Dangote Group questioned by Nigerian government on forex misuse

Nigeria’s Dangote Group, led by Africa’s richest man Aliko Dangote, has confirmed its cooperation with the Economic and Financial Crimes Commission (EFCC) in an ongoing investigation concerning the potential misuse of foreign exchange allocations from the central bank. The statement marks the company’s first public response since the EFCC’s visit to its Lagos headquarters last week. The Dangote Group initially responded to a document request from the EFCC in December 2023, delivering a batch of documents on January 4. Despite this, EFCC officers insisted on collecting the documents directly from the Dangote offices.

The conglomerate, which operates in sectors ranging from cement and fertilizer manufacturing to sugar refining and oil refinery, has assured its commitment to providing all necessary information and cooperation to the EFCC. As of the current stage of the investigation, there have been no accusations of wrongdoing against any part of the Dangote Group. The EFCC has yet to issue any public statement regarding the details or implications of their inquiry.