Nigeria: Dangote HQ Raided by Anti-graft Agency in FX Probe (The Punch)

Lagos, Nigeria: In a dramatic turn of events, operatives of the Economic and Financial Crimes Commission (EFCC) raided the headquarters of Dangote Industries Limited in Ikoyi, Lagos, on Thursday. This move is part of a widening investigation into alleged preferential forex allocations by former Central Bank Governor Godwin Emefiele.

The anti-graft agency confirmed the raid but declined to comment on the specifics. Sources, however, revealed that the EFCC had previously written to Dangote and 51 other companies, requesting documents related to foreign exchange allocations received over the past decade.

The investigation stems from concerns about preferential treatment given to certain companies, including Dangote Group, under Emefiele’s leadership. Critics argue that this contributed to distortions in forex allocation, market volatility, and inflation.

The EFCC’s surprise raid sent shockwaves through the company’s headquarters, with reports of offices being ransacked and financial documents related to forex allocations being seized. The raid lasted for several hours, and it remains unclear if any company officials were detained.

This latest development adds to Emefiele’s mounting legal woes. He is already facing charges of N1.2 billion procurement fraud and is under investigation for allegedly keeping public funds in foreign bank accounts without proper authorization.

Adding fuel to the fire is a recent report by Special Investigator Jim Obazee, which accuses Emefiele of manipulating the naira exchange rate and committing fraud in the e-Naira project. The report also recommends further charges against Emefiele and several top CBN officials.

Emefiele has vehemently denied all accusations, calling Obazee’s report “false and misleading.” However, the EFCC’s raid on Dangote headquarters suggests the investigation is intensifying.

Meanwhile, Dangote Industries officials declined to comment on the raid. A company spokesperson questioned the need for the raid, stating that they had cooperated with the EFCC’s investigation.

This story is developing, and further updates are expected.

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