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BREAKING: Petition against Billionaire Dangote reveals how he siphoned $3.4 billion through CBN to abroad claiming to fund companies that are non-existent
The petition accused Dangote of grossly violating the Forex Guidelines of the CBN for years.
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.
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 to 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 https://www.ripplesnigeria.com/dangote-forex-violation- cbn/?amp).”
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. 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.
“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.”
The Honourable Minister of the Federal Capital Territory (FCT), Barr. Ezenwo Nyesom Wike, has dismissed as baseless and diversionary, widespread rumours about his collapse and being rushed abroad for treatment.
Speaking to journalists in Abuja on Thursday, following a routine inspection of ongoing infrastructure projects slated for commissioning in May to commemorate President Bola Ahmed Tinubu’s second anniversary in office, Barrister Wike categorically denied the claims, saying that they were untrue.
He attributed the spread of these rumours to political machinations, specifically pointing to those he alleged, sought to divert attention from serious allegations of planned attacks on national assets, including the Rivers State House of Assembly complex as revealed by a former Head of Service of Rivers State government.
He said, “What happened was that the former Head of Service of Rivers State government came out to let the public know what was going on about a plan to bomb the House of Assembly complex and attack national assets. To divert the attention of people from focusing on that, they had to bring up rumours that I had been flown overseas. There was never a time I collapsed, there was never a time anybody took me overseas”.
The Minister said he was focused on his job of providing good governance in the FCT and would not be distracted by such unfounded rumours.
Barr. Wike emphasized his continued public engagements, citing his presence at the President’s Iftar engagement and his leading of Abuja residents during the Sallah homage to the President as evidence of his robust health. “You see me every day. The day Mr. President broke Iftar during his birthday, I was there. The next day, I led Abuja residents to pay Sallah homage. I see so many stories online, this is politics. Those things don’t bother us. We are not distracted. We are focused on our jobs.”
He thanked Nigerians for their concern but cautioned against wishing ill health on others, reiterating that only God determines the time of one’s passing. “I thank Nigerians for showing concern, but people should not wish their fellow human beings such a thing to happen. We know that we will die one day, nobody will remain in this world forever, but it’s only God who determines the day you will die. No human being can say you will die today or tomorrow. So, don’t bother yourself, I’m very agile and I can assure you that I will write the condolence letters for those peddling these rumours.”
Speaking on the infrastructure projects he inspected, Barr. Wike expressed satisfaction with the progress of work at the International Conference Centre (ICC) renovation, the Arterial road N16 in Gishiri and its interchange connecting Maitama District to Katampe, and the Judges Quarters and its access roads in Katampe District.
He said, “We were at the International Conference Centre where much work has been done. They are keeping to the time that they have given and they are also doing a good quality job. We’ve gone to Gishiri and the roads leading to the Justices Quarters. I’m very much impressed with the good jobs and the contractors handling these projects. You can attest to the fact that this is a quality job being carried out”.
He commended the contractors, including Julius Berger and CGC, for their commitment to delivering the projects on schedule and assured that funding, with the support of President Tinubu, was not a challenge.
He encouraged taxpayers to fulfill their obligations, promising that they will witness the tangible results of their contributions. “All we will say is that those who are supposed to pay their taxes should pay their taxes, and ask us what we are doing with taxpayers’ money. They can see what we are doing with taxpayers’ money.”
The Supreme Court has sacked Julius Abure as National Chairman of the Labour Party in a ruling that was delivered on Friday in Abuja.
The judgment has put paid to a prolonged legal battle of the party. In a unanimous judgment, In a delivered by a five-member panel, held that the Court of Appeal had overstepped its jurisdiction when it declared Abure as the party’s leader.
The Supreme Court ruled that the issue of party leadership is an internal affair beyond the jurisdiction of the courts, thereby overturning the lower court’s ruling. This decision has significant implications for the Labour Party, which has been embroiled in leadership tussles in recent months.
The judgment came after an appeal filed by Senator Nenadi Usman and another appellant, challenging Abure’s claim to the chairmanship. The court found their appeal meritorious and accordingly upheld it, solidifying the legal stance that party leadership disputes should be settled within party structures rather than through litigation.
In a further blow to Abure’s camp, the Supreme Court dismissed a cross-appeal filed by his faction of the Labour Party, describing it as lacking merit.
With this ruling, the legal battles surrounding the leadership of the Labour Party may have reached their final chapter, barring any internal resolutions or new legal maneuvers by the affected parties.
The verdict has sparked reactions from political analysts and party stakeholders, with some expressing concerns over the stability of the Labour Party ahead of the next electoral cycle. The party, which emerged as a formidable force in the 2023 general elections, now faces the challenge of reorganizing its leadership and uniting its members.
While the ruling may settle the legal aspect of the dispute, the political ramifications are far from over.
Party members and loyalists of Abure may seek internal resolutions or political realignments to navigate the fallout of this decision. The Labour Party’s next steps will be crucial in determining its future strength and cohesion on the national stage.
As of press time, Abure’s camp has not issued an official statement on the ruling, while other factions within the party have welcomed the decision, calling it a victory for internal democracy.
In a landmark ruling today, the Supreme Court of Nigeria delivered a judgment that has been hailed as a significant victory not only for the Labour Party (LP) but also for Nigeria’s democracy. The ruling, which saw the removal of Mr. Julius Abure as the National Chairman of the Labour Party, is widely regarded as a triumph of democracy, the rule of law, and the resilience of Nigeria’s judicial system.
The statement celebrating the historic judgment was issued by the Labour Party National Caretaker Committee Secretary, Sen. Darlington Nwokocha who was present at the Supreme Court in Abuja during the judgment. The Secretary expressed immense gratitude to the Justices of the Supreme Court for their fair and forthright decision, which was described as a beacon of hope for the country’s democracy.
“This ruling is a monumental victory for the Labour Party and, more importantly, for the future of Nigeria’s democracy,” said the Secretary. “It demonstrates that the Judiciary remains the last hope for the common man, ensuring that justice and the rule of law prevail in the face of challenges.”
The Labour Party National Caretaker Committee (LP NCC) emphasized that the judgment is a clear indication that despite the struggles Nigeria faces, the nation’s democracy is resilient, and the judicial system remains a pillar of strength. It is also seen as a crucial step towards unifying the party and fostering an environment conducive to political reform and nation-building.
“This historic ruling is not only a victory for the Labour Party, but also for the Nigerian people and our democracy. It affirms that the rule of law will always be upheld,” the statement continued. “We now have an opportunity to rebuild Nigeria’s democracy and strengthen our party, which remains the political party of choice for millions of Nigerians.”
The Labour Party extended a call to all Nigerians, irrespective of political affiliation, to unite with the party in its efforts to restore and rebuild the nation’s democracy. “We call on all Nigerians to join hands with the Labour Party in the mission to restore the true values of democracy, justice, and equity in Nigeria,” the statement urged.
The judgment is being seen as a significant milestone not only for the Labour Party but for the entire nation, as it underscores the importance of a free, fair, and independent judiciary in maintaining democratic principles. The ruling have now firmly brought to an end the perennial leadership crisis within the Labour Party, enabling it to focus more effectively on its agenda for a better Nigeria.
The Labour Party also took this moment to express their deep appreciation to their supporters for their unwavering dedication and solidarity. “We thank Nigerians for their resilience, support, and trust in our cause. The Labour Party remains the people’s party, and together, we will continue to fight for a more just, equitable, and prosperous Nigeria,” the Secretary concluded.
As the Labour Party moves forward, it is committed to uniting its members and supporters to build a Nigeria free from oppression, where justice and fairness are upheld for all. The Supreme Court’s ruling today serves as a powerful reminder that in Nigeria, the law is supreme, and democracy will always triumph.
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