Nigeria’s financial crimes authorities probe Dangote Group over alleged foreign exchange irregularities linked to former central bank governor

January 5, 2024
Nigeria's financial crimes authorities probe Dangote Group over alleged foreign exchange irregularities linked to former central bank governor
Dangote Group CEO and Founder Aliko Dangote. Source: Reuters

Lagos, – Nigeria's Economic and Financial Crimes Commission (EFCC) conducted a thorough inspection of the financial records of the Dangote Group on Thursday, according to two sources within the agency.

The Dangote Group, helmed by Africa's wealthiest individual, Aliko Dangote, operates across diverse sectors including cement and fertilizer manufacturing, and sugar refining.

A significant player in Nigeria's economic landscape, the conglomerate is currently finalizing the construction of a colossal 650,000 barrels per day oil refinery, representing a $20 billion investment.

During the tenure of former (CBN) governor Godwin Emefiele, the bank implemented multiple exchange rates, offering discounted dollars to select businesses, including Dangote Group, to facilitate the importation of raw materials.

A spokesperson for the Dangote Group has not yet responded to requests for comments regarding the EFCC inspection.

Sources within the EFCC revealed that the search at Dangote's offices in Lagos on Thursday is part of a broader investigation set to encompass other companies.

One source stated, “We went to the head office of Dangote Group today to look into their books on the ongoing investigation on the abuse of the extant laws that govern the foreign exchange transaction during the tenure of Godwin Emefiele as CBN governor.”

The source, who requested anonymity due to lack of authorization to speak on the matter, highlighted concerns about multiple exchange rates and other potential irregularities. “It is an ongoing investigation, and it was the turn of Dangote Group today,” the source added.

EFCC spokesperson Dele Oyewale refrained from providing comments on the matter.

A second source confirmed the investigation and hinted that at least one other prominent Nigerian conglomerate would be subject to similar scrutiny shortly.

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