EFCC Raids Dangote Group's HQ in Forex Allocation Investigation

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In a surprising turn of events, the Economic and Financial Crimes Commission (EFCC) conducted a raid on the headquarters of the Dangote Group in Lagos on Thursday as part of its ongoing investigation into forex allocations in Nigeria. The raid unfolded as the conglomerate attempted to submit boxes of documents to the anti-graft agency.

Sources revealed that EFCC operatives, upon arrival, demanded documents pertaining to the allocation of foreign exchange to the Dangote Group over the last decade. Officials from the group provided the requested documents, which were meticulously scrutinized by the EFCC operatives, some of whom were subsequently taken away.

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The EFCC had previously issued letters to 52 companies, including the Dangote Group, instructing them to provide documents supporting the allocation and utilization of foreign currencies over the past ten years. This investigative move is part of a broader inquiry into alleged preferential forex allocations by the Central Bank of Nigeria (CBN), led by Godwin Emefiele.

Accusations against the CBN include claims of favoritism and enrichment of certain individuals and companies through non-transparent forex allocation practices. A December report from PREMIUM TIMES highlighted a forensic audit of the CBN revealing unauthorized deposits of Nigerian funds in foreign bank accounts.

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While some companies promptly complied with the EFCC’s request, others sought additional time to gather the required information. However, the Dangote Group’s headquarters was raided just as the company intended to surrender the requested documents, raising eyebrows about the EFCC’s approach.

A source familiar with the matter stated that the Dangote Group had informed the EFCC about the document readiness and its intention to submit them. Nevertheless, the EFCC opted to conduct a direct raid on the headquarters, a move criticized as unnecessary and potentially detrimental to foreign investment.

“The Dangote Group is perhaps Africa’s largest conglomerate, and it is troubling that the EFCC could deal with it in an unnecessary show of force, especially when it is not obstructing its investigation in any form,” the source noted.

When contacted, the EFCC’s spokesperson, Dele Oyewale, declined to comment, citing ongoing meetings. The Dangote Group’s spokesperson, Anthony Chiejina, was unavailable for comment at the time of reporting.

This latest development in the ongoing forex allocation probe raises concerns about the potential impact on Nigeria’s business environment and foreign investor confidence.

Source: PREMIUM TIMES

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