The Economic and Financial Crimes Commission (EFCC) has called upon officials of the Dangote Group to appear in Abuja with comprehensive documents detailing foreign exchange transactions over the past nine years. This move is an extension of the ongoing investigation into the alleged misuse of foreign exchange allocations under the tenure of the former Central Bank of Nigeria governor, Godwin Emefiele.
In continuation of the probe, EFCC operatives visited the headquarters of Dangote Industries Limited in Ikoyi, Lagos, on Thursday. Although some documents were seized during the raid, it was deemed insufficient, prompting the summons for detailed records, scheduled for Tuesday.
Reports indicate that Aliko Dangote, the billionaire owner of the conglomerate, was not present in Nigeria during the EFCC’s visit, as he was in the United States. However, he is expected to return next week to address the situation personally.
As part of the bail conditions after their detention, Dangote and his associate were required to surrender their passports and make weekly appearances at the SCID (Panti, Yaba). The investigation revolves around allegations of preferential forex allocations to the Dangote Group and 51 other companies during Emefiele’s leadership at the CBN.
While some documents were sent to the EFCC headquarters in Abuja by Dangote Group officials, the agency’s visit to the Lagos office surprised them. A Dangote Group representative affirmed their commitment to cooperating with the investigation, emphasizing their law-abiding nature and the challenges of gathering documents covering Emefiele’s tenure from 2014 to June 2023.
Dangote Industries had previously denied involvement in forex malpractices and money laundering, countering allegations of facilitating $3.4 billion in illicit financial flows. The recent raid included the search and seizure of financial documents related to forex allocations from 2014 to June 2023.
The investigation stems from a report submitted by Special Investigator Jim Obazee, revealing allegations against Emefiele, including unauthorized lodgment of public funds in foreign accounts and manipulation of the naira exchange rate. The report recommended additional charges against Emefiele and others involved in the CBN.
Emefiele vehemently denied the allegations, asserting that the content of Obazee’s investigation report was “false, misleading, and calculated to disparage my person, injure my character, and serve the selfish interest of the private investigator.”
A top EFCC official revealed that the commission is investigating the Dangote Group over the alleged preferential foreign exchange allocations made by Emefiele, which, according to the official, were done “in defiance of extant financial rules and regulations and in disregard to the CBN Act.”
The official claimed, “There are about 51 other big companies under probe over the development too, and the commission discovered that the allocations were not approved by the former President Muhammadu Buhari, so it was more of a means for the former CBN governor and his cronies to launder money through forex and Bureau De Change operators.”
