DANGOTE RAIDED IN NIGERIA
Africa’s wealthiest investor, Aliko Dangote‘’S, companies has been raided by the Nigerian corruption agency. The Dangote Group is accused of obtaining foreign currency from the Central Bank of Nigeria at artificially low rates. The central bank governor, arrested in June 2023 and released on bail in December, is alleged to have provided favorable rates to 52 Nigerian companies, contributing to the devaluation of the national currency. While the Nigerian anti-corruption agency sent letters to all 52 companies in December, only the Dangote Group has been subjected to a raid.
Aliko Dangote, with a reported net worth of $10 billion, holds the title of Africa’s wealthiest individual and has made multiple visits to Zambia.
Despite his immense wealth and ongoing construction of a game-changing oil refinery, Dangote appears to have fallen out of favor with the government under the leadership of the new 71-year-old Bola Tinubu. Tinubu, a successful Nigerian businessman worth over $6 billion, now heads the government, marking a shift in Dangote’s standing.