Operatives of the Economic and Financial Crimes Commission (EFCC) descended on the Ikoyi, Lagos headquarters of Dangote Industries Limited on Thursday in connection with an ongoing investigation into alleged foreign exchange abuse during the tenure of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The anti-graft commission is specifically examining the preferential allocations of foreign exchange to the Dangote Group and 51 other companies under Emefiele’s leadership at the CBN. Two senior EFCC officials confirmed the operation at Dangote Industries but refrained from disclosing specific details.
Earlier, the EFCC had directed 52 companies, including Dangote, to submit documents supporting the allocation and utilization of foreign exchange at official rates from 2014 to June 2023. While some companies complied, others requested additional time to provide the necessary documentation.
The surprise raid at Dangote’s headquarters took place during working hours, causing a stir among staff and visitors. Economic and Financial Crimes Commission operatives reportedly seized financial documents related to forex allocations between 2014 and June 2023.
The investigation stems from allegations of preferential forex allocations made by Emefiele, purportedly in violation of financial regulations and the CBN Act. The EFCC is scrutinizing whether these allocations were approved by the former President, Muhammadu Buhari.
Emefiele, currently facing charges of N1.2bn procurement fraud, has denied the allegations. The EFCC is also probing his involvement in allegedly lodging public funds in foreign accounts without proper authorization.
The EFCC’s actions coincide with a report by Forbes Real-Time Billionaires, indicating that South African billionaire Johann Rupert has surpassed Aliko Dangote as Africa’s wealthiest person. Dangote reportedly experienced a significant wealth reduction, falling to the second position.
Both the EFCC and Dangote Industries declined to comment on the raid, and the investigation continues.
Additional reports contributed by Bamidele Famoofo, Edidiong Ikpoto, and Nathaniel Shaibu.
