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Forex scandal: EFCC combs Dangote HQ for documents, probes 51 firms

Operatives from the Economic and Financial Crimes Commission (EFCC) have conducted a raid at the headquarters of Dangote Industries Limited in Ikoyi, Lagos.InformationGuideNigeria

This action is part of an ongoing investigation into alleged abuse of foreign exchange allocations by the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

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The EFCC is investigating allegations of preferential forex allocations to the Dangote Group, owned by billionaire Aliko Dangote, and 51 other companies during Emefiele’s tenure at the CBN. Two senior EFCC officials confirmed the presence of the anti-graft operatives at Dangote headquarters but did not disclose the specific reasons for the raid.

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The EFCC had previously requested these 52 companies to submit documents, including Form A and Form M, showing the details of forex allocations received from 2014 to June 2023. While some companies complied with this directive, others requested more time to gather the necessary documents.

The investigation is being conducted in the context of Nigeria’s operation of multiple exchange rates up until June 2023. Economists have criticized this policy for contributing to distortions in forex allocation, market volatility, and fluctuations, as well as inflationary pressures on the naira and the growth of black market activities.

The EFCC’s raid at the Dangote headquarters began around 3 pm and lasted several hours, during which financial documents related to forex allocations were seized. The operation reportedly surprised staff and visitors.NYSC Portal

This investigation follows a report submitted to President Bola Tinubu on December 20, 2023, by the Special Investigator on the CBN and Related Entities, Jim Obazee. Obazee’s report alleged that Emefiele lodged public funds in foreign currencies in hundreds of bank accounts abroad without proper authorization and also accused him of manipulating the naira exchange rate and committing fraud in the e-Naira project.

Emefiele, who is already facing prosecution for alleged N1.2bn procurement fraud, is recommended to face additional charges related to the handling of the CBN’s naira redesign policy and alleged illegal issuance of currency. The report also recommended prosecuting Tunde Sabiu, a former aide to former President Muhammadu Buhari, and 12 top directors of the CBN.JAMB Result

Emefiele denied the indictments, describing the content of Obazee’s investigation report as “false, misleading, and calculated to disparage my person, injure my character, and serve the selfish interest of the private investigator.”

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A top EFCC official revealed that the EFCC was probing the preferential foreign exchange allocations allegedly made by Emefiele in defiance of extant financial rules and regulations and the CBN Act.

The official claimed, “The EFCC is investigating the Dangote Group over the preferential foreign exchange allocations made by the former CBN Governor Godwin Emefiele in defiance of extant financial rules and regulations and in disregard to the CBN Act.JAMB Portal

“There are about 51 other big companies under probe over the development too, and the commission discovered that the allocations were not approved by the former President Muhammadu Buhari, so it was more of a means for the former CBN governor and his cronies to launder money through forex and Bureau De Change operators.”

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Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing. Whatapp: 08088735884

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