Some officials of the Dangote Group have been summoned by the Economic and Financial Crimes Commission (EFCC) as part of an ongoing investigation into an alleged corrupt foreign exchange regime under the previous leadership of the Central Bank of Nigeria.
In furtherance of the investigation into the alleged abuse of the foreign exchange allocations, EFCC agents stormed the Dangote Industries Limited headquarters in Ikoyi, Lagos, on Thursday.
The decision to call in the officials to bring the documents to Abuja on Tuesday was made after it was learned on Friday that while the operatives had taken some documents from the group’s head office on Thursday, they had not covered all of the transactions.
After the commission’s agents broke into the headquarters of Aliko Dangote’s conglomerate, it was learned that the group’s chairman was in the United States of America and not in Nigeria. However, according to sources quoted by Nigerian newspaper, Punch, he is expected to return to Nigeria next week to attempt to personally resolve the issue.
Although it was implied that he knew about the anti-corruption agency’s demands, it was unclear whether he was told of their plans before their agents stormed his offices.
Senior company executives, however, were required to provide the commission “detailed and unambiguous documents on the demands by the commission,” according to a highly placed EFCC official.
“Yes, the Dangote officials requested and were given time to obtain all the required documentation. It is not intended to come across as witch-hunting anyone. The EFCC official spoke to one of our correspondents under the condition of anonymity because he was not authorised to speak to the media about the development.
“What the commission wants is evidence and details of how government funds were allocated, and that is all,” the official stated.
Analysts contend that the country’s multiple exchange rates, which it maintained until June 2023, contributed to market volatility, fluctuations, and distortions in the distribution of foreign exchange.
Two key policy initiatives that the government has pursued to stabilise the economy are the unification of the exchange rate and the elimination of the fiscal bleeding associated with petrol subsidies.