These are not the best of times for Alhaji Abdulsamad Rabiu, CEO of BUA Group of Companies as his workers have accused him of involvement in money laundering and tax evasion. The leader of the aggrieved workers, Mr. Akasan Sylvester made some shocking revelations about the BUA Group boss: “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.”

“Alhaji Abdulsamad Rabiu however, went ahead to illegally dispose these assets to another offshore company called Olam, thereby blocking the avenue for the repatriation to Nigeria of the returns of investment on assets that were funded with forex from Nigeria. His action is illegal and tantamount to economic sabotage and money laundering. It will be of interest to get BUA to furnish the CBN with details of Amber, the offshore company, a Panamanian based company especially details of their capital importation certificate for the funds repatriated to Nigeria. His illegal syphoning of forex and the resultant capital flight would also have denied our Federal Inland Revenue Service (FIRS) capital gains tax due from the investments. We therefore request that a high powered investigation of BUA in order to expose the unpatriotic acts of sabotage.”