Economy
FX Allocation Probe: Dangote Promises to Cooperate With EFCC
By Aduragbemi Omiyale
Dangote Industries Limited has promised to assist the Economic and Financial Crimes Commission (EFCC) with its investigation into the allocation of foreign exchange (FX) to the organisation by the Central Bank of Nigeria (CBN) between 2014 and 2013.
Recall that last week, it was reported that the EFCC raided the Lagos office of the firm, owned by Mr Aliko Dangote, to get some documents relating to forex transactions.
In a statement on Sunday, the company stressed that the anti-graft agency did not raid its premises but only visited with a view to obtaining some documents, which it said had already been taken to the EFCC’s office as requested.
In the statement seen by Business Post, Dangote said that after receiving a letter from the EFCC on December 6, 2023, requesting details of all the FX allocated to it by the apex bank, it sought clarification on which of its subsidiaries are affected and asked for more time to make the information available.
“However, the EFCC did not provide the clarification sought, did not honour the request for an extension, and insisted on receiving the complete set of documents within the limited timeframe. The management of Dangote Group stated.
“Despite this constraint, we assured the EFCC of our commitment to providing the information and pledged to share documents in batches as we complete the compilation,” it added.
According to Dangote Group, “On January 4, 2024, our team delivered the first batch of documents to the EFCC. However, officers of the EFCC did not accept the documents, insisting on visiting our offices to collect the same set of documents directly.
“While our representatives were still at the EFCC’s office to deliver the documents, a team of their officers proceeded to visit our offices to demand the same documents in a manner that appeared designed to cause us unwarranted embarrassment.
“Worthy of note is the fact that the officials did not take any documents or files from our head office during their visit as these were already in their office.”
The organisation, which called for the understanding and patience of all stakeholders, maintained that “to our knowledge, no accusations of wrongdoing have been made against any company within our group.”
“At present, we are only responding to a request for information to assist the EFCC with their ongoing investigation,” it emphasised, promising to “inform [stakeholders] of any further developments.”
Dangote noted that it understands that “similar letters were sent to 51 other groups of companies requesting the same information spanning the same period.”
“As a law-abiding and ethical corporate citizen, we remain committed to providing the EFCC with all necessary information and cooperation,” it said, describing itself as “a key contributor to the national GDP, the largest employer in the private sector, one of the largest groups listed on the Nigerian Exchange, and one of the highest taxpayers in the country.”
By Adedapo Adesanya
As Nigeria sets its sight on becoming a $1 trillion economy by 2023, the Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, in the short term, has outlined plans to facilitate $6 billion in foreign investment into Nigeria’s productive economy in 2025 via the Nigerian Exchange (NGX) Group.
This collaboration was highlighted during the Closing Gong Ceremony at the NGX Group, Lagos, where the minister was giving the honour.
From the $6 billion target, $3 billion is projected to come from Foreign Direct Investments (FDIs) into key sectors such as infrastructure, manufacturing, agribusiness, technology, and renewable energy.
According to Mrs Oduwole, these sectors are pivotal to creating jobs, promoting exports, and enhancing Nigeria’s productive capacity.
Another $3 billion will be mobilized through Foreign Portfolio Investments (FPIs)by leveraging innovative financial instruments like green bonds, diaspora-linked securities, and SME-focused platforms.
These efforts aim to deepen market liquidity and align capital flows with national priorities, she added.
Mrs Oduwole emphasized the integral role of capital markets in driving economic resilience and sustainable growth,
“Deepening Nigeria’s capital markets is fundamental to improving investment flows, creating jobs, and sustaining long-term economic resilience,” she said.
On his part, Mr Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited, NGX, reinforced the importance of this collaboration, noting that capital markets are powerful engines of innovation, business expansion, and economic inclusion, all of which are essential to advancing Nigeria’s industrialisation objectives.
Mr Temi Popoola, Group Managing Director/CEO of NGX Group, highlighted the Exchange’s technology-driven vision.
“We are building a next-generation exchange ecosystem designed to democratize investment opportunities, enhance market liquidity, and position Nigeria as a competitive destination for both domestic and international capital.”
Speaking at the ceremony, Mr Umaru Kwairanga, Chairman of NGX Group, commended the Ministry’s leadership and bold reforms, which have set the stage for inclusive growth.
“By fusing policy innovation with market infrastructure, we can catalyze a new era of sustainable growth and national development,” he stated.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 023 per cent on Friday on the back of renewed bargain-hunting amid cautious trading by investors.
During the session, the trio of NAHCO, The Initiates, and Cadbury Nigeria, appreciated by 10.00 per cent each to sell for N82.50, N4.95, and N31.90 apiece, as Beta Glass gained 9.96 per cent to quote at N109.80, and Caverton flew by 9.92 per cent to N2.66.
Conversely, DAAR Communications lost 10.00 per cent to trade at 54 Kobo, Vitafoam Nigeria declined by 9.94 per cent to N47.55, Multiverse shed 9.93 per cent to finish at N6.35, Eterna deflated by 9.91 per cent to N45.00, and Ecobank gave up 9.72 per cent to settle at N26.00.
At the close of transactions, a total of 29 equites ended on the gainers’ chart and 40 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.
The bourse was very busy on Friday after it resumed trading from the one-day break on Thursday for Workers’ Day.
A total of 565.3 million shares worth N15.0 billion exchanged hands in 18,367 deals versus the 393.0 million shares valued at N12.8 billion transacted on Wednesday in 17,519 deals, indicating a surge in the trading volume, value, and number of deals by 43.84 per cent, 17.19 per cent, and 4.84 per cent, respectively.
The busiest stock for the session was Access Holdings with 52.8 million units valued at N1.2 billion, Chams sold 51.6 million units worth N108.9 million, UBA transacted 36.0 million units for N1.3 billion, FCMB exchanged 34.5 million units valued at N314.5 million, and GTCO traded 31.9 million units worth N2.1 billion.
Business Post reports that the insurance sector shrank by 3.50 per cent, the banking index crashed by 1.49 per cent, and the energy counter went down by 0.17 per cent.
However, the consumer goods, the commodity and the industrial goods indices were up by 2.03 per cent, 0.61 per cent and 0.08 per cent, respectively.
Consequently, the All-Share Index (ASI) increased by 241.72 points to 106,042.57 points from 105,800.85 points and the market capitalisation grew by N151 billion to N66.648 trillion from N66.497 trillion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange made a 0.26 per cent rise on Friday, May 2, after the share prices of two companies on the platform pointed northwards at the close of business.
During the trading session, the NASD Unlisted Security Index (NSI) was up by 8.59 points to 3,289.66 points from the previous session’s 3,281.07 points and the market capitalisation increased by N5.03 billion to close at N1.926 trillion compared with the N1.921 trillion it ended in the preceding session.
Yesterday, FrieslandCampina Wamco Nigeria Plc gained N1.90 to close at N40.00 per share compared with the previous closing value of N38.10 per share, and Afriland Properties Plc added N1.38 to trade at N16.00 per unit, in contrast to Wednesday’s value of N14.62 per unit after the bourse closed on Thursday due to the Workers’ Day holiday.
On the flip side, Geo-Fluids Plc went down by 13 Kobo to N2.00 per share from N2.13 per share, and IPWA Plc lost 5 Kobo to end at 50 Kobo per unit versus 55 Kobo per unit.
The volume of securities traded in the session was up by 175.4 per cent to 8.5 million units from the 3.1 million units transacted in the previous trading day, the value of securities slumped by 45.7 per cent to N15.7 million from N29.0 million, and the number of deals declined by 64.4 per cent to 31 deals from 38 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, followed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Okitipupa Plc was the most active stock by value (year-to-date) with 153.6 million units worth N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 14.7 million units valued at N566.9 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.
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