BUA Group denies allegations of illicit forex dealings with CBN

BUA Group, a leading conglomerate, has come forward to refute and denounce false allegations of engaging in illicit foreign exchange dealings with the Central Bank of Nigeria (CBN) during the period of January to March 2016.

The company issued a resolute statement signed by John Smith, the Director of Communications, BUA Group, debunking these claims propagated on various online platforms.

In their official response, BUA Group unequivocally denied ever receiving any foreign exchange allocations from the CBN during the specified timeframe.

The allegations, originating from Desmond Ike-Chima of ENigeria News and Oliver Fejiro of Secret Reporters, were vehemently dismissed as untrue and entirely without foundation. The reputation of both individuals was also questioned, as BUA dugout their involvement in cyberstalking, blackmail, and defamation cases.

"We emphatically state that neither BUA Group nor our Chairman, Abdul Samad Rabiu, had any involvement in the alleged forex transactions with the CBN," said the company spokesperson. This position is further corroborated by both the Central Bank of Nigeria and the respective banks, leaving no room for doubt.

Furthermore, BUA Group asserted that all forex transactions made by banks during the year 2016 were publicly disclosed in national newspapers, in compliance with CBN's regulations. The company has called upon Ike-Chima, Fejiro, and their sponsors to provide any substantial evidence to support their claims.

In response to the publications, BUA Group has taken legal action against the perpetrators under the Cybercrime Prohibition Prevention Act, Laws of the Federation, 2015. They have also engaged relevant law enforcement agencies in search for justice.

BUA Group has urged the public and its stakeholders to disregard these deceptive reports and trust in the veracity of the facts presented.