The Economic and Financial Crimes Commission raided Dangote Industries Limited’s headquarters in Ikoyi, Lagos, on Thursday as part of the ongoing investigation into the alleged abuse of foreign exchange allocations by the Central Bank of Nigeria’s immediate past Governor, Godwin Emefiele.
The anti-graft commission is looking into allegations of preferential forex allocations to the Dangote Group, which is owned by billionaire Aliko Dangote, and 51 other companies under the Emefiele-led CBN.
The presence of anti-graft operatives at the Dangote was verified by two senior EFCC officials, who declined to comment on the cause for their presence.
One of the officials said, “I can confirm that our men are there, but I can’t comment on the reason for their presence there.”
Sources said the anti-graft commission had earlier written to the 52 companies directing them to provide documents supporting the allocation and utilisation of foreign exchange sold to them at official rates in the last 10 years.
The EFCC had asked the firms to submit Form A and Form M which detailed the forex allocations to them between 2014 and June 2023.
But 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.
The surprise operation at the Dangote headquarters which was carried out by the EFCC detectives during working hours shocked the staff and jolted the visitors to the building.
The search commenced at about 3pm and lasted for several hours.
During the raid, the operatives ransacked offices and carted away several financial documents related to forex allocations to the group from 2014 to June 2023, when Emefiele was suspended from office by President Bola Tinubu.