Operatives of the Economic and Financial Crimes Commission (EFCC) from its Lagos zonal command conducted a raid on the corporate headquarters of the Dangote Group in Lagos as part of the ongoing investigation into foreign exchange allocations to certain companies in Nigeria.
The EFCC operatives, who visited the office on Thursday, sought documents related to the allocation of forex to the Dangote Group by the Central Bank of Nigeria (CBN) between 2015 and June 2023, during the tenure of Godwin Emefiele as the governor of the apex bank.
The investigation into forex allocations to major companies is a direct outcome of the broader probe into the activities of the CBN under Emefiele by a special investigator, Jim Obazee, appointed by President Bola Tinubu’s administration. The special investigator was mandated to strengthen key Government Business Entities (GBEs) and uncover potential leakages in the CBN and related GBEs.
In a report submitted to the President on December 9, 2023, the special investigator implicated Emefiele, alleging manipulation of foreign exchange rates during his tenure. The EFCC’s investigation into companies receiving forex allocations at official rates is an extension of these findings.
While the EFCC’s Head of Media and Publicity, Dele Oyewale, did not provide details, a source confirmed the raid, stating that over 40 companies were involved in the investigation. The companies, including the Dangote Group, have denied wrongdoing and expressed willingness to explain their forex transactions. The EFCC requested details of forex deals from these companies dating back to 2015 under the leadership of former CBN governor Emefiele.
During the raid on the Dangote Group office, documents related to forex allocations were reportedly requested and provided by company officials to the EFCC operatives. The investigation continues as part of the government’s efforts to address corruption and ensure transparency in financial transactions.
