Hatchet job?
Dangote Industries Limited (DIL) refuted allegations that it engaged in illegal foreign exchange deals, warning those peddling the…
Dangote Industries Limited (DIL) refuted allegations that it engaged in illegal foreign exchange deals, warning those peddling the allegation to desist from such underhanded practices. The warning followed claims in some sponsored online media reports suggesting that the company is being probed for alleged illegal foreign exchange deals and money laundering by the Special Investigator, Jim Obazee, who is probing the Central Bank of Nigeria (CBN) under former CBN Governor, Mr Godwin Emefiele’s leadership. DIL described the allegation as a rehash of a similar malicious report peddled by a competitor, BUA Group, masquerading as a concerned Nigerian in 2016.
Nigeria’s investigative authorities are notorious for their preference for media spectacle over doing the hard work of gathering evidence and pursuing convictions in court. This approach often results in high-profile arrests and trials that are then dismissed due to a lack of evidence. This pattern will likely continue until the investigative authorities commit to following through on their investigations and building solid cases. In the case of Dangote, a sponsored media campaign is no substitute for a court of law. There is very little confidence that the investigators will do the needed work and/or adhere to the law in their prosecution efforts, as evidenced by their handling of former CBN governor Godwin Emefiele. This approach is symptomatic of a systemic problem from the top down. The same law enforcement agencies that raid hostels and parade students without proper investigation are now parading allegations against large corporations in the media. If they persist in this, confidence in the business environment will suffer. They must do better.