EFCC STORMS DANGOTE HEADQUARTERS IN LAGOS

The Dangote Group has provided clarification regarding the recent visit by officials from the
Economic and Financial Crimes Commission (EFCC) to its headquarters in Lagos. The focus of the
EFCC’s inquiry is reportedly related to the details of foreign exchange allocations provided to
the Dangote Group by the Central Bank of Nigeria (CBN) spanning from 2014 to the present. Aliko
Dangote, the Chairman of the Dangote Group, has assured the public of the company’s unwavering
commitment to cooperating fully with the EFCC in its investigations.

The visit by EFCC officials signals the regulatory scrutiny on financial transactions and foreign
exchange activities, emphasizing the importance of transparency and accountability in business operations.
 Aliko Dangote’s reassurance of the group’s cooperation highlights a commitment to the rule of law and
collaborative efforts with law enforcement agencies. The Dangote Group, being a prominent player in various
 sectors, acknowledges the significance of adhering to regulatory requirements and is poised to support any
 investigations that contribute to maintaining financial integrity.

The nature of the EFCC’s inquiry into foreign exchange allocations suggests a broader focus on ensuring
compliance with financial regulations. As investigations unfold, it remains to be seen how the Dangote Group’s
commitment to cooperation will contribute to resolving any concerns raised by the EFCC and reinforcing confidence
 in the financial practices of one of Nigeria’s leading conglomerates.

After the visit of the anti-graft agency to Dangote’s office, The compamy in a statement explained that:
 “On 6 December 2023, we received a letter requesting details of all the foreign exchange allocated to
our company by the Central Bank of Nigeria from 2014 to the present. We understand
 similar letters were sent to 51 other Groups of companies requesting for same
information spanning the same period.

“We responded to the EFCC to acknowledge receipt of the letter whilst seeking
clarification on the subsidiaries or companies within the Group that they required
 information on. We also requested additional time to compile and properly present
 the extensive documentation spanning ten years.”

He, however, said, that “the EFCC did not provide the clarification sought and also
did not honour our request for an extension and insisted on receiving the complete
set of documents within the limited timeframe. Despite this constraint, we assured
the EFCC of our commitment to providing the information and pledged to share documents
 in batches as we complete the compilation.

“On 4 January 2024, our team delivered the first batch of documents to the EFCC.
 However, officers of the EFCC did not accept the documents, insisting on visiting
 our 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 the same documents
 in a manner that appeared designed to cause us unwarranted embarrassment. Worthy of
 note is the fact that the officials did not take any documents or files from our
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.”

Despite the development, he assured that: “As a law-abiding and ethical corporate
citizen, we remain committed to providing the EFCC with all necessary information
and cooperation. We have already delivered the first batch of documents and are
actively working to compile and submit the remaining documents, in good time, to
 aid their investigation.

“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.

“We therefore call for the understanding and patience of our stakeholders.
We will keep our stakeholders informed of any further developments.”