The BUA Towers at PC 32, Churchgate Street, Victoria Island, Lagos State, are under siege by agents of the Economic and Financial Crimes Commission.
The incident happened after a previous siege of the headquarters of BUA Plc’s main rival, Dangote Plc, in Lagos, Nigeria’s commercial hub.
The anti-graft agents’ search of both offices, which started at 3:30 p.m. on Thursday, is still ongoing, according to information our correspondent received at the time this story was filed.
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The foreign exchange allocations made to around 52 firms, including BUA Plc and Dangote Plc, during the tenure of the former Governor of the Central Bank of Nigeria, Godwin Emefiele, are being investigated by the EFCC, according to a source who spoke on condition of anonymity.
“Our operatives are currently at BUA’s office in Lagos Island,” the source disclosed. The same reason that the commission (EFCC) is looking into Dangote Plc and BUA Plc is because of the preferential foreign exchange allocations that the former governor of the CBN, Emefiele, made in violation of the CBN Act and current financial norms and regulations.
“The allocations were not approved by the former President Muhammadu Buhari, according to the commission, which is also investigating about 51 other large companies over the development.”
When questioned about the development, EFCC spokesperson Dele Oyewale confirmed that anti-graft agents were present at both sites, but he was unable to provide confirmation of the purpose of their presence.
As for our operatives, yes, they were at Dangote’s and the BUA headquarters in Lagos as well, but I’m not sure why they were there, according to Oyewale.