The Economic and Financial Crimes Commission (EFCC) recently carried out an investigation at the headquarters of the Dangote Group in Lagos. This operation is a significant part of a broader probe into foreign exchange dealings under the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

The EFCC’s raid at the Dangote Group’s office was unexpected, particularly as the company was in the process of surrendering pertinent documents to the agency. EFCC operatives demanded documents regarding foreign exchange allocations granted to the group in the past ten years. After a thorough examination of the documents, some were taken away for further scrutiny.

This inquiry by the EFCC involves 52 companies, including the Dangote Group, directed to submit documents for the allocation and use of foreign currencies over the last decade. The investigation aims to unearth possible preferential Forex allocations to certain individuals and organizations by the CBN during Emefiele’s tenure. The probe includes allegations of opaque foreign exchange allocation practices and the enrichment of specific companies and individuals.

A forensic audit of CBN activities under Emefiele brought to light several irregularities, including 593 unauthorized bank accounts in the US, UK, and China containing Nigerian funds. Emefiele is also accused of depositing £543.4 million in fixed accounts without proper authorization, manipulating the naira exchange rate, and committing fraud in the implementation of the e-Naira project.