The Economic and Financial Crimes Commission (EFCC) executed a search operation at the Lagos headquarters of the Dangote Group, led by Aliko Dangote, Africa’s wealthiest individual, on Thursday. This move is part of an ongoing investigation into forex allocations to the conglomerate, focusing on potential breaches of guidelines set by the Central Bank of Nigeria (CBN).
Accusations have surfaced, alleging that the Dangote Group bypassed CBN’s guidelines on the allocation of scarce official foreign exchange to banks during the tenure of Godwin Emefiele as the Governor of the CBN.
The EFCC has issued letters to 52 companies, including the Dangote Group, instructing them to provide documentation supporting the allocation and utilization of foreign currencies over the past decade. This investigation aims to uncover suspected preferential forex allocations to affluent individuals and organizations by the CBN.
Specifically, the Dangote Group faces allegations of non-compliance with CBN’s forex allocation guidelines, raising concerns about potential collaboration between the company, banks, and the CBN.
Former CBN Governor Godwin Emefiele, recently released after being arrested for alleged involvement in fraud and corruption, adds another layer to the investigation.
In response, the Dangote Group vigorously defends itself against forex-related accusations. The company has invited relevant authorities to conduct a comprehensive investigation into its forex operations over the last decade, with a commitment to transparency. The group asserts that all foreign exchange acquisitions were utilized for their intended purposes, supporting visible African Project Expansion initiatives.
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Notably, in November, Dangote announced the successful repatriation of a substantial sum of $687 million through various Nigerian banks, emphasizing its adherence to regulatory standards.”
