VBA Calling C++ DLL - error 48 (file not found)
See the question and my original answer on StackOverflowError 48 can also be returned when the dll does not correspond to the bitness of the calling program. So, if you're runnning Excel's VBA with Excel 64-bit, for example, you want to make sure the DLL is compiled as a 64-bit binary.
Note this is different from error 53 wich really means the DLL is not found in any paths.