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Major reason EFCC stormed our office-Dangote

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Africa’s richest man, Aliko Dangote, says January’s visit by the operatives of the Economic and Financial Crimes Commission to the Lagos Head Office of the Dangote Group was intended to embarrass his company.

Speaking in an interview with Bloomberg and monitored on Tuesday, Dangote stated, “They visited the office but didn’t talk to anybody, nor did they arrest anyone. It was just to cause embarrassment (sic).”

The visit by the anti-graft commission to the company was part of a probe into alleged preferential allocations of forex to the Dangote Group and 51 other companies under the Emefiele-led Central Bank of Nigeria.

Dangote meanwhile maintained that despite the challenges, their operations remain “100 per cent clean,” given their significant role in Nigeria’s economy.

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He also emphasized his company’s reputation as the highest-paying organization in Nigeria, adding that Dangote Group pays more taxes than the banking sector.

EFCC had earlier written to the 52 companies directing them to provide documents supporting the allocation and utilisation of foreign exchange sold to them at official rates in the last 10 years.

The anti-graft commission had asked the firms to submit Form A and Form M which detailed the forex allocations to them between 2014 and June 2023.

But while some companies complied with the directive, several others were said to have asked for time to get the proper documents.

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However, a Dangote official claimed the firm had honoured the EFCC’s request and wondered why the commission chose to embarrass them.

“We don’t know why they (EFCC officials) came to our office again; we had earlier been invited to the office of the EFCC. As such, the Dangote officials took along all the documents and submitted them. We don’t know why they eventually decided to visit our office again.

“The question we are asking is what did they come to take from our office when we had honoured their invitation? They left with empty hands because all the documents they wanted from us had been taken to them. The same EFCC that came to our office is the one giving information to the media that they are investigating us,’’ the official said.

Before the raid, Dangote Industries had in November 2023 refuted allegations that it was involved in forex malpractices and money laundering involving a staggering $3.4bn allegedly facilitated by Emefiele.

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It denied the claims that the money was funnelled to its non-Nigerian subsidiaries, prompting illicit financial flows and round-tripping.

The company referred to past approvals granted by the CBN between 2010 to 2018, allowing it to purchase forex totalling $3.755bn for funding of its projects across Africa, of which only 47.70 per cent was utilised.

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Indian lawmaker dies after shooting himself

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Indian lawmaker Gurpreet Gogi, a member of the Aam Aadmi Party (AAP), has tragically died after accidentally shooting himself. The incident reportedly occurred late on Friday night, resulting in fatal injuries to his head.

Gurpreet Gogi was immediately taken to Dayanand Medical College and Hospital in Ludhiana, where doctors confirmed his death upon arrival. The Punjab Police described the incident as an accident. Deputy Commissioner of Police (DCP) Jaskaran Singh Teja explained, “As per the family members, Gurpreet Gogi accidentally shot himself, resulting in bullet injuries to his head. He was declared dead at the hospital, and his body is now at the mortuary in DMC Hospital.”

The exact cause of death will be clarified after a post-mortem examination. “The post-mortem report will clarify the cause of death,” added the DCP. Authorities are continuing their investigation to understand the full details of the incident.

Gogi became a notable figure in Punjab politics after joining the AAP in 2022. He gained recognition when he defeated two-time Congress MLA Bharat Bhushan Ashu in the Ludhiana assembly elections.

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This tragedy brings to mind a similar event in 2019, when a candidate for the Mississippi state legislature, Carl Robinson, fatally shot his wife before taking his own life.

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NASS To Presidency: Border Closure Not Effective

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Federal lawmakers in both chambers of the National Assembly have expressed strong reservations about the effectiveness of border closure by the Federal Government.

Speaking at the Joint Committees on Industry, Trade and Investment on 2025 Budget Defence by the Trade Ministry, Senator representing Osun East, Senator Francis Adenigba Fadaunsi noted that the exit of Niger Republic and Chad from the Economic Community of West African States (ECOWAS) with the consequent opening of their borders to Nigerians are worsening the menace of insecurity across the affected states.

He said:” Border closure is hampering the economic fortunes of the country because rather than curb smuggling, it encourages it.

“For example on rice production alone, the largest percentage of 4 million tonnes shortfall is being smuggled into the country since local producers are only producing 3 million tonnes out of the expected consumption rate of 7 million tonnes.”

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In her submission, House of Representatives member representing Nangero/ Potiskum Federal Constituency of Yobe State, Hon Fatima Talba, declared that the borders in her constituent were technically open, not closed.

“Going by free movement of people and even criminals across the borders, it is time for us, to stop fooling ourselves with border closure.”

Paul Kalejaiye representing Ajeromi / Ifelodun Federal Constituency of Lagos State in the House of Representatives, also spoke in similar vein.

“We need to even ask the question on the border policy being implemented. Are all borders across the Nation closed or those closed are from a segment of the country.”

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The Committee later urged the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole who came for the budget defence session, to liaise with the Presidency on the way out of the border closure.

Oduwole had earlier in her presentation to the committee, said the sum of N3.8billion is earmarked for capital expenditure in the 2025 fiscal year, N4.65billion for personnel cost, N1.45billion for overhead and projected revenue of N2 4billion.

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Just in: Total darkness looms as National Grid collapses the 12th time

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Again, the national grid has collapsed again making it a record eleventh blackout experienced by Nigerians.

A BusinessDay report quotes data obtained from the Nigerian System Operator’s portal (niggrid.org), as indicating that the collapse occurred at 1:56 p.m.

This incident follows a pattern of instability, with the grid suffering about 12 consecutive collapses in 2024,” the report says.

It adds that the cause of the latest failure is yet to be disclosed.

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