The Economic and Financial Crimes Commission (EFCC) has summoned officials of a prominent conglomerate to Abuja, directing them to bring comprehensive documentation on foreign exchange transactions spanning the last nine years. This action is part of the ongoing investigation into the alleged misuse of foreign exchange allocations by the former governor of the Central Bank of Nigeria, Godwin Emefiele.
Operatives of the EFCC executed a search at the headquarters of the Dangote Group in Ikoyi, Lagos, on Thursday. The investigation centers around the suspected preferential allocations of foreign exchange to the Dangote Group, owned by billionaire Aliko Dangote, and 51 other companies during Emefiele’s tenure at the CBN.
While documents were seized during the raid, they did not cover all transactions, prompting the EFCC to summon Dangote Group officials to present the required documents in Abuja on Tuesday.
A source revealed that Aliko Dangote was not in Nigeria during the EFCC operation, as he was reportedly in the United States. However, it is anticipated that he will return to Nigeria next week to address the situation personally.
The EFCC’s move is part of a broader investigation into alleged forex malpractices and money laundering involving $3.4 billion, purportedly facilitated by Emefiele. The Dangote Group had previously denied these allegations in November 2023, emphasizing compliance with international standards in their financial transactions.
Sources within the Dangote Group confirmed that key personnel are diligently gathering the required documents to submit to the EFCC. Despite already sending some documents to the EFCC headquarters in Abuja, the conglomerate was surprised by the subsequent raid at its Lagos office on Thursday.
The investigation covers transactions from 2014 to June 2023, and the Dangote Group asserts its commitment to cooperation while characterizing the raid as an unnecessary show of force. A top EFCC official stated that the intention is to gather evidence on how government funds were allocated, emphasizing the investigative nature of the process.
This development follows revelations by the Special Investigator on the CBN and Related Entities, Jim Obazee, regarding Emefiele’s alleged misuse of public funds and fraudulent activities. The EFCC is reportedly probing preferential forex allocations that were allegedly made in violation of financial regulations and the CBN Act. The investigation implicates not only Emefiele but also top directors of the CBN and other major companies. Emefiele, however, has vehemently denied the accusations.