Africa’s richest man, Aliko Dangote, has accused the Economic and Financial Crimes Commission (EFCC) of attempting to embarrass his company following their visit to the Dangote Group’s Lagos head office in January.

In an interview with Bloomberg, Dangote explained that while the EFCC operatives entered the office, they did not interact with anyone or make any arrests. “It was just to cause embarrassment,” he said.

The EFCC’s visit was part of an ongoing investigation into alleged preferential foreign exchange (forex) allocations granted to Dangote Group and 51 other companies under the administration of the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. The anti-graft agency had requested that the companies submit documents detailing their forex allocations and utilization over the past decade.

Despite the scrutiny, Dangote defended his company’s operations, asserting they are “100 per cent clean,” given their critical role in Nigeria’s economy. He also emphasized Dangote Group’s standing as the highest-paying organization in Nigeria, contributing more taxes than the entire banking sector.

The EFCC had previously directed the 52 companies involved to submit documents, including Form A and Form M, outlining their forex allocations from 2014 to June 2023. While some companies complied immediately, others requested additional time to gather the necessary documentation.

A Dangote Group official, speaking on the condition of anonymity, expressed confusion over the EFCC’s visit, noting that the company had already submitted all requested documents during an earlier meeting with the commission. “We don’t know why they eventually decided to visit our office again. They left with empty hands because all the documents they wanted from us had been taken to them,” the official said.

In November 2023, Dangote Industries had refuted claims of involvement in forex malpractice and money laundering, denying allegations that $3.4 billion had been funneled through illicit financial flows involving its non-Nigerian subsidiaries. The company maintained that past forex approvals granted by the CBN between 2010 and 2018 were used strictly for project funding across Africa.

As investigations continue, Dangote Group remains steadfast in maintaining their innocence while questioning the EFCC’s tactics.