Dangote Sugar Refinery PLC (DSR) has denied engaging artificial price manipulation of its products either during the oly month of Ramadan or at any other time.
The company was reacting to an online publication claiming the sugar company was engaged unethical manipulation of sugar price.
While describing the allegations and assertions in their entirety as false and geared at tarnishing the good name and brand of Dangote Sugar Refinery Plc and Dangote Industries Limited, the company said it does not engage in artificial price manipulation of its products, it said, “We have never ever increased price of our food items or commodities during the Holy month of Ramadan in the history of our operations.”
According to the Group Managing Director, Ravindra Singhvi, DSR is “socially responsible and considers price fixing to be unethical. Such allegation is highly mischievous and a calculated attempt to smear the reputation of DSR. DSR can only sadly conclude that the online publication is mischievous and geared at creating some form of undue advantage to some Industry players.”
He said the company began its Backward Integration Programme (BIP) with a 10-year sugar development plan, to produce 1.5 million MT per annum of sugar from locally grown sugarcane. The Project commenced with acquisition of large expanse of land in strategic locations such as Taraba State, Adamawa State and Nasarawa State. To this end, three (3) BIP sugar companies; Dangote Taraba Sugar Limited, Dangote Adamawa Sugar Limited, Nasarawa Sugar Company Limited were incorporated.
The company had commenced rehabilitation and expansion of its Sugar Factory at Numan towards increasing production capacity by 6,000 tons of cane per day (TCD). Sugarcane planting has also commenced in two other BIP locations.