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