In response to allegations that Alhaji Aliko Dangote stole $3.4 billion from the Central Bank of Nigeria, President Bola Ahmed Tinubu has received a petition against the wealthiest man in Africa.
Ahmed Fahad, a social justice activist, added the petition to a letter to President Tinubu that POLITICS Nigeria received exclusively.
It was signed by Jim Obazee, who was recently appointed by the President as a special investigator to look into the Central Bank of Nigeria and associated businesses, and was dated August 18, 2023. It was titled “Petition To President Tinubu Against Dangote.”
The petition charged Dangote of repeatedly violating the CBN’s Forex Guidelines.
President Tinubu receives a petition accusing Dangote, the richest man in Africa, of siphoning $3.4 billion. through the Central Bank of Nigeria
According to the allegations, Godwin Emefiele, the suspended CBN governor, borrowed $1 billion from Afrexim Bank in the second quarter of 2023, of which $750 million was “illegally channeled to Dangote at a concessionary rate.”
Accordingly, it encouraged the President to look into the “flagrant infractions of our financial regulations”.
“I bring to your attention a shocking matter of egregious financial malfeasance and illegality concerning the Dangote Group—a flagrant violation of the Central Bank of Nigeria’s (CBN) forex guidelines for the previous ten years,” it states.
Dr. Ope Banwo of Change Vigilantes International (CVI) initially brought this to light in his 2016 appeal to then-President Buhari (read here).
According to the report, the “brazen illegality involves a shocking violation of CBN norms that resulted in a USD 3.4 billion diversion from Nigeria’s national treasury at values between 150 and 200 USD when the parallel exchange rate was more than double that. Even now, this sneaky financial scheming poses a threat to the fundamental stability of the economy of our nation.
Amazingly, this blatant siphoning was carried out using Form A rather than the authorized method through Form M, which amounts to a serious infraction of the law because it provides no financial benefits to our nation.
“Several implicated banks, who audaciously sanctioned millions of dollars at the CBN rate to the Dangote Group in blatant defiance of CBN’s directives to seek money from the parallel or interbank market, further demonstrate the barefaced boldness of these financial offenses.
“These dishonest practices enabled the unlawful transfer of monies for alleged foreign investments, including the alleged building of enterprises in nations like the Congo and Liberia,” the report stated.
The petitioner claims that the money was transferred out of Nigeria with the “alleged illicit objective of industrial advancements in other countries, while our own country was left devoid of these critically important investments.”
More concerningly, there have been other cases where promised industries have not been built, including in Liberia. Instead, it was stated that the diverted funds were transferred to Dangote’s accounts overseas, taking use of Form A to shift illegally obtained money that could not be recovered by our nation.
The petition made note of the approvals requested from the top bank, which made it plain that the money Dangote was looking for had to be obtained via the interbank market, or money not held by the CBN.
The money were, however, purchased and transferred illegally from the national treasury by the CBN.
“Over the years, Emefiele’s CBN continued illegally providing money from Nigeria’s treasury to Dangote Group at lower rates, in violation of the approvals. It stated, “This is an illegality that needs to be corrected.
According to the statement, “For example, in 2015, Form A number AA2541751 was used to transfer more than 341 million through telegraphic transfer (ECOBANK) in violation of CBN directive to use interbank funds only for the Dangote Project in Cameroon, and on February 12, 2016, Form A number AA2649626 was used to transfer more than 420 million for spare parts in Congo, also in violation of the CBN directive.
“Recent revelations that the suspended CBN Governor Godwin Emefiele had borrowed $1 billion from Afrexim Bank in the second quarter of 2023—$750 million of which was fraudulently channeled to Dangote at a concessionary rate—highlight the brazenness of these acts.
“These cash were then moved, as in the past, to Dangote’s account abroad.
“Your Excellency, as the ray of hope for the fiscal integrity of our country, immediate action is urgently required to address these flagrant injustices. We beg you to appoint a thorough and immediate probe into these egregious transgressions of our financial law.
“Under your devoted leadership, we implore you to see to it that these funds that were stolen are recovered and utilised for the advancement of our country.
“This action is crucial not only to prevent other offenses but also to emphasize the values of responsibility and openness that your administration stands for.
“We implore you to order the EFCC, ICPC, DSS, and other pertinent security agencies to look into these unlawful acts against our economy and see to it that these funds are recovered.
“A new age has arrived, one in which economic justice will serve as the cornerstone of our country and the rule of law will take precedence over illegal privileges. You will send a strong message that corruption, in any form, will no longer be allowed in our nation if you take firm action on this matter.
