EFCC Raids Dangote Group’s Head office over Suspicious forex transactions


The operatives of the Economic and Financial Crimes Commission (EFCC) have raided the Lagos Office of the Dangote group.

A top operative of the Commission confirmed to the Network that the current investigation has to do with suspicious forex allocation to the Dangote Group under the regime of the embattled former Central Bank Governor, Godwin Emefiele.

“It is true that our operatives are carrying out an investigation into the issue of Forex allocation under Emefiele. 

“It is an ongoing investigation involving many companies, Dangote is just one of them. Yes. The operatives are at Dangote now.” The source said 

The source said that Dangote Group benefited immensely from the forex allocations under investigation.

A source at the CBN said that some companies got forex at ridiculously low amount put at almost half of the official rate.

It was learnt that a crack team operatives of the EFCC are probing 52 companies over the alleged odious forex transactions.

The Network further gathered that the anti graft agency is probing serious suspicions that Emefiele may have a stake in the Dangote refinery.

The agency is believed to be probing  the resurrection of  the R Dash Market which was abolished in 2014.

Under the Radio Dutch Auction system, forex operators were allowed to bid for allocation and say what exchange rate they should pay.

The process made it possible for forex operators to pay below the official exchange rate.

Details later…


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