Emmanuel OchayiThe Economic and Financial Crimes Commission (EFCC) has launched an investigation into alleged forex scandal involving the allocation of $347 billion to foreign companies operating in Nigeria.
Prime Business Africa’s investigation reveals that industrial companies and banks have dominated forex allocations under the tenure of former Central Bank Governor, Godwin Emefiele, while social services receive the smallest share.
This makes the EFCC intensifies its probe, expanding to foreign firms operating in Nigeria, with detectives set to question five companies next week.
Analyzing Central Bank data, it is disclosed that local and foreign companies received a staggering $347.49 billion between January 2014 and June 2023, raising questions about transparency and accountability.
The EFCC focuses its scrutiny on 52 companies, including the Dangote Group, which reportedly received the largest share of the allocations.
The breakdown of forex allocations over the years reveals a complex distribution. The industrial sector leads with $69.71 billion, followed by the financial services sector receiving the most in the invisible category at $136.54 billion.
Meanwhile, forex scarcity has wreaked havoc on the Nigerian economy, resulting in the closure of several multinationals and hindering operations.
As part of the ongoing investigation, the EFCC has directed over 85 entities, including corporate organizations and individuals, to provide detailed documents of their foreign exchange transactions covering the last decade.
Reports suggest that foreign firms, including Crane Currency Limited, Gleseck+Deverint GmbH, De La Rue Ltd, Oberthur Fiduciaire SAS, and Orelll Fussli, are also under investigation for import and export violations.
The forex scandal adds complexity to Emefiele’s tenure, already under scrutiny by a Special Investigator appointed by President Asiwaju Bola Tinubu.
As the EFCC looks deeper into the forex allocation probe, the financial implications and potential legal ramifications for companies and individuals involved remain uncertain.
The outcome of this investigation could reshape policies and regulations governing forex allocations in Nigeria.
