Dangote Accuses EFCC of Embarrassment Over January Raid

Aliko Dangote, Africa’s richest man, has alleged that the Economic and Financial Crimes Commission’s (EFCC) January visit to the Dangote Group’s Lagos Head Office was intended to embarrass his company. In an interview with Bloomberg, Dangote stated, “They visited the office but didn’t talk to anybody, nor did they arrest anyone. It was just to cause embarrassment”.

The EFCC’s visit was part of a probe into alleged preferential forex allocations to the Dangote Group and 51 other companies under the Emefiele-led Central Bank of Nigeria. However, Dangote maintained that his company’s operations remain “100 per cent clean” due to their significant role in Nigeria’s economy.

Dangote also highlighted his company’s reputation as the highest-paying organization in Nigeria, adding that the Dangote Group pays more taxes than the banking sector. This comes after the EFCC directed 52 companies, including Dangote Group, to provide documents supporting forex allocation and utilization over the last 10 years .

A Dangote official claimed that the company had already submitted the required documents to the EFCC, questioning the need for the raid. “We don’t know why they came to our office again; we had earlier been invited to the office of the EFCC… They left with empty hands because all the documents they wanted from us had been taken to them,” the official said .

Before the raid, Dangote Industries had refuted allegations of forex malpractices and money laundering involving $3.4 billion allegedly facilitated by Emefiele. The company cited past approvals from the CBN between 2010 and 2018, allowing it to purchase forex totaling $3.755 billion for funding projects across Africa.

The EFCC’s investigation into forex allocations has sparked concerns about the company’s operations. However, Dangote remains adamant that his company has done nothing wrong.

The Dangote Group has a significant presence in 17 African countries and is a market leader in cement on the continent. Its subsidiary, Dangote Cement Plc, is the largest listed company in West Africa .

As the investigation continues, Dangote’s reputation and business operations remain under scrutiny.