• Other firms involved in forex allocation probe
• South African dethrones Dangote as Africa’s richest man
• N37b fraud: EFCC releases suspended NSIPA coordinator, to meet interrogators daily
• Ex-Minister Umar-Farouq explains spurning of EFCC invitation
• NSIPA scandal: Edu reacts to allegation of diverting N3b 
  
On the day South Africa’s Johann Rupert ended Aliko Dangote’s 12-year rule as Africa’s richest person, Nigeria’s anti-graft officials yesterday, raided the headquarters of Dangote Group in Lagos at about 3:00 p.m. as part of an ongoing probe into the former Central Bank governor, Godwin Emefiele.
   
An official at the Economic and Financial Crimes Commission (EFCC) confirmed the raid. The official, who declined to be identified, said the commission’s team was looking into foreign exchange (forex) allocations by the Central Bank under Emefiele, who was arrested in June last year on charges, including fraud.
   
In a significant shift in the rankings of Africa’s billionaires, Johann Rupert, South African luxury goods tycoon and his family have claimed the title of the continent’s richest, surpassing Nigerian business magnate, Dangote. This change at the top marks the end of Dangote’s 12-year reign as Africa’s wealthiest person.
   
Forbes’ latest billionaire ranking places Rupert and his family at the 201st position globally, while Dangote now ranks 219th. The shift in fortunes can be attributed to a major devaluation of the naira, which fell by approximately 40 per cent last June. This devaluation significantly impacted Dangote’s wealth, primarily earned in naira, which ended 2023 as one of the worst-performing currencies globally according to Bloomberg.
   
Dangote, whose fortune is largely tied to his cement, sugar, and flour businesses in Nigeria, saw his wealth decline to $9.5 billion last year, a near one-third reduction from the previous year. Meanwhile, Johann Rupert, born over 73 years ago in Stellenbosch, South Africa, has seen a steady increase in his wealth. 
   
Yesterday, on arrival at the headquarters of one of Africa’s largest conglomerates in Lagos, EFCC operatives demanded documents relating to allocation of forex to the group in the last 10 years. They then scrutinised the documents provided by Dangote officials for hours, carting away some.
   
It was, however, gathered that the EFCC had written to some other companies directing them to supply documents supporting the allocation and utilisation of foreign currencies to them in the last 10 years. No explanation was given to why the raid/inspection began with Dangote Group and there were no details of other firms listed for investigation.
   
The EFCC letter to the companies is part of ongoing investigation into alleged preferential forex allocations to individuals and organisations by the Emefiele-led Central Bank of Nigeria (CBN).
   
According to a source, while some of the companies the EFCC wrote to had since complied, others asked for more time to gather the information and documents.
   
“The commission (EFCC) is investigating Dangote Plc and other big companies. The commission discovered that the allocations were not approved by former President Muhammadu Buhari,” the source claimed.
   
Investigators have in the past months accused the CBN of favouring and enriching some individuals and companies through non-transparent allocation of forex to them. Recall that last month, a forensic audit of the CBN under Emefiele allegedly uncovered 593 bank accounts domiciled in the United States, the United Kingdom and China in which Nigerian funds were deposited without authorisation from the board and investment committee of the apex bank.
   
The report also revealed how some organizations ‘abused’ forex allocated to them for importation of raw materials. This is just as others are said to have been involved in ‘round-tripping’ after getting forex at the official rates.
   
From 2015 until it was scrapped in June last year, the CBN operated a complex forex regime designed to shore up the naira by limiting the amount of dollars available from official sources. This made the Nigerian currency look stronger on the official market, even as it weakened on the unofficial parallel market.
   
President Bola Tinubu used his first speech after taking office on May 29 to criticise the policy, which he said encouraged arbitrage. The president suspended Emefiele in June and the former CBN chief was arrested shortly afterwards and taken into custody. He was released on bail last month.
   
When contacted over the development, the spokesperson for the EFCC, Dele Oyewale, confirmed the presence of the anti-graft operatives at the location but declined comments on the reason for their presence.
   
Officials at Dangote did not also respond to requests for comment. Several calls were made to the spokesperson for Dangote Group, Anthony Chiejina, and Dangote’s media manager, Sunday Esan for reactions, but the calls made to their phones were not answered. 
   
A source, however, queried the raid, saying such Gestapo tactics by the EFCC could discourage foreign investors from coming to Nigeria.
 
“The Dangote Group is perhaps Africa’s largest conglomerate and it is troubling that EFCC could deal with it in an unnecessary show of force, especially when it is not obstructing its investigation in any form,” the source added.

IN another development, EFCC has released Halima Shehu, the suspended National Coordinator and Chief Executive Officer of the National Social Investment Programme Agency (NSIPA), after questioning her. She was grilled about N37,170,855,753.44 allegedly laundered by the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, which was led by former Minister Sadiya Umar-Farouk. Umar-Farouk served as minister under former President Muhammadu Buhari from August 2019 to May 2023. EFCC spokesperson, Dele Oyewale, noted that the agency mandated Shehu to always make herself available at their office anytime the need arises.  
   
“She was the National Coordinator in charge of the Conditional Cash Transfer Programme of the ministry during Buhari’s tenure, and she has been queried over some of the money that left the ministry’s coffers through her,” Oyewale said.  
   
Shehu had been detained by EFCC after the agency stormed NSIPA’s office at the Federal Secretariat in the Federal Capital Territory (FCT) on Tuesday at about 9:00p.m., and drove her to the EFCC headquarters in Jabi, Abuja.
   
The President had on Tuesday, approved the suspension of Shehu as the CEO and National Coordinator of NSIPA while Dr Akindele Egbuwalo, the National N-Power Programme manager was appointed in acting capacity as NC/CEO pending the conclusion of the investigation.
   
Earlier, EFCC had invited Umar-Farouk to appear before investigators on Wednesday over an ongoing probe into the N37,170,855,753.44 allegedly laundered during her tenure in office, through a contractor, James Okwete. However, there was a no-show on Wednesday as she kept EFCC interrogators waiting all day while she only sent a legal representative.
   
But the former Minister yesterday said she officially wrote to the commission seeking an extension of the deadline to meet with EFCC interrogators. She said the extension was necessary because of her health challenges.
   
Speaking on Thursday, EFCC spokesperson, Oyewale, confirmed that Umar-Farouq had written to the commission seeking to be given more time to honour the invitation.
   
Oyewale said: “The former Humanitarian Minister didn’t appear before the commission on Wednesday, but she sent in a letter pleading for more time and explaining that she has some health challenges and that was why she couldn’t honour the invitation. She also sent in her lawyer to meet with interrogators.
   
“However, the commission has mandated her to submit herself to the commission without further delay. We are still tracing the transactions; hence we cannot put a figure to everything now as the investigation is still ongoing.”
   
Meanwhile, the Minster for Humanitarian Affairs and Poverty Alleviation, Betta Edu, has reacted to an alleged diversion of N3 billion from the NSIPA account, which is under her ministry, describing it as spurious.

   
The Minister, in a statement titled: ‘Re-Betta Edu fingered in N3 billion NSIPA fraud scandal, a tissue of lies, spurious allegation to divert anti-graft agency’s attention’ and signed by Rasheed Olanrewaju Zubair, her Special Adviser on Media & Publicity, stated that the allegation was sponsored by fifth columnists with sole aim of dragging her hard-earned reputation and integrity into the ongoing EFCC investigation of NSIPA scandal.
   
The statement reads: “Ordinarily, there is no substance in the said publication currently in some online media and does not deserve a response, but there is need to set the record straight for Nigerians and followers of the current development in NSIPA under the Ministry of Humanitarian Affairs and Poverty Alleviation to be properly informed. This is necessary because social media, in recent times, has been riddled with lots of fake and unsubstantiated news. 
   
“There was no time the Minister, Dr. Betta Edu requested for any fund, needless to mention withdrawal of such amount of money to the tune of N3 billion since her assumption of office as the Minister from National Social Investment Programme Agency’s (NSIPA) coffer in the last four months, albeit one month was quoted in the sponsored ‘Fake News’.
   
“The Verification of the National Social Register (NSR) as quoted in the said publication online, was approved not only by Mr. President, but also by the Federal Executive Council (FEC) in line with the Renewed Hope Mandate to expand the NSR as well as imbue it with integrity.
   
“The conclusion of the well-publicised verification exercise led to the expansion of the NSR and commencement of payment sequentially and directly from CBN to various beneficiaries.
   
“For the records, all the programmes embarked by the Ministry under the current Minister, thus far, including Government Enterprise and Empowerment Programme (GEEP), Grants for Vulnerable Groups (GVG) and others secured the approval of Mr President.
   
“Again, let it be known that there was no time the Ministry not (Dr. Betta) withdrew any fund from the NSIPA account, let alone N3 billion without due diligence, and painstaking approval from the appropriate authorities.
   
Also, a group, the National Progressive Youth League, (NPYL), has cautioned individuals trying to link Edu to ongoing fraud investigation of NSIPA. In defence of the minister, national coordinator of the group, Isah Yahaya-Jibril, yesterday in Abuja, said the league is aware that “fake news and propaganda are being spread by the sacked NSIPA National Coordinator, Shehu, and her cohorts in defense of the alleged diversion of 44.8 billion from the NSIP account.
   
“Let us set the record straight, Edu has never and will never lay a finger on government funds without due process, approval, and a justifiable cause. In fact, the President himself approved the payment for verification of social register and for one month’s allowance for N-POWER beneficiaries, which will be followed by an audit before clearing the backlog. 
   
“This is the only amount that has been paid out of the said account, and the beneficiaries can attest to receiving their dues promptly.
   
“It’s worth mentioning that the Minister, who shares President Tinubu’s zero-tolerance policy towards corruption, was the one who brought this fraudulent activity to the attention of the government and the EFCC.  
   
“While she was providing assistance for the crisis in Plateau state, the staff in the Accounting Unit informed her of the fraudulent activity taking place for which she salvaged the situation.
   
Yahaya-Jibril in a statement made available to The Guardian, alleged that Shehu withdrew the said amount from government coffers into private, company and suspense accounts without due process.
   
“It is vital to ask the sacked NSIPA NC under whose authority she withdrew N44.4 billion from the government account and paid into private accounts, suspects’ accounts, companies’ accounts, etc, without any approval whatsoever. 
   
“She has been apprehended and will be held accountable for her actions, and all the funds will be returned to the government account,” the group urged.