The Economic and Financial Crimes Commission (EFCC) conducted a book inspection at the Dangote Group, probing potential misuse of foreign currency obtained from the central bank, according to two sources familiar with the agency’s actions.
Sources within the EFCC disclosed that the inspection at Dangote’s offices in Lagos was part of an investigation expanding beyond the conglomerate and delving into potential abuses of foreign exchange regulations during Godwin Emefiele’s tenure as the Central Bank of Nigeria (CBN) governor.
During Emefiele’s time, the CBN operated with multiple exchange rates, offering preferential rates to certain businesses, including Dangote Group, facilitating their importation of raw materials.
“We conducted an inspection at the head office of Dangote Group to scrutinise their records regarding the ongoing investigation into the misuse of foreign exchange transactions during Emefiele’s tenure as CBN governor,” revealed one of the anonymous sources familiar with the inquiry.
The source highlighted concerns over multiple exchange rates and other potential irregularities under investigation, signalling that the scrutiny of Dangote Group is part of a broader inquiry into forex transactions during that period.
EFCC’s spokesperson, Dele Oyewale, declined to provide comments on the matter, maintaining silence regarding the ongoing investigation.
Another source confirmed the ongoing investigation, hinting that the EFCC is poised to extend its scrutiny to at least one other major Nigerian conglomerate in the near future.
The inspection at Dangote Group’s offices is part of the EFCC’s proactive measures to delve into potential irregularities concerning foreign exchange transactions during the previous CBN governor’s administration (adapted from Reuters/BBC reports).
