The Economic and Financial Crimes Commission (EFCC) has called upon certain officials from the Dangote Group to appear in Abuja, bringing detailed records of foreign exchange transactions conducted by the conglomerate over the past nine years….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

As part of an ongoing investigation into the alleged misuse of foreign exchange allocations by the former Central Bank of Nigeria governor, Godwin Emefiele, EFCC operatives conducted a search at the headquarters of Dangote Industries Limited in Ikoyi, Lagos, on Thursday. The focus of the inquiry is the suspected preferential allocations of foreign exchange to the Dangote Group and 51 other companies during Emefiele’s tenure at the CBN.

While some documents were taken during the search on Thursday, not all transactions were covered. Consequently, the EFCC has summoned Dangote Group officials to bring the remaining documents to Abuja on Tuesday.

It has been reported that Aliko Dangote, the owner of the conglomerate, was not in Nigeria when the EFCC operatives visited, as he was reportedly in the United States. However, sources suggest that he is aware of the anti-corruption agency’s demands and plans to return to Nigeria next week to address the matter personally.

The EFCC official, speaking anonymously, clarified that the commission’s intention is to gather evidence and details on the allocation of government funds and not to engage in a witch-hunt.

A Dangote Group official confirmed that key personnel are currently compiling the requested documents to demonstrate the company’s compliance with the investigation. Despite already sending some documents to the EFCC headquarters in Abuja, the company expressed shock over the search of its Lagos office.

The company maintains its commitment to cooperation with the investigation, emphasizing its lawful business operations and denouncing the EFCC’s actions as an attempt to embarrass the company.

The raid on Dangote Industries followed the company’s denial in November 2023 of allegations involving forex malpractices and money laundering facilitated by Emefiele. The company refuted claims of involvement in illicit financial flows, stating that its investment undertakings adhere to international standards.

The EFCC’s search of Dangote’s headquarters reportedly began around 3 pm on Thursday and lasted several hours. The commission has directed 51 firms, including Dangote Group, to submit Form A and Form M detailing forex allocations between 2014 and June 2023. While some companies complied, others requested additional time to gather the necessary documents.

The Special Investigator on the CBN and Related Entities, Jim Obazee, submitted a report to President Bola Tinubu, alleging that Emefiele mishandled public funds and engaged in fraud. Emefiele denied the accusations, describing the investigation report as false and misleading.

The EFCC is specifically investigating preferential foreign exchange allocations made by Emefiele, alleging a violation of financial rules and regulations and the CBN Act. About 51 other companies are also under scrutiny for similar practices. The commission claims that these allocations were not approved by the former President Muhammadu Buhari, suggesting an attempt to launder money through forex and Bureau De Change operators.