Dangote Group and 50 Other Businesses Included in Nigerian Investigation of Former Central Bank Governor

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The investigation into the former governor of Nigeria's central bank has expanded to include 50 companies, including those under the billionaire Aliko Dangote's empire, as revealed by the Manufacturers Association of Nigeria. 

Related To This: Dangote Refinery Set to Start Production

The association issued a strongly-worded statement condemning the "Gestapo style invasion" of Dangote Group offices in Lagos by the Economic and Financial Crimes Commission on January 4. The lobby warned that such actions could negatively impact the economy and deter potential investors, expressing concerns about Nigeria's commitment to good corporate governance.

The anti-graft commission's scrutiny of Nigerian businesses is part of an inquiry into the policies implemented during Godwin Emefiele's tenure as the central bank governor from 2014 until his suspension by President Bola Tinubu in June. Emefiele was subsequently arrested on charges, including fraud, and was later released on bail, denying any wrongdoing. 

The Economic and Financial Crimes Commission (EFCC) has not publicly commented on its visit to Dangote Group, while the company labeled the incident as an "unwarranted embarrassment" and disclosed that the agency had sought details of foreign exchange allocations since 2014.

READ ALSO: Former Central Bank Governor Of Burundi Arrested On Money Laundering And Misappropriation Charges

The EFCC and presidency officials have not disclosed the names of other companies under scrutiny. Last year, Olam Group denied reports that it was being investigated. During Emefiele's tenure at the central bank, efforts were made to bolster the value of the naira by restricting the availability of dollars from official sources, leading to a significant disparity between the official and unofficial exchange rates. President Tinubu criticized this practice during last year's presidential election and discontinued it after assuming office in May.


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