The Economic and Financial Crimes Commission has summoned key officials of the Dangote Group to Abuja, requesting comprehensive documentation on foreign exchange transactions spanning the past nine years.
Recall that operatives from the EFCC recently conducted a raid at the headquarters of Dangote Industries Limited in Ikoyi, Lagos, on Thursday.
According to The PUNCH, this action is part of an ongoing investigation into the alleged misuse of foreign exchange allocations by the former Central Bank of Nigeria governor, Godwin Emefiele.
The anti-graft agency is delving into claims of preferential foreign exchange allotments to the Dangote Group, owned by business magnate Aliko Dangote, and 51 other companies during Emefiele’s tenure at the CBN.
Reports indicate that documents were seized during the raid at the group’s head office, but they did not encompass the entirety of the transactions.
As a result, the EFCC has summoned Dangote Group officials to bring additional detailed documentation to Abuja by Tuesday.
While Aliko Dangote was reportedly abroad in the United States when the EFCC conducted the operation, sources revealed plans for his return to Nigeria next week to address the situation personally.
Although it remains uncertain whether Dangote was notified beforehand about the EFCC’s actions, there is awareness within his circle about the anti-corruption agency’s demands.
A high-ranking EFCC official confirmed that senior executives of the company have been directed to furnish the commission with comprehensive documentation regarding its inquiries.
It was gathered that the officials would be expected at the agency’s office on Tuesday.
“Yes, they (Dangote officials) asked for time to enable them to get all the necessary documents, which was granted. The idea is not to be seen to be witch-hunting anyone. What the commission wants is to get evidence and details of how government funds were allocated and that is all,” the EFCC official, who spoke on condition of anonymity because he was not authorised to speak to the media on the development, said.
An official from the Dangote Group has verified that essential personnel within the conglomerate are presently collating the documents requested by the EFCC to demonstrate the company’s compliance and absence of any misconduct.
The source highlighted that the organization had dispatched crucial documents and relevant staff members to the EFCC headquarters in Abuja in response to the ongoing investigation.
The official expressed surprise and dismay that despite this proactive step, the anti-graft agency still conducted a raid at the company’s Lagos office on Thursday.
The official stated, “Yes, we were aware of the ongoing investigation by the EFCC and our people were at the headquarters in Abuja with some of the requested documents as of the time its operatives invaded our Lagos office in what I will describe as a show-off.
“We are a law-abiding group, but it is difficult to get all the documents covering the tenure of Emefiele at once, but our people are working at night to get all the relevant documents, which will be sent to the anti-graft agency next week.”
The source added, “As of the time of the raid, our people were in Abuja. We have been sleeping in the office to make sure that we get all the documents the EFCC requires for the investigation.
“We are talking about documents from 2014 to June 2023. It is a lot of documents and it will take time to get all of them readily available. We have, however, sent the ones we have at our immediate disposal and they are with the commission.
“The raid was just a way of embarrassing us and an act of show-off. We are law-abiding people running a legitimate business and we are cooperating with the investigation.”
An insider also disclosed that Dangote was in the United States and expressed concern regarding the unfolding situation.
Prior to the recent raid, in November 2023, Dangote Industries had vehemently denied allegations linking it to forex malpractices and money laundering, especially concerning $3.4 billion reportedly facilitated by Emefiele.
The company refuted claims of channelling funds to its non-Nigerian subsidiaries, which allegedly led to illicit financial flows and round-tripping.
Dangote clarified that its investment acquisitions adhered to interbank market procedures, supported by Letters of Credit in accordance with international standards.
According to gathered information, the search of the Dangote headquarters commenced at approximately 3 pm on Thursday and lasted several hours.
During the operation, EFCC operatives scoured offices, seizing various financial documents related to forex allocations to the group spanning from 2014 to June 2023, coinciding with Emefiele’s suspension by President Bola Tinubu.
Reports indicated that the commission had directed the 51 firms under investigation to furnish detailed information through Form A and Form M, outlining forex allocations received between 2014 and June 2023.
While some companies complied promptly, others requested additional time to gather the necessary documents.
The Special Investigator on the CBN and Related Entities, Jim Obazee, reportedly informed the President about Emefiele’s alleged deposit of public funds in over 593 bank accounts across the United States, United Kingdom, and China without authorization from the apex bank’s board of directors or the CBN Investment Committee.
Obazee’s investigation revealed purported unauthorized fixed deposits totaling £543,482,213 in UK banks by the ex-CBN governor.
Additionally, allegations surfaced suggesting Emefiele’s involvement in manipulating the naira exchange rate and fraudulent practices concerning the e-Naira project.
In a report submitted to the President on December 20, 2023, the investigator recommended further prosecution of Emefiele, who already faces allegations of N1.2 billion procurement fraud.
The recommendation included prosecuting Emefiele alongside Tunde Sabiu, a former aide and nephew to former President Muhammadu Buhari, and 12 senior CBN directors over the naira redesign policy and alleged illegal currency issuance under Section 19 of the CBN Act.
