Dangote Officials Summoned to Abuja Amidst Ongoing Forex Scandal Investigation by EFCC

The Economic and Financial Crimes Commission (EFCC) has intensified its probe into the alleged abuse of foreign exchange allocations by former Central Bank of Nigeria governor Godwin Emefiele. Dangote Group officials have been summoned to Abuja to provide detailed documents on forex transactions spanning the last nine years.

Operatives of the EFCC recently conducted a search at the Dangote Industries Limited headquarters in Lagos, seizing documents related to forex allocations. However, the agency has requested additional documents from the conglomerate, leading to the summons of its officials to appear in Abuja on Tuesday.

While Aliko Dangote, the billionaire owner of the group, was reportedly not in Nigeria during the search, sources indicate he will return next week to address the situation personally.

The EFCC is investigating alleged preferential forex allocations to the Dangote Group and 51 other companies during Emefiele’s tenure at the CBN. The agency aims to obtain evidence of how government funds were allocated.

Dangote officials have affirmed their cooperation with the investigation, asserting that they are law-abiding and working diligently to gather the requested documents, covering transactions from 2014 to June 2023. Despite sending some documents to the EFCC headquarters in Abuja, the company expressed surprise at the raid on its Lagos office.

The conglomerate had previously denied involvement in forex malpractices and money laundering in November 2023, refuting allegations of facilitating $3.4 billion in illicit financial flows.

The EFCC’s probe extends to 51 companies, requiring them to submit detailed forex allocation documents from 2014 to June 2023. The investigation was prompted by Special Investigator Jim Obazee’s report, alleging Emefiele’s unauthorized lodging of public funds in foreign accounts and manipulation of the naira exchange rate.

Emefiele, facing charges of alleged procurement fraud, has denied the accusations, dismissing Obazee’s report as false and misleading. The EFCC continues its investigation into preferential forex allocations, focusing on ensuring compliance with financial regulations and the CBN Act.