Newsbreak: EFCC storms Dangote Group’s headquarters over forex scam

By Ogunsona Samuel and Ologeh Joseph

Workers at the Dangote headquarters in Lagos on Thursday were held in awe following the visit of Economic and Financial Crimes Commission, (EFCC).

Irohinoodua was informed that the
EFCC stormed Dangote headquarters in continuation of the investigations launched by the anti-corruption agency to unravel forex deals running into billions of dollars.

The Dangote Group was alleged to be involved in forex round tripping at the instance of legitimate companies who sought forex genuinely.

A reliable source told Irohinoodua that Dangote Group top the list of a few companies who used Government patronage to secure undue access to foreign exchange in manners that hurt the economic interest of Nigerian economy.

But an official of the company who does not wish to be named said the Dangote Group has nothing to hide and that all the forex transactions of the company were legal.

“We have nothing to hide. Mere visit of the EFCC is routine. It does not mean we have committed any crime” the Dangote official said.

But a source at the Central Bank of Nigeria said “The forex were allocated indiscriminately. Imagine about 50 companies need 50million dollars and the entire amount is allocated to just one or two companies more than what they need. This is one of the reasons why there is continuous devaluation of the naira” a source told our correspondent.

The EFCC officials were said to have taken away many documents which exposes the dirty forex deals associated with the Dangote Group of companies.

The EFCC had earlier written to some 52 companies asking them to furnish the anti-corruption agency with details of forex transactions.

Some of the companies were said to be registered specifically with the purpose of buying and selling dollars in collaboration with officials of the Central Bank of Nigeria, CBN.

“We are dealing with a rotten system. The CBN in the past 10 years has become a den of rouges where forex deals are negotiate to enrich individuals that add nothing to goods and services production” a source at the CBN told Irohinoodua on Thursday.