Africa’s richest man, Aliko Dangote, has alleged that the Economic and Financial Crimes Commission (EFCC) raid on his Lagos Head Office was an attempt to embarrass his company. The raid, which took place several months ago, was part of an ongoing investigation into alleged preferential foreign exchange allocations under the leadership of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
In a recent interview with Bloomberg, Dangote expressed frustration over the incident, stating, “They came to our office but didn’t speak to anyone or make any arrests. It was clearly just to embarrass us.”
The EFCC’s visit was connected to a probe involving Dangote Group and 51 other companies that were allegedly given preferential forex allocations by the CBN. Despite the inquiry, Dangote reiterated his company’s integrity, claiming their operations are “100 percent clean,” and emphasized their vital contribution to Nigeria’s economy.
Dangote also highlighted his company’s standing as the highest-paying private organization in the country, adding that the Dangote Group contributes more in taxes than even the banking sector.
Earlier, the EFCC had requested that 52 companies, including Dangote Group, provide documentation on how they utilized foreign exchange allocated to them at official rates over the past decade. The commission specifically asked for documents like Form A and Form M, which outline forex allocations from 2014 to June 2023.
While some companies complied with the EFCC’s request, others requested additional time to gather the necessary paperwork. A Dangote representative, however, noted that they had already submitted all required documents to the EFCC before the raid took place, questioning the commission’s decision to visit their offices again.
“We had already complied with their invitation and submitted all relevant documents. So when they showed up at our office again, we were confused. They left empty-handed because everything they needed was already with them. We can’t understand why the EFCC is sharing information with the media, claiming they’re still investigating us,” said the official.
Back in November 2023, Dangote Industries had strongly denied accusations of forex malpractices and money laundering, allegedly involving $3.4 billion linked to former CBN Governor Emefiele. The company firmly rejected claims that this money was funneled to non-Nigerian subsidiaries, contributing to illicit financial flows. They referenced prior approvals from the CBN between 2010 and 2018, allowing them to acquire $3.755 billion in forex for major projects across Africa, of which only 47.7% was used.
