The Economic and Financial Crimes Commission (EFCC) has summoned officials of the Dangote Group to provide detailed documents on foreign exchange transactions spanning the last nine years. This move comes in the wake of an ongoing investigation into the alleged abuse of foreign exchange allocations by the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
Operatives of the EFCC reportedly conducted a search at the headquarters of Dangote Industries Limited in Ikoyi, Lagos, on Thursday. The anti-graft commission is specifically examining the preferential allocations of foreign exchange to the Dangote Group and 51 other companies during Emefiele’s tenure at the CBN.
While some documents were reportedly seized during the search on Thursday, it appears that they did not cover all the relevant transactions. Consequently, the EFCC has summoned Dangote Group officials to Abuja with the required documents on Tuesday.
It was noted that Aliko Dangote, the owner of the conglomerate, was not in Nigeria during the EFCC’s operation but is expected to return next week to address the situation personally.
According to an EFCC official, the commission aims to obtain evidence and details on how government funds were allocated during the specified period. The investigation is part of broader efforts to ensure transparency and accountability in financial transactions.
Dangote Group officials have reportedly acknowledged the EFCC’s demands and are currently working to gather the necessary documents. The conglomerate has expressed its commitment to cooperating with the investigation and emphasized its adherence to the law.
Before the EFCC’s raid, Dangote Industries had refuted allegations of involvement in forex malpractices and money laundering, emphasizing the legitimacy of its investment undertakings. The company maintained that its transactions were conducted in line with international standards and supported by Letters of Credit.
The EFCC’s investigation follows allegations made by the Special Investigator on the CBN and Related Entities, Jim Obazee, regarding Emefiele’s handling of public funds, foreign currency lodgments, and other financial irregularities. Emefiele has denied the accusations, describing them as false and misleading. The EFCC is now focusing on scrutinizing the preferential forex allocations allegedly made during Emefiele’s term in violation of financial regulations and the CBN Act.
