Forex: Dangote Clarifies EFCC’s Visit To Headquarters

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The Management of Dangote Industries Limited (DIL) has doused the concerns of stakeholders following the visit to its head office in Lagos by officials of the Economic and Financial Crimes Commission (EFCC), over forex allocations to it by the Central Bank of Nigeria (CBN).
This is as the company said it was ready to assist the anti-graft Commission in its investigations.
LEADERSHIP reports that operatives of the EFCC had on Thursday stormed the corporate headquarters of Dangote Group in Lagos in search documents relating to forex allocations to the business conglomerate over forex allocations in the last 10 years.
Dangote Industries, in a statement disclosed that it received a letter from the EFCC on December 6, 2023, requesting for details of all the foreign exchange allocated to it by the CBN from 2014 to date.
Describing the request from EFCC as not being peculiar to Dangote Group, the Company said, “we understand similar letters were sent to 51 other Groups of companies requesting for same information spanning same period.”
According to the statement, Dangote Group responded to the EFCC to acknowledge receipt of the letter while seeking clarification on the subsidiaries or companies within the Group that the required information concerned.
It added that it also requested for additional time to compile and properly present the extensive documentation spanning 10 years, to the EFCC.
“However, the EFCC did not provide the clarification sought and also did not honour the 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.”
According to Dangote Group, “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.
“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 emphasise 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.”
Dangote Industries, therefore, stated its resolve to continue to play its key role in stimulating the domestic economy, saying “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.”



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