Tinubu Petitioned to Probe Dangote’s Alleged $3.4 Billion Forex Fraud

President Bola Ahmed Tinubu has been urged to investigate the alleged forex fraud involving the Dangote Group and the Central Bank of Nigeria (CBN) that reportedly cost the nation $3.4 billion.

A social justice advocate, Ahmed Fahad, has filed a petition to President Tinubu, accusing Africa’s richest man, Alhaji Aliko Dangote, of abusing the CBN’s forex guidelines for a decade.

POLITICS NIGERIA obtained a copy of the petition, which was attached to a letter dated August 18, 2023, and titled ‘Petition To President Tinubu Against Dangote’. The letter also copied Jim Obazee, who was recently appointed by the President as a special investigator to probe the CBN and related entities.

The petition alleged that the suspended CBN Governor Godwin Emefiele borrowed $1 billion from Afrexim Bank in the second quarter of 2023, out of which $750 million was “illegally funneled to Dangote at a concessionary rate”.

The petition claimed that Dangote siphoned the funds using Form A, instead of Form M, which is the legal route for forex transactions. Form A offers no financial returns to the country, while Form M requires proper documentation and verification.

The petition further alleged that several banks colluded with Dangote to sanction millions of dollars at the CBN rate, in violation of the CBN’s instructions to source funds from the parallel or interbank market.

According to the petition, these funds were used for purported foreign investments, such as building factories in Congo and Liberia. However, the petition said that some of these factories were never built, and the funds were transferred to Dangote’s accounts abroad.

The petition cited several examples of these illegal transactions, such as Form A number AA2541751 used to transfer over $341 million through ECOBANK in 2015 for the Dangote Project in Cameroon, and Form A number AA2649626 used to transfer over $420 million for spurious investments in Liberia.

The petition noted that these transactions were done at rates between 150 and 200USD when the parallel exchange rate was more than double that. This resulted in a loss of over $3.4 billion to the nation’s treasury.

It added “For instance in 2015, Form A number AA2541751 was used to transfer over 341 million through telegraphic transfer (ECOBANK) in contravention of CBN directive to use interbank funds only for the Dangote Project in Cameroon whilst on February 12, 2016, Form A number AA2649626 was used to transfer over 420million for spare parts in Congo, also in contravention of the CBN directive.

“To further highlight the brazenness of these actions, it recently came to light that the suspended CBN Governor Godwin Emefiele had borrowed USD 1 billion from Afrexim Bank in the second quarter of 2023, USD 750 million of which was illegally funneled to Dangote at a concessionary rate.

“These funds were subsequently transferred to Dangote’s account abroad just as previously done in the past.

“Your Excellency, as the beacon of hope for our nation’s financial integrity, your swift action is desperately needed to rectify these glaring injustices. We implore you to order a comprehensive and immediate investigation into these flagrant violations of our financial law.

“We call upon you to ensure these stolen funds are returned and used for the betterment of our nation under your committed administration.

“This enforcement is essential not just to deter future violations but also to underscore the ethos of accountability and transparency that your administration represents.

“We enjoin you to direct the EFCC, ICPC, DSS and other relevant security agencies to investigate these illegal acts against our economy and ensure these funds are returned.

“The time for a new era has come an era where the rule of law supersedes illicit privileges, and economic justice becomes our national cornerstone. By addressing this issue decisively, you will send a powerful message that corruption, in all its forms, will no longer be tolerated in our country.”

The petition called on President Tinubu to investigate this “flagrant violation of our financial laws” and bring those responsible to justice. It also urged the President to recover the siphoned funds and use them for the development of Nigeria.

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