RE: UNFOUNDED ALLEGATIONS OF ILLICIT FOREX DEALINGS INVOLVING BUA GROUP

 

Our attention has been brought to various false allegations published against BUA Group on some online platforms.


BUA Group categorically refutes the baseless allegations of illicit forex

dealings with the Central Bank of Nigeria (CBN) from January to March 2016. These accusations, propagated online by Mr. Desmond Ike-Chima and Mr. Oliver Fejiro of ENigeria News and

SecretReporters respectively, are false and entirely unfounded.


These individuals, known for their

involvement in cyberstalking, blackmail, and defamation, have faced previous arrests (see news reports attached) for such misconduct, casting a dark shadow over their credibility.

We emphatically state that neither BUA Group nor the Chairman of the Group, Abdul Samad Rabiu, received any of the alleged foreign exchange allocations from the CBN during the indicated period. This fact is corroborated by the CBN and the respective banks.

Furthermore, in compliance with CBN’s regulations, all forex transactions by banks during 2016, were published publicly in national newspapers (some copies attached). These records, still

accessible today, provide unequivocal evidence that counters these false allegations.

We, therefore, challenge Mr. Ike-Chima, Mr. Fejiro, and their sponsors to validate their claims with concrete evidence. We urge the public and our stakeholders to disregard these deceptive publications in light of these facts. We have engaged the necessary law enforcement agencies

and initiated legal action against the perpetrators under the Cybercrime Prohibition Prevention Act, Laws of the Federation, 2015.

SIGNED:

Management

BUA Group

30 Jul 2023

Comments

Post a Comment

Popular posts from this blog

More Than 2,500 Resdent Benefit From Ounje Onigbongbo Food Initiative**

Image
 ** The Executive Chairman of Onigbongbo Local Council Development Area (LCDA), Hon. Oladotun Olakanle, recently organised the "Ounje Onigbogbo Food Initiative," aimed at providing support to the residents of the Onigbogbo LCDA. During his address at the event, Hon. Oladotun Olakanle noted that this was the fifth edition of the initiative. He remarked, "We are doing this to empower our people in these challenging economic times. This situation is not exclusive to Nigeria; it is a global issue. At the grassroots level, we are contributing our efforts to assist both the federal and state governments in ensuring the well-being of our people." Hon. Olakanle also highlighted the growing number of beneficiaries, stating, "This time, we have a much larger turnout than in previous editions. Initially, we had planned for 1,500 people, but now we have approximately 2,500 in attendance. I assure you that every individual present will be attended to."  He further ment
Read more

LASTMA Strengthens Traffic Management Plan Ahead of Ember Months

Image
  The Lagos State Traffic Management Authority (LASTMA) has intensified its preparations for the Ember months, implementing a robust traffic management strategy to ensure smooth vehicular movement and public safety during the upcoming Christmas and New Year celebrations. During a strategic meeting held at LASTMA Headquarters, Special Adviser to the Governor on Transportation, Hon. Sola Giwa, called on LASTMA officers to adopt proactive measures in anticipation of the increased traffic volume and illegal roadside trading typically associated with the festive season. These challenges, he warned, could disrupt the flow of both traffic and pedestrians across Lagos. Hon. Giwa emphasized the need for a coordinated response from LASTMA personnel, stating, "Our foremost priority is ensuring the safety and convenience of all road users in Lagos. LASTMA officers must remain ever watchful and decisive in addressing illegal roadside trading and other activities that could compromise traffic f
Read more

In it's attempt to get justice, convicted businessman, Abiodun Bolarinwa, has approached an appellate court to upturn his conviction.

  Bolarinwa in a five grounds appeal, urged the court to help determine if the lower court accord him fair hearing. The Economic and Financial Crimes Commission, EFCC, following the conviction of Abiodun by Justice Oluwatoyin Taiwo of a Lagos Special Offences Court, sitting took possession of a property on 1A, Joke Ayo Street, Riverside Estate, Alagbado, Lagos. The anti graft agency also take possession of other assets in the property, including a Range Rover Sport Utility Vehicle, SUV, a black BMW car, a black Toyota Land cruiser car, and a white Toyota Hilux and handed the same property over to the victim, Mr. Bamidele Safiriyu Olusegun. Justice Taiwo had on July 8 2022 convicted and sentenced Abiodun to seven years imprisonment and ordered him to forfeit all the proceeds of the crime. Reacting to the taken of possession without due procedure, Mrs  Adetona Funke Adebowale, an octogenarian and mother of Bolarinwa, accused the EFCC, of forcefully taken possession of her family house jo
Read more