The Dangote Group has raised concerns over the Economic and Financial Crimes Commission (EFCC), asserting that the agency has not allowed sufficient time for the submission of documentation related to its forex transactions spanning the last decade.
Founded by Aliko Dangote, one of Africa’s wealthiest individuals, the Dangote Group is a major Nigerian multinational industrial conglomerate and the largest of its kind in West Africa.
The EFCC is currently conducting an investigation into 52 companies, including Dangote Group, BUA Group, and Flour Mills, regarding foreign exchange transactions with the Central Bank of Nigeria (CBN).
The focus is particularly on forex allocations to these companies during the tenure of the former CBN Governor, Godwin Emefiele, who is currently facing challenges.
Upon receiving requests from the anti-graft commission for documentation on their forex activities over the past decade, the companies, including Dangote Group, have denied any wrongdoing in their communications with the EFCC.
Notably, EFCC operatives reportedly carried out a search at the Dangote Group’s Lagos head office, specifically examining forex allocations during Emefiele’s CBN leadership.
In response, the Dangote Group, through a statement from its management, accused EFCC officials of insisting on collecting the same set of documents directly from its offices, despite a team from the company having already submitted them to the EFCC office.
The group further criticized the EFCC for not providing the requested clarification and for failing to grant an extension of time to facilitate the submission of the required information.
It said, “Following the widely reported recent visit of the officials of the EFCC to our headquarters in Lagos on 4
January 2024, we understand the concern and interest this has generated among our valued partners, stakeholders, and the public, and consider it necessary to provide a factual account of the events.
“On 6 December 2023, we received a letter requesting for details of all the foreign exchange allocated to our company by the Central Bank of Nigeria from 2014 to the present. We understand similar letters were sent to 51 other Groups of companies requesting for same information spanning same period.
“We responded to the EFCC to acknowledge receipt of the letter whilst seeking clarification on the subsidiaries or companies within the Group that they required information on. We also requested for additional time to compile and properly present the extensive documentation spanning ten years.
“However, the EFCC did not provide the clarification sought and also did not honour our request for an extension and insisted on receiving the complete set of documents within the limited timeframe. Despite this constraint, we assured the EFCC of our commitment to providing the information and pledged to share documents in batches as we complete the compilation.
“On 4 January 2024, our team delivered the first batch of documents to the EFCC. However, officers of the EFCC did not accept the documents, insisting on visiting our offices to collect the same set of documents directly.
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“Whilst our representatives were still at the EFCC’s office to deliver the documents, a team of their officers proceeded to visit our offices to demand for the same documents in a manner that appeared designed to cause us unwarranted embarrassment. Worthy of note is the fact that the officials did not take any documents or files from our Head office during their visit as these were already in their office.
“We must emphasize that, to our knowledge, no accusations of wrongdoing have been made against any company within our Group. At present, we are only responding to a request for information to assist the EFCC with their ongoing investigation.
“As a law-abiding and ethical corporate citizen, we remain committed to providing the EFCC with all necessary information and cooperation. We have already delivered the first batch of documents and are actively working to compile and submit the remaining documents in good time, to aid their investigation.
“Our Group is a key contributor to the national GDP, the largest employer in the private sector, one of the largest groups listed on the Nigerian Exchange, and one of the highest taxpayers in the country. We remain steadfast in our belief in Nigeria’s commitment to the rule of law and its dedication to fostering an environment conducive for investment and value creation for both local and foreign investors.
“We therefore call for the understanding and patience of our stakeholders. We will keep our stakeholders informed of any further developments.”