Bua and Dangote rings loud in the media space,and only time will tell what the our one will be.
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What Manner of Condolence Visit is This, Atiku Knocks Tinubu on Trip to Jos
Published
11 hours agoon
April 2, 2026By
Eric
Former Vice President, Atiku Abubakar, on Thursday criticised President Bola Tinubu’s condolence visit to Plateau State, describing it as a troubling reflection of what he called a growing disconnect between leadership and the plight of ordinary Nigerians.
The chieftain of the African Democratic Congress highlighted that the events in Plateau once again exposed “a disturbing and unacceptable approach to national tragedy.”
He said, “It is both shocking and deeply insensitive that several days after the gruesome killings of innocent citizens, the President’s so-called ‘on-the-spot assessment’ was reduced to a brief stop at the foot of his aircraft, never extending beyond the airport, never reaching the grieving communities, and never touching the pain of the victims.
“While families continue to mourn those slaughtered on Palm Sunday, the President chose to convert what ought to have been a solemn visit into a political spectacle, meeting party loyalists in Jos under the thin guise of official engagement. This is not leadership; it is indifference dressed as protocol.”
According to him, the President’s handling of the Plateau visit reflects a recurring pattern of what he described as insensitive and politically driven responses to national tragedies.
He referenced a similar condolence visit to Benue State in June 2025, which he said avoided the worst-hit community and turned into a political gathering, arguing that the repetition suggests a consistent approach rather than an isolated lapse.
“In Plateau, the President neither visited the bereaved families nor the injured receiving treatment in hospitals. He offered no concrete policy direction, no decisive security intervention, and no reassurance that such horrors would not recur.
“Instead, he staged a meet-and-greet within the confines of the airport, surrounded by politicians, traditional rulers, and party operatives—far removed from the anguish of the people. This is not only inappropriate; it is shameful. A leader who cannot stand with his people in their darkest hour cannot convincingly claim to be fighting for their safety,” he stated.
Atiku’s remarks come hours after President Tinubu visited Plateau State following last Sunday’s deadly attacks in Jos, particularly in the Angwan Rukuba area, where at least 27 people were reported killed.
Addressing her by name, Tinubu acknowledged her loss and assured affected families of government support, noting that no compensation could adequately replace lost lives.
Speaking through his spokesman, Bayo Onanuga, the President described the incidents as “barbaric and cowardly,” vowing that those responsible would be brought to justice.
The President was received on arrival in Jos by the National Chairman of the All Progressives Congress, Nentawe Yilwatda, Plateau State Governor Caleb Mutfwang, and other senior government officials.
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ADC Dares INEC, Affirms Plans for Congresses, Convention
Published
11 hours agoon
April 2, 2026By
Eric
The African Democratic Congress (ADC) has insisted on proceeding with its planned congresses and national convention despite the recent controversy surrounding its recognition by the Independent National Electoral Commission (INEC).
Its National Publicity Secretary, Bolaji Abdullahi, announced this on Thursday while speaking on Arise Television’s Morning Show, citing the party’s current leadership struggle.
Abdullahi stated that the party had already given INEC the required 21-day notice for its operations and that the commission acknowledged receipt of the notice.
He maintained that the ADC would not halt its internal processes regardless of INEC’s position, stressing that the party remains committed to carrying out its congresses and convention as scheduled.
The spokesman also expressed concern over what he described as growing threats to Nigeria’s democracy, warning against attempts to limit political competition ahead of the 2027 general elections.
His remarks follow INEC’s decision to remove the identities of David Mark and Rauf Aregbesola as the party’s National Chairman and National Secretary from its official website.
The electoral authority has also announced that it will not accept Nafiu Bala Gombe, who is seeking to be declared national chairman through the court.
He said, “If we’re in a military regime, we can understand it. We are finding ourselves in a situation where everything is being done to ensure that the election in 2027 is a fait accompli and that the Nigerians will be left with no option or no choice.
We’ve seen how this has ended in the past.
“So we are saying that we will go ahead with our congresses. We have given INEC 21 days’ notice. They have accepted the notice.
“So whether they come or not, we’ll continue with our congresses; we’ll continue with our convention.
“We are all Nigerians. We can see what is going on. We can see our democracy unravelling before our very eyes.”
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This Attack on Democracy Will Not Stand – ADC Chairman, David Mark
Published
14 hours agoon
April 2, 2026By
Eric
The Chairman of the African Democratic Congress (ADC), Senator David Mark, has addressed a world press conference on the derecognition of the leadership of the party by the Independent National Electoral Commission (INEC).
The address titled This Attack on Democracy Will Not Stand, is presented in details as follows:
On behalf of the African Democratic Congress (ADC), and lovers of democracy, I welcome you all to this world press conference.
Since 1999, Nigeria has been under democratic rule. After 27 years, we thought we could proudly celebrate the entrenchment of democracy, believing that the country’s dictatorial past has receded into history.
Our experience in the past three years or so since President Bola Tinubu came to power has however confirmed otherwise. Democracy is only sustained by the quality of freedom that it offers and guarantees, especially the freedom to choose, the freedom to participate, and the freedom to associate. These freedoms are so critical to democracy that without them, democracy dies.
Yet, in the past three years, we have witnessed a relentless assault on these very freedoms. The agenda is very clear, to create a situation where, in 2027, President Bola Ahmed Tinubu emerges as the only option left for the people, despite the widespread suffering and wanton killings going on across the country. The twin challenge of deepening poverty, and worsening security situation in the country did not just happen. They are direct consequences of the failure of this government. They know that Nigerians will not want this to continue. They know Nigerians will vote them out. This is why they would do anything to hang on to power by hook or crook.
Background to the Coalition
The coalition of opposition parties came about as a result of a collective search for democratic freedom and the desire to resist what was clearly a relentless assault on opposition political parties. The coalition leaders decided to come together under ADC to save multi-party democracy in Nigeria and rescue Nigeria from what was clearly an emerging dictatorship.
We did not come to the ADC by chance. We did our due diligence. We fulfilled all the party’s constitutional requirements, as well as all wider requirements under the laws that guide the management and operation of political parties.
In furtherance of this process, a NEC meeting was convened on July 29th, 2025, monitored by INEC officials. One of the conclusions of that NEC meeting was the dissolution of the National Working Committee of the party, and the ratification of a caretaker committee to take over the affairs of the party, with my humble self, David Mark, as the National Chairman; Ogbeni Rauf Aregbesola as the National Secretary; as well as others who have since been serving as officers of the party.
In addition to witnessing this process that brought in the new leadership of the party, a formal report of these resolutions was subsequently communicated to the Independent National Electoral Commission (INEC). On September 9th, 2025, INEC then uploaded the names of the relevant NWC members of the party, based on the NEC resolutions.
One of the officials in the dissolved NWC was Nafiu Bala, who was one of the Deputy National Chairmen of the party. It is on record that Gombe resigned this position on 17th May, 2025. His resignation was also duly transmitted to INEC on the 12th of August, 2025. Regardless of his resignation, he decided to approach the courts on September 2nd, 2025, four clear months after his resignation, seeking to be recognised as the Chairman of the ADC.
What this means is that by the 2nd of September, when he approached the courts, INEC was already aware that Secretary Aregbesola and I had been inaugurated on the 29th of July in a process monitored by INEC. INEC was also aware that Gombe had resigned his position before the said inauguration on the 29th of July.
While this matter was in court, our team of lawyers approached the Court of Appeal, challenging the jurisdiction of the Federal High Court. In rejecting the appeal, the Court of Appeal ordered the parties including INEC to maintain the status quo ante bellum.
After this ruling on March 12th, 2026, we noticed a flurry of activities by lawyers associated with Nafiu Bala, requesting INEC to recognise him as the new chairman, or to de-recognise Aregbesola and I as the secretary and chairman respectively, in a curious interpretation of what constitutes status quo ante bellum. But we knew all along that Nafiu Bala and his lawyers were not acting on their own volition. They had become willing tools in the hands of a ruling party that had lost all support and goodwill of the Nigerian people; a government that had become desperate to cling on to power by all means even if it meant throwing the country into avoidable crisis.
In the past couple of months, ADC has become the only viable opposition party left in Nigeria. But this APC government does not want any opposition. While we were fully aware of all their desperate plans, we remained confident that no level of desperation would have driven the government and the INEC to take a direct action against the ruling of the court. But we were wrong.
It was therefore to our surprise, yesterday, 1st of April, that INEC issued a press statement after the close of business hours, announcing that it had decided to withdraw recognition for both the ADC leadership, which I head, and the fictitious one purportedly led by Nafiu Bala, thereby creating a false equivalence between the parties.
By purporting to recognizing Nafiu Bala as a faction, INEC seems to have conveniently forgotten that this individual had resigned his position, to the knowledge of INEC itself.
The Legal Position
The crux of the matter is the interpretation of what constitutes status quo ante bellum, which the Court of Appeal directed should be maintained. From all authoritative counsel at our disposal, there is no legal interpretation or precedent that could possibly lead to the outcome that INEC seeks to foist on our party.
Based on its press statement of yesterday, INEC is pretending to be confused as to what constitutes the status quo ante bellum. If this was so, under the circumstances, what one would have expected was for INEC to approach the Court of Appeal to request a judicial interpretation of what truly represents the status quo under the circumstances. But it did not do this. While posturing to be neutral, its actions confirm that it has become irredeemably partisan, working, as it were, towards a preconceived agenda. With its action, this INEC has left no one in doubt that it has chosen the path of dishonour and has become complicit in undermining Nigeria’s democracy. It therefore can no longer be trusted.
What we say in essence is this: INEC cannot choose to fix the status quo from the day it took the administrative action to upload the names of the new ADC officials on its website, because INEC does not have the power to determine for any political party who its leaders should be. That decision was taken on July 29th, not on September 9th. With its press release yesterday, INEC has invented a status quo that never existed, because there was no time that the African Democratic Congress (ADC) did not have a duly constituted leadership. What INEC has done is to create a situation that, by its own curious logic, leaves the ADC without leadership. This certainly cannot be the status quo that the Court of Appeal directed should be preserved. It is an INEC invention that is not known to any Nigerian law.
There is only one conclusion that Nigerians can draw from the April 1st action taken by INEC: THE ELECTORAL UMPIRE HAS TAKEN SIDES. IT CAN NO LONGER BE TRUSTED. As a matter of fact, INEC has acted in contempt of the Court of Appeal and has therefore acted unlawfully.
My fellow democrats, distinguished ladies and gentlemen. It is not the ADC that is under attack. This is a direct assault on Nigeria’s democracy and the right of Nigerians to choose, participate, and exercise their rights as free citizens. We have witnessed how the APC-led Federal Government has undermined, compromised, and coerced other opposition political parties. The ADC has risen as the last bastion between Nigeria’s democracy and full-blown dictatorship. And this is what worries them.
What is now unfolding is a concerted effort to dismantle that last bulwark. If we allow this to happen, it could signal the end of our democracy as we know it. If we yield to it, we would have become complicit by our inaction. We therefore hold it a duty to our democracy and the Nigerian people to say “no”.
Right now, I speak to Nigerians at home and in diaspora. I also speak directly to President Bola Ahmed Tinubu: with 90% of the National Assembly and over 30 of Nigeria’s 36 Governors in the APC, President Tinubu, what are you afraid of? If you are convinced that you have done well for the people who voted for you, why are you afraid of a free, fair, and transparent electoral contest? If you are indeed the democrat that you claim to be, why are you bent on destroying all opposition political parties?
Let me reiterate for the record; there are no competing claims on the leadership of the ADC. Nafiu Bala has no locus whatsoever. INEC should have waited for the Court of Appeal to decide this matter. Instead, INEC went ahead to do the bidding of the ruling party. But let us be clear: the role of INEC over political parties is not administrative: it is not managerial: It is simply supervisory.
For the avoidance of doubt, the leadership of ADC inaugurated at the 29th July 2025, NEC meeting remains the lawful leaders of the party. Party members and all Nigerians should therefore remain calm as there is no cause for alarm whatsoever.
It is important to state the net implications of this decision taken by INEC, in case they had not thought of it, or they just do not care:
First, by attempting to subvert the leadership of the ADC, INEC has already undermined our participation in the Osun and Ekiti elections taking place later this year.
Secondly, we have our congresses starting on the 9th of April, 2026, ending with our convention on the 14th April, 2026. We have given due notice to INEC, and they have acknowledged receipt of that notice. This is what the law requires of us.
Let us sound a note of warning. This INEC under Professor Joash Amupitan will be held directly responsible for whatever actions or reactions that follow this criminal path that it has chosen to take.
Our demand is therefore clear:
We demand the immediate resignation or sack of the INEC Chairman, Professor Amupitan, and all the National Commissioners. We no longer have confidence in them. We are convinced that they are incapable of conducting any credible election.
Let us also make it clear: we are proceeding with our party programmes, because there is nothing under the law that makes INEC’s attendance, a mandatory requirement. We have duly served INEC notice, and we will proceed accordingly.
We also call on the international community to take note of INEC’s actions of April 1st, and of the restraint we are exercising today. We urge them to recognise the clear threat to Nigeria’s democracy and stability, and to hold accountable those who are undermining the integrity of the electoral process.
We call on Nigerians to defend our democracy. This is a defining moment. Stand firm. Speak out. Participate. Resist any attempt to impose a one-party state on Nigeria. Nigeria belongs to all of us, and together, we must protect it.
It is often said, that the arc of history does not bend towards tyranny. It bends towards freedom.
And no matter how long the night may seem, the morning will come.
Nigeria will not be silenced. Nigeria will not be conquered.
Nigeria is rising, ADC is rising.
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