Lagos, Nigeria, January 5, 2024: Operatives of the Economic and Financial Crimes Commission (EFCC) executed a search operation on Thursday at the headquarters of Dangote Industries Limited in Ikoyi, Lagos. This move is part of the ongoing investigation into the alleged misuse of foreign exchange allocations during the tenure of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The EFCC, in its probe, is focusing on suspected preferential forex allocations to the Dangote Group, owned by billionaire Aliko Dangote, and 51 other companies during Emefiele’s leadership at the CBN. Two senior EFCC officials confirmed the presence of their operatives at Dangote Industries but declined to disclose the specific reasons for the raid.
Sources revealed that the EFCC had previously issued notices to the 52 companies, instructing them to submit documents supporting the allocation and utilization of foreign exchange sold at official rates between 2014 and June 2023. The requested documents included Form A and Form M detailing forex allocations.
While some companies complied, others sought additional time to gather the required documents. The investigation is shedding light on the period when Nigeria operated under multiple exchange rates until June 2023, contributing to market distortions and volatility.
The surprise operation at Dangote Industries’ headquarters, conducted during working hours, stirred shock among staff and visitors. The search, which commenced at approximately 3 pm, lasted for several hours, during which EFCC operatives seized various financial documents related to forex allocations from 2014 to June 2023.
As of now, there is no immediate confirmation of any arrests made during the raid.
The EFCC’s investigation follows revelations by the Special Investigator on the CBN and Related Entities, Jim Obazee, who uncovered alleged financial irregularities, including the lodging of public funds in foreign accounts without authorization and manipulation of the naira exchange rate by Emefiele.
Emefiele, facing charges of N1.2bn procurement fraud, has denied the allegations, dismissing the investigation report as false and misleading.
A top EFCC official disclosed that the investigation is centered on the preferential forex allocations allegedly made by Emefiele, bypassing financial regulations and the CBN Act. The source asserted, “The EFCC is investigating the Dangote Group over the preferential foreign exchange allocations made by the former CBN Governor Godwin Emefiele.”
Spokespersons for both the EFCC and Dangote Industries, Dele Oyewale and Sunday Esan, respectively, declined to comment on the raid.
Dangote Industries, responding to previous allegations in November 2023, refuted involvement in forex malpractices and money laundering. The company emphasized its adherence to CBN approvals and international standards in forex transactions.
As the EFCC’s operation unfolds, Aliko Dangote, Africa’s former wealthiest person, has reportedly been surpassed by South African billionaire Johann Rupert, according to Forbes Real-Time Billionaires, marking a significant shift in the continent’s wealth landscape. Dangote’s net worth has reportedly decreased from $13.5bn in 2023 to $9.7bn as of January 4, 2024, representing a $3.8bn loss.
