Lagos, Nigeria – Dangote Group, Nigeria’s largest conglomerate and one of the biggest employers in the private sector has denied any wrongdoing amid an ongoing investigation by the Economic and Financial Crimes Commission (EFCC) over foreign exchange allocation.
In a statement issued on Monday, the company said it received a letter from the EFCC on December 6, 2023, requesting details of all the foreign exchange allocated to it by the Central Bank of Nigeria (CBN) from 2014 to the present.
The company said it understood that similar letters were sent to 51 other groups of companies and that it was ready to assist the commission in its investigations.
However, it said it faced some challenges in compiling and submitting the extensive documentation spanning 10 years within the limited timeframe given by the EFCC.
EFCC Visit
The company said it delivered the first batch of documents to the EFCC on January 4, 2024, but the officials did not accept them, insisting on visiting its 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,” the statement said.
According to a report by Premium Times, the company added that the officials did not take any documents or files from its 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,” the statement said.
Key Contributor
Dangote 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.
The group, founded by Africa’s richest man Aliko Dangote, has interests in cement, sugar, salt, flour, pasta, noodles, poly products, real estate, agriculture, logistics, telecommunications, steel, oil and gas, among others.
The group said it remained committed to providing the EFCC with all necessary information and cooperation, and that it was actively working to compile and submit the remaining documents in good time.
“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,” the statement said.
The group also called for the understanding and patience of all stakeholders and promised to inform them of any further developments.
Anti-graft Efforts
The EFCC is Nigeria’s leading anti-corruption agency, established in 2003 to combat economic and financial crimes in the country.
The agency has been investigating several cases of alleged fraud, money laundering, tax evasion, and other offenses involving public officials, politicians, businessmen, and corporations.
It has also been recovering billions of naira in looted funds and assets from corrupt individuals and entities, both within and outside the country.
The agency has faced some challenges in its operations, such as lack of funding, political interference, judicial delays, and security threats.
However, the agency has vowed to continue its efforts to rid the country of corruption and ensure accountability and transparency in the management of public resources.
The agency has also appealed to the public to support its work and report any suspicious activities or transactions to its hotline or website.
