Politics
EFCC Launches Investigation Into Forex Scandal, Targets Dangote Headquarters And 51 Companies
EFCC Launches Investigation Into Forex Scandal, Targets Dangote Headquarters And 51 Companies....KINDLY READ THE FULL STORY HERE▶
In continuation of the investigation into alleged foreign exchange allocation abuse by the former Central Bank Governor, Godwin Emefiele, EFCC operatives conducted a surprise search at the headquarters of Dangote Industries Limited in Lagos. The probe focuses on preferential forex allocations to Dangote Group and 51 other companies during Emefiele’s tenure…..CONTINUE READING
EFCC’s investigation involves a demand for documents supporting forex allocation and utilization from the 52 companies. While some complied, others requested additional time. The operation at Dangote’s office included a thorough search, during which financial documents related to forex allocations between 2014 and June 2023 were seized.
The multiple exchange rates system in Nigeria until June 2023 was criticized for causing forex allocation distortions, market volatility, and naira depreciation. The unexpected raid on Dangote’s headquarters during working hours surprised staff and visitors, lasting several hours from 3 pm.
The search resulted in the confiscation of financial records spanning from 2014 to June 2023, coinciding with Emefiele’s suspension by President Bola Tinubu. It remains unconfirmed if any Dangote company officials were arrested during the operation.
Earlier reports had detailed allegations against Emefiele, including unauthorized foreign currency deposits in foreign banks and manipulation of the naira exchange rate. The Special Investigator, Jim Obazee, recommended fresh charges against Emefiele and others, though the former CBN governor denied the accusations.
A top EFCC official stated that the investigation is examining preferential forex allocations made by Emefiele without proper approval, suggesting possible money laundering through forex and Bureau De Change operators. EFCC spokesperson Dele Oyewale declined to comment on the raid, while Dangote Industries’ spokesperson Sunday Esan did not respond to inquiries.A Dangote official claimed the company complied with the EFCC’s request, expressing confusion about the commission’s decision to conduct a public search, seemingly causing embarrassment.
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