The Economic and Financial Crimes Commission (EFCC) has summoned key officials of the Dangote Group to its headquarters in Abuja.
This directive comes with the requirement for detailed documents pertaining to foreign exchange transactions carried out by the conglomerate over the past nine years. The move follows the recent raid by EFCC operatives at the Dangote Industries Limited headquarters in Ikoyi, Lagos.
The EFCC’s actions are part of an ongoing investigation into the alleged misuse of foreign exchange allocations by the immediate past governor of the Central Bank of Nigeria, Godwin Emefiele.
Emefiele is under scrutiny for the purported preferential allocations of forex to the Dangote Group, owned by billionaire Aliko Dangote, and 51 other companies during his tenure at the CBN.
During the Thursday raid, documents were seized from the Dangote Group’s office in Lagos, although they did not cover the entirety of the transactions in question.
Consequently, officials have been summoned to present comprehensive documentation in Abuja on Tuesday. A source revealed that Aliko Dangote, currently in the United States, plans to return next week to address the situation personally.
While it remains uncertain whether Dangote was informed before the EFCC operatives’ visit, a high-ranking EFCC official affirmed that the commission seeks evidence and details on how government funds were allocated, emphasizing the non-partisan nature of the investigation.
An official from the Dangote Group confirmed that efforts were underway to gather requested documents, expressing surprise at the EFCC’s additional raid in Lagos despite ongoing cooperation.
The source emphasized the challenges of compiling documents covering the tenure of Emefiele from 2014 to June 2023, attributing the delay to the vast volume of required paperwork.
The company, maintaining its innocence, had previously refuted allegations of involvement in forex malpractices and money laundering amounting to $3.4 billion.
These allegations implicated Emefiele in facilitating illicit financial flows and round-tripping through Dangote subsidiaries.
The Thursday search, lasting several hours, involved the seizure of financial documents related to forex allocations to the Dangote Group from 2014 to June 2023.
The 51 firms under investigation have been instructed to submit Form A and Form M detailing forex allocations during the specified period.
The investigation’s roots delve into allegations against Emefiele, including the unauthorized lodging of public funds in foreign accounts and manipulation of the naira exchange rate.
The Special Investigator on the CBN and Related Entities, Jim Obazee, submitted a report recommending fresh charges against Emefiele and other top officials.
Emefiele has vehemently denied the accusations, dismissing the investigation report as false and misleading.
The EFCC’s focus on preferential forex allocations allegedly made by Emefiele without proper approval raises concerns about potential money laundering schemes involving influential figures.
As the investigation unfolds, the Dangote Group faces the task of vindicating itself from any wrongdoing while grappling with the intricacies of complying with the EFCC’s extensive document requests.
The unfolding saga underscores the broader challenges in ensuring transparency and accountability in financial dealings within Nigeria’s corporate landscape.
