Officials from the Dangote Group have been summoned by the Economic and Financial Crimes Commission (EFCC) to provide detailed documents on foreign exchange transactions conducted by the conglomerate over the past nine years.
As part of an ongoing investigation into the alleged misuse of foreign exchange allocations by the former governor of the Central Bank of Nigeria, Godwin Emefiele, EFCC operatives recently conducted a search at the headquarters of Dangote Industries Limited in Lagos.
The EFCC is specifically looking into the preferential allocation of foreign exchange to the Dangote Group and 51 other companies during Emefiele’s tenure.
While some documents were seized during the search, not all transactions were covered, prompting the EFCC to request that the officials bring the remaining documents to Abuja on Tuesday.
According to reports, it has been discovered that Dangote was not present in Nigeria when the commission’s operatives raided his conglomerate’s headquarters, as he was reportedly in the United States. However, sources have indicated that he will return to Nigeria next week to personally address the issue.
It is unclear whether he was informed about the demands of the anti-corruption agency prior to the EFCC’s visit. Nevertheless, a senior EFCC official has stated that the company’s senior executives have been instructed to provide the commission with detailed and clear documents regarding its demands.
These officials are expected to visit the agency’s office on Tuesday. The EFCC official emphasized that the commission’s objective is to gather evidence and information on how government funds were allocated, rather than engage in a witch-hunt. An official from the Dangote Group has also confirmed that key personnel are currently gathering the requested documents to prove the company’s innocence.
The source expressed surprise that despite the company’s cooperation, the anti-graft agency still conducted a raid on its Lagos office.
The official confirmed that they were aware of the ongoing investigation conducted by the EFCC and mentioned that their team was present at the headquarters in Abuja, providing some of the requested documents.
However, they expressed their dissatisfaction with the invasion of their Lagos office, describing it as a mere show-off. They emphasized their commitment to abiding by the law and explained the challenges they faced in gathering all the documents pertaining to Emefiele’s tenure at once.
Despite these difficulties, they assured that their team was working diligently during the night to obtain all the relevant documents, which would be submitted to the anti-graft agency the following week.
The source further revealed that their team was in Abuja at the time of the raid and had been sleeping in the office to ensure the collection of all required documents. They highlighted the extensive nature of the documents, spanning from 2014 to June 2023, and acknowledged that it would take time to gather them all.
However, they had already sent the available documents to the commission and emphasized their cooperation with the investigation. Additionally, the source mentioned that Dangote, who was in the United States, expressed concern about the situation.
Dangote’s investment activities were funded through the interbank market, and all transactions were supported by Letters of Credit in accordance with international standards. The search of Dangote’s headquarters took place on Thursday and lasted for several hours, starting at around 3pm. During the raid, offices were thoroughly searched, and various financial documents related to forex allocations to the group from 2014 to June 2023 were confiscated.
The commission conducting the investigation has requested the 51 firms under scrutiny to submit Form A and Form M, providing details of their forex allocations during the specified period. While some companies have complied with this directive, others have requested additional time to gather the required documents.
The Special Investigator on the CBN and Related Entities, Jim Obazee, has reported to the President regarding allegations against Emefiele, the former CBN governor.
It is claimed that Emefiele deposited public funds in foreign bank accounts without proper authorization, manipulated the naira exchange rate, and committed fraud in the e-Naira project.
Obazee’s report recommends that Emefiele face fresh charges related to the naira redesign policy and the alleged illegal issuance of currency. The report also suggests that Emefiele should be prosecuted alongside Tunde Sabiu, a former aide to former President Muhammadu Buhari, and 12 top directors of the CBN. Emefiele has denied these allegations, stating that Obazee’s investigation report is false, misleading, and intended to tarnish his reputation.
