EFCC Probes $347bn Forex Disbursements, Summons Foreign Firms
The Economic and Financial Crimes Commission (EFCC) has opened investigations into at least $347 billion in foreign exchange allocations to companies operating in Nigeria between January 2014 and June 2023.
The anti-graft agency’s probe aims to uncover potential forex abuse focused on the largest recipients under the tenure of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. An initial list of 52 companies were directed to submit paperwork detailing their forex transactions over the past decade.
New findings show the EFCC has also extended its probe to some foreign firms in Nigeria. An internal memo seen by this paper indicates detectives may grill five overseas companies next week for suspected import and export violations.
Analysis of CBN data reveals that while industrial companies and banks received the biggest share of the $347 billion disbursed, social services got the least forex allocation amid persistent scarcity pressures.
Sources suggest amended charges may brought against the former CBN Governor to capture new evidence from the widened forex allocation investigations. However, the timeframe for concluding the high-profile probes remains unclear.
The revelations come on the back of a special investigation ordered by President Bola Tinubu to uncover potential abuses within the apex bank under the Emefiele administration. The damning report submitted last December formed the basis for the EFCC’s ongoing crackdown.
