Business

Dangote Claims EFCC Office Raid Was Meant to Embarrass His Company

Published by Tope Fakinlede on September 24th, 2024.

Dangote Claims EFCC Office Raid Was Meant to Embarrass His Company

Aliko Dangote

Aliko Dangote, Africa’s richest man, has stated that the January visit by Economic and Financial Crimes Commission (EFCC) agents to the Lagos headquarters of the Dangote Group was intended to humiliate his company.

In an interview with Bloomberg, Dangote noted, “They came to the office but didn’t speak to anyone or make any arrests. It seemed solely aimed at causing embarrassment.”

This visit was part of an investigation into alleged preferential foreign exchange allocations to the Dangote Group and 51 other firms under the leadership of the Central Bank of Nigeria at that time.

Despite the challenges, Dangote asserted that their operations are “100 percent clean,” highlighting the company’s vital role in Nigeria’s economy. He also pointed out that the Dangote Group is the largest taxpayer in the country, contributing more than the banking sector.

Reports indicate that the EFCC had previously instructed the 52 companies to provide documentation supporting their foreign exchange allocations and usage over the past decade. The commission requested Form A and Form M detailing forex allocations from 2014 to June 2023.

While some companies complied, others requested more time to gather the necessary documents. However, a representative from Dangote stated that the firm had already provided the required information and questioned why the EFCC felt the need to visit again.

“We’re unsure why they returned to our office since we had previously submitted all documents after being invited to the EFCC’s office. They left without taking anything because we had already provided what they needed. Yet, the same EFCC is now sharing information with the media about investigating us,” the official said.

Before the raid, Dangote Industries had denied allegations of involvement in foreign exchange fraud and money laundering linked to $3.4 billion reportedly facilitated by the former CBN governor, Emefiele. The company refuted claims that this money was funneled to its subsidiaries outside Nigeria, leading to illicit financial activities. It cited past approvals from the CBN between 2010 and 2018 that allowed it to acquire $3.755 billion for projects across Africa, of which only 47.70% was utilized.