Dangote Speaks Out: EFCC's Raid Was an Embarrassment Tactic

Africa's richest man, Aliko Dangote, has broken his silence on the January visit by the Economic and Financial Crimes Commission (EFCC) to the

Lagos Head Office of the Dangote Group. In an interview with Bloomberg, Dangote revealed that the raid was intended to embarrass his company, stating, "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.

_Setting the Record Straight_

Dangote emphasized his company's reputation as the highest-paying organization in Nigeria, paying more taxes than the banking sector. He also clarified that Dangote Group had honoured the EFCC's request for documents, wondering why the commission chose to embarrass them.

A Dangote official questioned the EFCC's motives, stating, "What did they come to take from our office when we had honoured their invitation? They left with empty hands because all the documents they wanted from us had been taken to them."

_Previous Allegations_

Before the raid, Dangote Industries had refuted allegations of forex malpractices and money laundering involving $3.4bn allegedly facilitated by Emefiele. The company cited past approvals from the CBN between 2010 to 2018, allowing them to purchase forex totalling $3.755bn for funding projects across Africa, with only 47.70 per cent utilized.

Source: The Punch, WapcodehubNaija Blog