Operatives of the Economic and Financial Crimes Commission (EFCC) conducted a search at the headquarters of Dangote Industries Limited in Ikoyi, Lagos, as part of an ongoing investigation into the alleged abuse of foreign exchange allocations by the former Governor of the Central Bank of Nigeria, Godwin Emefiele. The EFCC is probing preferential forex allocations to Dangote Group and 51 other companies under Emefiele’s leadership.
The anti-graft commission had earlier directed the 52 companies, including Dangote, to submit documents supporting the allocation and utilization of foreign exchange sold to them at official rates between 2014 and June 2023. During the surprise operation at Dangote’s headquarters, operatives seized financial documents related to forex allocations from 2014 to June 2023.
The investigation follows revelations by the Special Investigator on the CBN and Related Entities, Jim Obazee, regarding Emefiele’s alleged unauthorized lodging of public funds in foreign currencies and manipulation of the naira exchange rate. The EFCC’s search at Dangote Industries shocked staff and visitors, lasting several hours.
While some companies complied with the directive, others requested time to gather the necessary documents. The forex scandal investigation aims to address distortions, market volatility, and fluctuations resulting from multiple exchange rates in Nigeria until June 2023. The EFCC did not immediately confirm if any company officials were arrested during the raid.
Dangote Industries had earlier denied allegations of involvement in forex malpractices and money laundering, attributing the accusations to a rival business group. Despite the ongoing investigation, the EFCC’s operation at Dangote’s headquarters raises questions about compliance with due process and the conduct of the previous administration.
