Anti-Graft Officials Raid Dangote Industries in Ongoing Probe into Ex-Central Bank Chief

Anti-graft officials from the Economic and Financial Crimes Commission (EFCC) recently conducted a thorough search at the offices of Dangote Industries Ltd, a conglomerate under the stewardship of Africa’s wealthiest individual, Aliko Dangote.

This event unfolds as part of the ongoing investigation into Godwin Emefiele, the former head of Nigeria’s central bank.

A confidential source within the EFCC confirmed the visit to Dangote Industries’ Lagos headquarters, disclosing that the focus of the commission’s team lies in scrutinizing foreign exchange dealings between the industrial behemoth and the central bank during Emefiele’s tenure.

Emefiele, who faced arrest in June on charges including fraud, had served as the head of the central bank until his suspension by President Bola Tinubu.

The investigation into Emefiele comprises a myriad of allegations, notably accusing him of orchestrating numerous unauthorized offshore bank accounts.

One such account, purportedly based in the UK, allegedly contained a staggering £543 million ($690 million).

The charges further implicate Emefiele in manipulative practices concerning the national currency, the naira.

The central bank, under Emefiele’s leadership from 2015 until its discontinuation in June, implemented a complex foreign exchange regime.

This strategy aimed to bolster the naira by restricting the availability of dollars from official sources.

While this tactic presented the naira as robust in official markets, it concurrently weakened on the unofficial parallel market.

President Tinubu, who assumed office in May, criticized this policy in his inaugural speech, attributing it to fostering arbitrage.

The suspension of Emefiele in June marked a pivotal moment in this ongoing investigation, with the former central bank chief subsequently taken into custody.

Released on bail last month, Emefiele vehemently denies all allegations lodged against him.

The EFCC’s recent visit to Dangote Industries underscores the widening scope of this high-profile investigation into Nigeria’s financial corridors.