Tinubu receives petition against Dangote, richest man in Africa, alleging that $3.4 billion was “siphoned” through Nigeria’s central bank

President Bola Ahmed Tinubu has received a petition against Africa’s richest man, Alhaji Aliko Dangote over $3.4 billion allegedly siphoned through the Central Bank of Nigeria.

The petition exclusively obtained by POLITICS NIGERIA was attached to a letter addressed to President Tinubu and filed by Ahmed Fahad, a social justice advocate.

It was dated August 18, 2023, and titled ‘Petition To President Tinubu Against Dangote’ and copied to Jim Obazee, who was recently appointed by the President as a special investigator to probe the Central Bank of Nigeria and related entities.

The petition accused Dangote of grossly violating the Forex Guidelines of the CBN for years.

President Tinubu Receives Petition Against Africa’s Richest Man, Dangote Over $3.4Billion ‘Siphoned’ Through Nigeria’s Central Bank
It 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”.

It, therefore, urged the President investigate the “flagrant violations of our financial laws”.

It reads, “I bring to your attention a scandalous issue of gross financial misconduct and illegality involving the Dangote Group – a flagrant abuse of the Central Bank of Nigeria’s (CBN) forex guidelines for the past 10 years

first exposed by Dr Ope Banwo of Change Vigilantes International (CVI) in his 2016 petition to former President Buhari (read here

It noted that the “brazen illegality involves a shocking violation of CBN guidelines causing a USD 3.4 billion diversion from Nigeria’s national treasury at rates between 150 and 200USD when the parallel exchange rate was more than double that. This insidious financial maneuvering still threatens the very stability of our country’s economy even today.

“Astoundingly, this flagrant siphoning was carried out using Form A, instead of the legal route through Form M, which is tantamount to a gross violation of the law as it offers no financial returns to our country.

“The barefaced audacity of these financial transgressions is further displayed by several implicated banks, which have audaciously sanctioned millions of dollars at the CBN rate to the Dangote Group, in direct violation of CBN’s instructions to source funds from the parallel or interbank market.

“These unscrupulous actions facilitated the illegal transfer of funds for supposed foreign investments including the supposed construction of factories in countries like Congo and Liberia.”

According to the petitioner, the funds were moved out of Nigeria with the “alleged unlawful aim of industrial developments in other nations, while our own country was left bereft of these much-needed investments”.

“More worryingly, there are several instances, such as in Liberia, where promised factories were never built. The siphoned funds were instead reportedly transferred to Dangote’s accounts abroad, thereby exploiting Form A for illicit cash movements that cannot be reclaimed by our country,” it said.

The petition noted that the approvals sought from the apex bank clearly stated that money sought by Dangote must be bought from the Interbank market, which means money outside the CBN.

It, however, “However, the funds were bought and transferred from the national treasury with the CBN, which was illegal.

“On a continued basis over the years and contrary to the approvals, Emefiele’s CBN continued illegally supplying money from Nigeria’s treasury at cheaper rates to Dangote Group. This is an illegality that must be righted,” it said.

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.”

On account of $3.4 billion reportedly looted through the Central Bank of Nigeria, President Bola Ahmed Tinubu has received a petition against Alhaji Aliko Dangote, the richest man in Africa.

Ahmed Fahad, a social justice activist, submitted the petition along with a letter to President Tinubu, which POLITICS Nigeria has obtained.

It was dated August 18, 2023, and copied to Jim Obazee, who had just been appointed by the President as a special investigator to look into the Central Bank of Nigeria and associated companies. The petition was titled “Petition To President Tinubu Against Dangote” and was addressed to President Tinubu.

The complaint claimed that Dangote had repeatedly and flagrantly violated the CBN’s Forex Guidelines.

African billionaire Dangote is the subject of a petition that President Tinubu has received accusing him of siphoning $3.4 billion. by way of the Central Bank of Nigeria
It claimed that in the second quarter of 2023, suspended CBN Governor Godwin Emefiele borrowed $1 billion from Afrexim Bank, of which $750 million was “illegally channeled to Dangote at a concessionary rate.”

Therefore, it requested that the President look into the “flagrant infractions of our financial rules”.

“I bring to your attention a shocking matter of serious financial malfeasance and criminality involving the Dangote Group—a flagrant violation of the Central Bank of Nigeria’s (CBN) forex regulation over the past 10 years,” the letter states.

initially made public by Dr. Ope Banwo of Change Vigilantes International (CVI) in a 2016 petition to then-President Buhari (read here)

The report stated that the “brazen illegality involves a stunning 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, the stability of our nation’s economy is still in danger due to these sneaky financial tricks.

As it provides no financial benefits to our nation, it is astonishing that this shameless siphoning was carried out using Form A rather than the authorized method through Form M. This is comparable to a serious legal offense.

“Several accused banks have shamelessly sanctioned millions of dollars at the CBN rate to the Dangote Group, in flagrant contravention of CBN’s directives to source money from the parallel or interbank market, demonstrating the barefaced boldness of these financial offenses.

These dishonest activities “enabled the unlawful movement of monies for alleged foreign investments, including the alleged development of industries in countries like the Congo and Liberia.”

The petitioner claims that the money was transferred out of Nigeria with the “alleged illicit purpose of industrial developments in other countries, while our own country was left devoid of these crucial investments.”

“What’s more troubling is that there have been countless cases where promised factories have never been built, such in Liberia. Instead, it is believed that the diverted money was transferred to Dangote’s accounts overseas, taking use of Form A to move money illegally that our nation was unable to recover, it stated.

The petition pointed out that the approvals requested from the top bank made it clear that the funds sought by Dangote had to be acquired through the interbank market, which entails funds not held by the CBN.

However, the money was illegally purchased and transferred from the national treasury by the CBN.

“Emefiele’s CBN maintained providing the Dangote Group with cheaper loans from the Nigerian treasury on a consistent basis throughout the years, in violation of the authorization. This is an unlawful act that needs to be corrected,” it stated.

“For example, in 2015, Form A number AA2541751 was used to transfer more than 341 million via 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.

“To emphasize the outrageousness of these activities even more, it was recently discovered that suspended CBN Governor Godwin Emefiele had borrowed $1 billion from Afrexim Bank in the second quarter of 2023, with 750 million of that sum being channeled to Dangote at a preferential rate.

“These cash were then transferred to Dangote’s account overseas in the same manner as before.

“Your Excellency, your prompt action is urgently required to redress these flagrant inequities as the bulwark of hope for our country’s financial integrity. We beg you to order a thorough investigation into these egregious transgressions of our financial legislation right away.

“Under your devoted leadership, we implore you to see that these stolen money are recovered and put to good use for the development of our country.

“This enforcement is crucial to underline the values of accountability and transparency that your government represents, as well as to prevent further transgressions.

We implore you to order the EFCC, ICPC, DSS, and other pertinent security agencies to look into these unlawful attacks on our economy and make sure that these funds are recovered.

The time has come for a new age, one in which economic justice becomes the cornerstone of our country and the rule of law triumphs over illegal privileges. By taking immediate action on this matter, you will send a strong statement that corruption of any kind will no longer be accepted in our nation.