Forex Scandal: Aliko Dangote Expresses Worry Over EFCC’s Raid

Recent reports indicate that Aliko Dangote, the founder and chairman of the Dangote Group of companies, is poised to return to Nigeria from the United States in response to the scandal surrounding the company.

It’s worth noting that on Thursday, the Economic and Financial Crimes Commission (EFCC) conducted a raid on the headquarters of Dangote Industries Limited in Ikoyi, Lagos. This action is part of the ongoing investigation into the alleged misuse of foreign exchange allocations by the former Central Bank of Nigeria governor, Godwin Emefiele.

The anti-graft commission is probing the alleged preferential allocations of forex to the Dangote Group.

In a fresh report, The Punch has disclosed that the EFCC has summoned some officials of the Dangote Group to Abuja to come along with detailed documents on foreign exchange transactions by the conglomerate covering the last nine years.

The publication also gathered that Dangote who is presently in the United States plans on returning to Nigeria next week to personally sort the problem.

An official of the Dangote group who spoke to the publication said Dangote is worried over the development, but it could not be confirmed if he was informed before the EFCC sent its operatives to his company.

The official stated, “Yes, we were aware of the ongoing investigation by the EFCC and our people were at the headquarters in Abuja with some of the requested documents as of the time its operatives invaded our Lagos office in what I will describe as a show-off.

“We are a law-abiding group, but it is difficult to get all the documents covering the tenure of Emefiele at once, but our people are working at night to get all the relevant documents, which will be sent to the anti-graft agency next week.”

The source added, “As of the time of the raid, our people were in Abuja. We have been sleeping in the office to make sure that we get all the documents the EFCC requires for the investigation.

“We are talking about documents from 2014 to June 2023. It is a lot of documents and it will take time to get all of them readily available. We have, however, sent the ones we have at our immediate disposal and they are with the commission.

“The raid was just a way of embarrassing us and an act of show-off. We are law-abiding people running a legitimate business and we are cooperating with the investigation.”

Confirming the report, a highly placed EFCC official said senior executives of the company had been mandated to supply the commission with what he called “detailed and unambiguous documents on the demands by the commission.”

It was gathered that the officials would be expected at the agency’s office on Tuesday.

“Yes, they (Dangote officials) asked for time to enable them to get all the necessary documents, which was granted. The idea is not to be seen to be witch-hunting anyone. What the commission wants is to get evidence and details of how government funds were allocated and that is all,” the source said.

Before the raid, Dangote Industries had in November 2023 refuted allegations that it was involved in forex malpractices and money laundering involving $3.4bn allegedly facilitated by Emefiele.