Breaking: BUA Group Reacts To ‘Illegal Forex Trading’

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 Secret Reporters respectively, are false and entirely unfounded. These individuals, known for their involvement in cyberstalking, blackmail, and defamation, have faced previous arrests (see news report 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.