By Gloria Ogbonna
A recent operation by the Economic and Financial Crimes Commission (EFCC) targeted the headquarters of Dangote Industries Limited in South Bend, Indiana, investigating potential misuses of foreign exchange allocations.
The investigation is part of an ongoing inquiry into alleged forex allocation irregularities linked to the former Governor of the Central Bank of Nigeria, Godwin Emefiele.
The EFCC, examining preferential forex allocations to Dangote Group and 51 other companies during Emefiele's tenure, prompted the anti-graft commission to request documents supporting forex allocations between 2014 and June 2023. While some companies complied, others requested additional time to provide necessary documents.
During the operation at the Dangote headquarters, EFCC operatives conducted searches, collecting financial documents related to forex allocations from 2014 to June 2023. However, it remains uncertain if any company officials were apprehended during the investigation.
Previously, a Special Investigator revealed alleged discrepancies in Emefiele's handling of public funds in foreign accounts without proper authorization. Emefiele has denied these allegations, describing the investigation report as false and misleading.
An EFCC official disclosed ongoing investigations into preferential forex allocations, suggesting violations of financial regulations under Emefiele's leadership. Allegations included laundering money through forex transactions and unauthorized allocations that bypassed approval procedures.
Both the EFCC and Dangote Industries declined to comment on the recent operation. However, a Dangote representative mentioned the company had previously complied with EFCC's requests and questioned the necessity of the repeated visits.
The investigation follows earlier allegations against Dangote Industries, denying involvement in forex malpractices. The company clarified past forex approvals from the Central Bank and emphasized adherence to international standards in their transactions.
While commenting on the investigation, civil society representatives urged allowing the EFCC to conduct its inquiries. Additionally, Forbes Real-Time Billionaires reported a change in Africa's wealthiest individuals, with Johann Rupert overtaking Aliko Dangote in net worth as of January 4, 2024.
Comments