In a significant development, the Economic and Financial Crimes Commission (EFCC) has initiated a thorough investigation into multiple money laundering charges against the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. The probe, independent of the special investigator Jim Obazee’s report, delves into alleged fraudulent foreign exchange allocations during Emefiele’s tenure.
The anti-graft agency has reached out to over 85 entities, encompassing corporate organizations and individuals, issuing summons to senior officials of these entities. The investigation, spanning the last nine years, may result in an amended charge against Emefiele to incorporate new findings.
Dangote Group and BUA Plc reportedly top the list of entities under investigation, although the details of the remaining 83 are yet to be independently verified. The EFCC has conducted raids, with officials storming the headquarters of Dangote Industries Limited and the BUA Towers in Lagos.
According to an undisclosed EFCC source, the probe focuses on preferential foreign exchange allocations that Emefiele allegedly made, bypassing financial regulations and the CBN Act. The official revealed that officials of the companies involved have been summoned to provide comprehensive financial documents from 2014 to 2023.
The investigation reportedly uncovered unauthorized allocations, not approved by former President Muhammadu Buhari, suggesting potential money laundering through forex transactions and Bureau De Change operators.
Despite the ongoing investigation, Dangote Group has confirmed its cooperation with the EFCC, supplying relevant documents. However, BUA insists that its offices were not raided.
The EFCC source stressed the independence of their investigation, emphasizing that it goes beyond the scope of Obazee’s report. The official hinted at the likelihood of amended charges against Emefiele, citing discoveries from the forex probe.
While the EFCC has not officially commented on the recent developments, the agency reportedly aims to collect evidence detailing how government funds were allocated during Emefiele’s tenure. The investigation may extend to charges such as money laundering and abuse of office, including the abuse of office through asset declaration.
Dangote Industries clarified in an advertorial that it responded to the EFCC’s request for forex transaction details, acknowledging the receipt of the letter. However, the company asserted that the EFCC did not provide necessary clarifications and insisted on collecting documents directly.
The unfolding situation raises questions about the potential consequences for Emefiele and the implicated entities, as the EFCC delves deeper into the alleged financial improprieties. Further updates on this developing story are expected as the investigation progresses.