"Dangote Cement benefits from strong cash flow generation with cash balances of N217 billion as of 30 September 2022," Moody's said. However, the rating company noted that Seplat is less exposed to convertibility risk, given most of its revenue is paid in dollars. It was stressed that the export dollar oil revenue of the energy firm is required to be repatriated back into Nigeria within 90 days of receipt, after which Seplat can transfer these US dollars funds back into offshore bank accounts. "To date, Seplat has had no restrictions imposed by the Central Bank of Nigeria and the company targets to have 70 per cent of total cash balances in USD and 70 per cent of that in offshore accounts.