Officials from the Dangote Group have been summoned to Abuja by the Economic and Financial Crimes Commission (EFCC) to submit detailed documents on foreign exchange transactions spanning the last nine years. The move is part of the ongoing investigation into alleged abuse of forex allocations by the former Central Bank of Nigeria governor, Godwin Emefiele.
EFCC operatives conducted a search at the Dangote Industries Limited headquarters in Ikoyi, Lagos, on Thursday. Sources reveal that documents seized were incomplete, prompting the summons for a comprehensive submission to be made in Abuja on Tuesday.
A senior EFCC official emphasized that the objective is to gather evidence regarding government fund allocations. The Dangote officials requested time to compile the necessary documents, emphasizing cooperation with the investigation.
Despite being in the United States during the raid, Aliko Dangote, the billionaire owner of the conglomerate, is reportedly aware of the situation and plans to return to Nigeria next week to address the matter personally.
An official from the Dangote Group confirmed ongoing efforts to gather documents requested by the EFCC and expressed surprise at the additional search in Lagos after documents were already submitted in Abuja.
The company, refuting allegations of forex malpractices in November 2023, maintains its commitment to legal and legitimate business practices. Dangote Industries asserts that its investments adhere to international standards, supported by Letters of Credit sourced from the interbank market.
The EFCC’s investigation extends to 51 other companies allegedly receiving preferential forex allocations. While some have complied with directives to submit required documents, others have sought additional time.
The probe stems from Special Investigator Jim Obazee’s report, alleging that Emefiele mishandled public funds, lodged money in foreign accounts without approval, manipulated currency exchange rates, and committed fraud in the e-Naira project. Emefiele has denied the accusations, describing the investigation as false and misleading.
The EFCC official revealed that the investigation focuses on foreign exchange allocations made by Emefiele, allegedly in violation of financial regulations and the CBN Act. The commission claims these allocations were not approved by former President Muhammadu Buhari, potentially facilitating money laundering through forex and Bureau De Change operators.
