Dangote Group HQs under EFCC scrutiny as FX allocation probe intensifies

Operatives of the Economic and Financial Crimes Commission (EFCC) on Thursday stormed the Lagos head office of the Dangote Group, one of Africa’s largest conglomerate, TheCable reports.

This development marks a significant escalation in the ongoing investigation into the company’s forex allocations during the tenure of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN).

The EFCC’s operation reportedly focused on scrutinizing the Dangote Group’s access to foreign exchange during Emefiele’s leadership at the CBN, raising questions about potential irregularities or preferential treatment.

The nature of the specific allegations remains unclear as this probe adds to a growing list of investigations surrounding the allocation and utilization of forex in Nigeria.

While EFCC spokesperson Dele Oyewale declined comment, a Dangote employee confirmed the presence of EFCC officials at the company’s headquarters. This lack of official statement from either the EFCC or the Dangote Group fuels speculation and underscores the sensitivity of the ongoing investigation.

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This development sparks significant concerns on several levels:

• Transparency and Fairness: The investigation raises questions about the transparency and fairness of forex allocation practices during Emefiele’s tenure. Were large corporations like the Dangote Group granted preferential access to foreign exchange compared to smaller businesses or individuals?
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• Potential Misuse of Funds: The EFCC’s focus suggests potential concerns about the utilization of allocated forex. Did the Dangote Group adhere to the intended purposes for the currency, or were there instances of misuse or diversion?

• Impact on Nigeria’s Economy: Preferential forex allocation, if proven, could have skewed Nigeria’s economic landscape, potentially disadvantaging other sectors and hindering wider economic development.

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