The Economic and Financial Crimes Commission (EFCC) has intensified its investigation into alleged preferential allocations of foreign exchange (forex) to Dangote Group.
The EFCC operatives conducted a raid on the Dangote Group’s headquarters on Thursday, seizing documents related to forex transactions from 2014 to June 2023.
However, the obtained documents did not cover all the transactions, prompting the EFCC to summon officials of the conglomerate to Abuja on Tuesday to provide detailed and unambiguous documents on the matter. The commission is scrutinizing the forex allocations made under Emefiele’s tenure, with a focus on potential violations of financial rules and regulations.
Notably, Aliko Dangote, the billionaire owner of the conglomerate, was reportedly not in Nigeria during the raid, as he was said to be in the United States. Sources suggest he will return next week to address the situation personally.
A senior EFCC official, speaking on condition of anonymity, stated, “The commission wants evidence and details of how government funds were allocated, and that is all. The idea is not to be seen as witch-hunting anyone.”
Officials from the Dangote Group have affirmed their cooperation with the investigation, with key personnel gathering the necessary documents for submission to the EFCC. The group contends that they were already in the process of providing the requested information to the commission and expressed surprise at the raid on their Lagos office.
The conglomerate denies involvement in forex malpractices and money laundering, refuting allegations of facilitating $3.4 billion in illicit financial flows. Dangote Industries insists that its investment undertakings adhere to international standards, supported by Letters of Credit sourced from the interbank market.
The ongoing probe by the EFCC extends beyond the Dangote Group, encompassing 51 other companies allegedly involved in preferential forex allocations under Emefiele’s leadership. The investigation follows revelations by the Special Investigator on the CBN and Related Entities, Jim Obazee, regarding alleged irregularities in the handling of public funds by Emefiele, leading to recommendations for fresh charges against the former CBN governor and other top officials.
Emefiele has vehemently denied the accusations, describing the investigation report as “false, misleading, and calculated to disparage my person.” The EFCC remains focused on unraveling the alleged financial irregularities and money laundering schemes surrounding the forex allocations during Emefiele’s tenure.
