EFCC Summons Dangote Group Officials Over Forex Transactions Probe

In a move amid the ongoing investigation into alleged foreign exchange mismanagement, the Economic and Financial Crimes Commission (EFCC) has summoned top officials from Dangote Group to provide documents on foreign exchange transactions spanning nine years.

The commission, delving into purported preferential forex allocations to the Dangote Group and 51 other companies under the leadership of the former Central Bank Governor, Godwin Emefiele, sent operatives to the conglomerate’s headquarters in Ikoyi, Lagos, on Thursday.

A dependable source in the EFCC who wishes to remain anonymous spoke on the importance of obtaining “detailed and unambiguous documents” from the company to uncover the allocation of government funds.

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“The idea is not to be seen as witch-hunting anyone,” the official asserted.
Sources within the Dangote Group confirmed that key personnel were diligently collating requested documents to assure the company’s compliance with the investigation.

Expressing dismay over the EFCC visit to their Lagos office, the source highlighted the challenges of gathering extensive documents dating back to 2014.

“Yes, we were aware of the ongoing investigation… our people were at the headquarters in Abuja with some of the requested documents,” a Dangote Group official stated, expressing surprise at the subsequent raid on their Lagos office.

“We are cooperating with the investigation,” the official emphasized, underscoring their commitment to fulfilling the EFCC’s requests.

However, the timing of the EFCC’s visit coincided with the absence of Aliko Dangote, who was reportedly in the United States. Despite the ongoing efforts to gather documents and the company’s compliance, the source conveyed a sense of concern over the situation, emphasizing their adherence to the law and legitimacy in conducting business.

The raid comes in the wake of Dangote Industries’ prior denial of allegations related to forex malpractices and money laundering involving $3.4 billion purportedly facilitated by Emefiele. The company clarified its investment processes, indicating adherence to international standards.

The EFCC’s search of the Dangote headquarters commenced in the afternoon, lasting several hours, during which financial documents spanning nearly a decade were seized.

This investigative action is part of a broader probe into alleged unauthorized foreign currency placements and manipulations.

The unfolding investigation has been sparked by a report from the Special Investigator on the CBN and Related Entities, Jim Obazee. The report highlighted various irregularities, alleging unauthorized foreign currency deposits and manipulation of exchange rates by Emefiele. Obazee’s findings recommended fresh charges against the former CBN governor and other top officials.

As the wheels of this high-profile investigation turn, the summoned officials of the Dangote Group are set to appear at the EFCC’s office in Abuja next week. They are tasked with providing extensive documents to aid in the thorough scrutiny of forex transactions under investigation.