Operatives of the Economic and Financial Crimes Commission has stormed the headquarters of Dangote Industries, and written 51 others to submit forex allocation forms from 2014 to 2023.
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The agents of the anti-corruption agency was at the headquarters of Dangote Industries Limited in Ikoyi, Lagos on Thursday in furtherance of the ongoing investigation into the alleged abuse of the foreign exchange allocations by the immediate past Governor of the Central Bank of Nigeria, Godwin Emefiele.
Premium Times reported that the EFCC operatives stormed Dangote Group headquarters just as the company tried to surrender boxes of documents to it.
The EFCC letter to the companies is part of ongoing investigation into alleged preferential Forex allocations to individuals and organisation by the Godwin Emefiele-led Central Bank of Nigeria.
Punch reported that while some companies complied with the directive, several others were said to have asked for time to get the proper documents.
Until June 2023, Nigeria operated multiple exchange rates which economists said contributed to the distortions in forex allocation, market volatility, and fluctuations.
The policy was blamed for the inflationary pressures on the naira and the thriving black market activities which were said to have undermined the effectiveness of the CBN monetary policies.
A top EFCC official revealed that the EFCC was probing the preferential foreign exchange allocations allegedly made by Emefiele in defiance of extant financial rules and regulations and the CBN Act.
The official claimed, “The EFCC is investigating the Dangote Group over the preferential foreign exchange allocations made by the former CBN Governor Godwin Emefiele in defiance of extant financial rules and regulations and in disregard to the CBN Act.
“There are about 51 other big companies under probe over the development too, and the commission discovered that the allocations were not approved by the former President Muhammadu Buhari, so it was more of a means for the former CBN governor and his cronies to launder money through forex and Bureau De Change operators.”
Investigators have in the past months accused the CBN of favouring and enriching some individuals and companies through non-transparent allocation of foreign exchange to them.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
