EFCC’s Forex Investigation Puts Dangote On Alert, CEO Plans Return To Nigeria

The Economic and Financial Crimes Commission (EFCC), in continuation of its investigation into the alleged misuse of foreign exchange allocations by the former governor of the Central Bank of Nigeria, Godwin Emefiele, carried out a raid at the headquarters of Dangote Industries Limited in Ikoyi, Lagos, on Thursday…CONTINUE READING

The ongoing probe revolves around the suspected preferential allocations of forex to the Dangote Group.

In a recent development reported by The Punch, the EFCC has summoned officials of the Dangote Group to Abuja, requesting comprehensive documentation on the conglomerate’s foreign exchange transactions spanning the past nine years.

While Dangote is currently in the United States, sources indicate that he plans to return to Nigeria next week to personally address the issue. An official from the Dangote Group acknowledged the ongoing investigation, expressing concern over the situation.

However, it remains unconfirmed whether Dangote was informed before the EFCC conducted the raid.

The official emphasized the group’s commitment to compliance with the law, highlighting the challenge of swiftly gathering all relevant documents from the tenure of Emefiele.

Despite the difficulty, the group is working diligently to compile the necessary documents, which will be submitted to the EFCC next week.

The official revealed, “We are talking about documents from 2014 to June 2023. It is a lot of documents and it will take time to get all of them readily available. We have, however, sent the ones we have at our immediate disposal, and they are with the commission.”

While characterizing the EFCC raid as an attempt to embarrass the company, the official affirmed the group’s cooperation with the investigation, asserting that they are law-abiding individuals running a legitimate business.

A high-ranking EFCC official confirmed the summons, stating that senior executives of the Dangote Group are expected to provide the commission with detailed and clear documentation on Tuesday.

The official emphasized that the goal is to obtain evidence and details regarding the allocation of government funds without any intention of witch-hunting.