EFCC Raids Dangote Group Headquarters in Forex Allocation Probe

In a sweeping move, the Economic and Financial Crimes Commission (EFCC) executed an unannounced raid on the nerve center of the Dangote Group in Lagos, intensifying investigations into forex allocations amid allegations of preferential treatment.

Sources privy to the situation disclosed that EFCC operatives descended upon the conglomerate’s headquarters, demanding access to records documenting a decade-long history of foreign exchange allocations. After an extensive scrutiny of the documents provided, the investigators departed with some of the materials in hand.

This unexpected action comes in the wake of the anti-graft agency’s communication with 52 companies, seeking comprehensive documentation supporting the allocation and utilization of foreign currencies over the past ten years.

The EFCC’s pursuit is part of a broader investigation scrutinizing the Central Bank of Nigeria’s (CBN) practices under the leadership of Governor Godwin Emefiele. Investigators have castigated the CBN, accusing it of selectively favoring certain individuals and organizations through opaque Forex allocations, purportedly leading to unfair enrichment.

Previous exposés by investigative outlets disclosed a forensic audit that unearthed unauthorized deposits totaling 543.4 million pounds across offshore accounts, allegedly orchestrated without proper authorization from the CBN’s governing bodies. The audit also spotlighted allegations of currency rate manipulation and purported fraudulent activities within the CBN’s e-Naira project, attributed to the former CBN chief.

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While some companies have complied with the EFCC’s document requests, others have sought additional time to gather the necessary information.

The EFCC’s move to storm the Dangote Group’s headquarters, despite the company’s willingness to furnish the requested documents, has sparked concerns within the business community. Critics suggest that such aggressive tactics might cast a shadow over the country’s investment landscape, potentially deterring foreign investors from engaging in Nigeria’s economy.

“The EFCC’s forceful approach, especially directed at the Dangote Group, Africa’s largest conglomerate, raises questions, particularly when the company is not impeding the investigation,” noted a source familiar with the matter.

Efforts to obtain comments from the EFCC spokesperson, Dele Oyewale, were unsuccessful at the time of reporting. Similarly, the spokesperson for the Dangote Group, Anthony Chiejina, was not immediately available for comment.