Latest News in Nigeria as EFCC Investigates Forex Scam: Dangote Industries HQ Raided, 51 Firms Under Scrutiny.
Operatives from the Economic and Financial Crimes Commission (EFCC) conducted an extensive search at the headquarters of Dangote Industries Limited in Ikoyi, Lagos. This operation is part of an ongoing investigation into the 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 specifically probing the suspected preferential allocations of forex to the Dangote Group, owned by billionaire Aliko Dangote, and 51 other companies during Emefiele’s tenure at the helm of the CBN.
While EFCC operatives were present at the Dangote headquarters, their purpose was not officially disclosed. Two senior EFCC officials confirmed the operation but refrained from commenting on the specific reasons for their presence.
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Sources revealed that the EFCC had previously issued letters to the 52 companies, instructing them to furnish documents supporting the allocation and utilization of foreign exchange sold at official rates over the past decade.
The firms were requested to submit Form A and Form M detailing forex allocations between 2014 and June 2023.
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The surprise raid, conducted during working hours, prompted a search through offices, resulting in the retrieval of numerous financial documents related to forex allocations to the Dangote Group from 2014 to June 2023.
This duration coincides with the period when Emefiele served as the CBN Governor before his suspension by President Bola Tinubu in June 2023.
While the raid took place, it remains unconfirmed whether any officials from the company were arrested by the EFCC.
Ejes Gist News reports that this development follows earlier revelations by the Special Investigator on the CBN and Related Entities, Jim Obazee, who exposed alleged financial improprieties by Emefiele.
The investigator reported unauthorized lodgments of public funds in foreign currencies and manipulation of the naira exchange rate, among other allegations.
Dangote Industries’ spokesperson, Sunday Esan, did not respond to inquiries. A Dangote official mentioned that the company had already submitted requested documents to the EFCC during a prior invitation, expressing confusion about the subsequent raid.
Ejes Gist News gathered that the investigation adds another layer to the controversies surrounding the forex scandal, emphasizing the need for transparency and accountability in financial institutions.
This online news platform understands that as the EFCC delves into these allegations, it raises questions about the integrity of forex allocations during Emefiele’s tenure at the CBN. The situation underscores the importance of a thorough and impartial investigation to reveal the truth behind these financial irregularities.
