The Economic and Financial Crimes Commission (EFCC) on Thursday carried out a scrutiny of Dangote Group’s financial records as part of an investigation into potential misappropriation of foreign currency obtained from the central bank, according to two sources within the agency who spoke to Reuters.
During the tenure of the former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, the bank employed various exchange rates and provided dollars at lower rates to certain businesses, including Dangote, facilitating their importation of raw materials.
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Sources within the Economic and Financial Crimes Commission (EFCC) disclosed that the search conducted at Dangote offices in Lagos on Thursday is part of an ongoing investigation that is expected to extend to other companies.
According to the sources who spoke to Reuters,
“We went to the head office of Dangote Group today to look into their books on the ongoing investigation into the abuse of the extant laws that govern foreign exchange transactions during the tenure of Godwin Emefiele as CBN governor.”
“Here, we are talking about multiple exchange rates and others. It is an ongoing investigation, and it was the turn of Dangote Group today.”
Aliko Dangote, Africa’s wealthiest individual, owns the Dangote Group, which encompasses various enterprises such as cement and fertilizer manufacturing and sugar refining.
Additionally, he is in the process of completing a $20 billion investment in an oil refinery with a daily capacity of 650,000 barrels.
President Bola Tinubu had promised at his inauguration to carry out a thorough “house cleaning” on monetary policy.
In July, the President appointed Jim Obazee, Chief Executive Officer of the Financial Reporting Council of Nigeria, as a special investigator to probe the Central Bank of Nigeria (CBN) and related entities.