– Call on FG to Investigate

– Lament Over Non-payment of Entitlements



Former employees of Nigerian conglomerate, BUA Group, have called on the federal government to investigate the company over its alleged indulgence in foreign exchange (forex) round tripping and tax evasion.

The group of disengaged employees of the company also, last week, crippled the Victoria Island Head office of the company, over alleged unpaid benefits following the sale its subsidiary to Olam Group.

The protesting former workers of BUA led by one Akasan Sylvester, accused the company of its Chief Executives, Mr. Abdulsamad Rabiu, of active involvement in illegal diversion of Nigeria’s scarce foreign exchange.

According to them, “BUA’s actions are tantamount to money laundering and economic sabotage.

The chairman of BUA boldly boasted of how he has been funding various investments and assets outside Nigeria with foreign exchange from his offshore company. It was this claim that made us suspicious and we decided to investigate these his so called offshore sources of foreign exchange”.

“What we found was that over a period of time, BUA collected huge amounts of forex from the CBN through Form M to open LCs to fund the construction of multi-million dollar plants for flour, noodles spaghetti and sugar at various locations like Port Harcourt, Kano, Apapa and Kirikiri. They now went on to transfer all these assets to an offshore company, Amber Foods which he formed as a special purpose vehicle for this purpose.

FOR MORE: http://theicon.ng/2016/05/31/ex-employees-accuse-bua-boss-abdulsamad-rabiu-of-forex-round-tripping-tax-evasion/

One of the Northern cabals holding Nigeria to Ransome.

I support the investigation of the company but this ex-workers should be arrested also for been an accessory to fraud and corrupt practice.


They just confess to a criminal offence by themselves. How shallow can they be?

This are the people that are controlling the market.The cabals that ifeanyi uba said were controlling the price of dollars.








But he is a rich northern guy,I dnt expect much from efcc on this.

Petition...... efcc pls note

E

Na wa o

Accusations and counter accusations= Nigeria

volcanoash:
E

E= electronic fraud!

The guy did that too?

cc: ymodulus

But this BUA guy accused dangote of same thing just few months back. This men sha!

phantonce:
K

K= K leg.. The guy has that too?

Was the FX returned to the country and sold at the black market?

All corrupt politicians must rot in jail.

;DEFCC investigate him if he is found guilty try him at the court of law,if he is convicted of his crime,sent him to kirikiri where he belong...Thank me later

CBN seem to have no control of the Forex situation. How can you issue huge amount of foreign exchange to businessmen on the guise of helping the manufacturing sector while they are actually round-tripping under your nose? I advise that all special windows for forex should be outrightly banned and only one flexible window should be adopted.

My Mentor

nairaman66:


K= K leg.. The guy has that too?

u c?

h

numen:
Was the FX returned to the country and sold at the black market?

watz round-tripping then? haba!

That's why we have been calling the CBN to ban BDC for the seek of Nigerian economy and the masses. You can't continue to allow some small group of devils at the detriment of Nigerian population. Naira is the only legal tender in this country.

It is only God that pays in full.
The staff of BUA Flour and pasta were just used and dumped.
Their sweats enriched those at the head office.
They were just slaved.

They were not officially informed of the sale of Pasta and Flour plant to Olam Foods.

As a result many are out of job. Because of the insincerity of the management of BUA group.


Which has made the management of BUA group very insincere and dubious.

These guys must be paid and be paid in full.

He just got millions of $$ at official rare in the wk's bidding.. Dangote got close to $10m in a week
http://www.thisdaylive.com/index.php/2016/05/30/stanbic-ibtc-leads-as-cbn-dollar-sales-drop-to-133m/

phantonce:
One of the Northern cabals holding Nigeria to Ransome.

I support the investigation of the company but this ex-workers should be arrested also for been an accessory to fraud and corrupt practice.


They just confess to a criminal offence by themselves. How shallow can they be?

Read the story well..... "They discovered "

jaybee:



hahahahahah! because he is from north, " I support the investigation of the company". if it were Innoson charged for forgery, the cry of witching will begin! BIAFRA?

Let Biafra people catch you.

adadadon:

Read the story well..... "They discovered "

They just discovered when they were sack right?

adconline:
He just got millions of $$ at official rare in the wk's bidding.. Dangote got close to $10m in a week
http://www.thisdaylive.com/index.php/2016/05/30/stanbic-ibtc-leads-as-cbn-dollar-sales-drop-to-133m/

And corruption continues. I guess he was given dollars to hush his noise over the scam being done by dangote. Nigeria jaga jaga

The cabal we are talking about work with CBN internal cabal to destroy our economy. Probe CBN asap.

jaybee:



hahahahahah! because he is from north, " I support the investigation of the company". if it were Innoson charged for forgery, the cry of witching will begin! BIAFRA?

This is why abortion should be legalized... Parents shouldn't have to deal with the consequences of lack of condom forever

Nothing will happen to him. He's from 'over there'. The people that fleece on the nation's assets and resources since creation