By Basanya Sulaimon (Siwes student, Efon Poly)
In continuation of the inquiry into the alleged misuse of foreign exchange allocations by the former Central Bank Governor, Godwin Emefiele, the Economic and Financial Crimes Commission (EFCC) conducted a thorough search at Dangote Industries Limited’s headquarters in Ikoyi, Lagos.
The investigation is focused on suspected preferential forex allocations to Dangote Group and 51 other companies during Emefiele’s tenure.
While two senior EFCC officials confirmed the operation, they refrained from disclosing specific details.
The anti-graft agency had previously instructed the 52 companies, including Dangote Group, to furnish documents supporting their forex allocation and utilization between 2014 and June 2023.
The surprise raid, executed during working hours, involved the confiscation of financial documents related to forex allocations during the specified period.
The multiple exchange rates policy in Nigeria until June 2023 was criticized for contributing to forex allocation distortions, market volatility, and fluctuations.
The operation at Dangote’s headquarters caused a stir among staff and visitors, with the search lasting several hours. The EFCC’s actions underline efforts to scrutinize alleged financial irregularities and ensure accountability.
