Lagos, January 8, 2024 – In the wake of the widely reported visit by officials of the Economic and Financial Crimes Commission (EFCC) to the headquarters of a prominent Nigerian business group on January 4, 2024, the company has issued a detailed statement addressing the circumstances surrounding the visit.
The business group, a key contributor to the national GDP and one of the largest groups listed on the Nigerian Exchange, revealed that the EFCC’s inquiry began on December 6, 2023. The commission requested information on all foreign exchange allocations from the Central Bank of Nigeria to the company dating back to 2014. Similar requests were reportedly made to 51 other groups of companies.
In response, the company acknowledged receipt of the letter, sought clarification on the specific subsidiaries requiring information, and requested additional time to compile the extensive documentation spanning ten years. Despite these efforts, the EFCC did not provide the requested clarification and insisted on receiving the complete set of documents within the limited timeframe.
On January 4, 2024, the company’s team delivered the first batch of documents to the EFCC. However, the EFCC officers did not accept the documents, opting instead to visit the company’s offices directly to demand the same set of documents, a move perceived by the company as potentially causing unwarranted embarrassment.
The business group emphasized that, to its knowledge, no accusations of wrongdoing have been made against any company within the group. The company underscored its commitment to providing the EFCC with all necessary information and cooperation, having already delivered the first batch of documents. They are actively working to compile and submit the remaining documents in a timely manner to aid the ongoing investigation.
As a law-abiding and ethical corporate citizen, the group reaffirmed its commitment to the rule of law and expressed confidence in Nigeria’s dedication to fostering an environment conducive to investment and value creation. The company, being one of the largest employers in the private sector and among the highest taxpayers in the country, called for understanding and patience from stakeholders and pledged to keep them informed of any further developments.
