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$3.4bn forex allocations probe: EFCC operatives storm, search Dangote Group headquarters


…for money laundering evidence
. Operatives request, obtain documents related to forex allocations to group from 2015 to Emefiele’s sack in June 2023

Operatives of the anti-graft agency, the Economic and Financial Crimes Commission, on Thursday, carried out a search operation at the head office of the Dangote Group in Lagos.

This is in continuation of the anti-graft agency’s widened investigations into the foreign exchange transactions during the tenure of former governor of the Central Bank of Nigeria, Godwin Emefiele.

In November 2023, the Dangote Group denied allegations of foreign exchange (forex) malpractices and money laundering of a purported staggering sum of $3.4 billion.

But during Thursday’s search, EFCC operatives were said to have requested documents related to forex allocations to the group from 2015 to the time Emefiele was suspended by President Bola Tinubu and subsequently arrested by the Department of States Services in June 2023.

It was learnt that the investigation was also extended to other top companies which got forex at the official rate from the CBN. The multiple exchange rates was maintained in Nigeria until June 2023.

A reliable source at the Lagos office of the EFCC said the investigation into the forex allocations involving the Dangote Group and others had yet to be concluded and would continue.

Some members of staff of the Dangote Group confirmed the visit of the EFCC operatives to headquarters of the conglomerate.

But they claimed that that the company’s interaction with the EFCC operatives was cordial as the documents requested by the anti-graft agency were readily provided by the Dangote Group management.

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