The Economic and Financial Crimes Commission is currently investigating a sum of at least $347 billion allocated to Nigerian companies between January 2014 and June 2023,
Recent findings reveal that the anti-graft agency has expanded its forex allocation probe to include foreign firms operating in Nigeria.
Analyzing data from the Central Bank of Nigeria, local and foreign companies received a total of $347.49 billion from the apex bank during the 10-year period to fulfill their foreign exchange requirements and obligations.
This information is derived from the sectoral utilization of the CBN’s forex data, shedding light on how foreign exchange is distributed and utilized across various sectors of the economy.
The EFCC’s focus on forex allocations to the Dangote Group and 51 other companies, particularly during the tenure of the previous Central Bank Governor, Godwin Emefiele, has been highlighted.
These 52 companies received the largest portion of the $347 billion within the specified timeframe, although the exact amount remains undisclosed as of the latest update.
Furthermore, a breakdown of forex allocations per year demonstrates the disbursement trend, with the industrial sector receiving the highest allocation under the imports category.
The analysis also delves into the sectors that benefited from forex allocations, including financial services, business services, communication services, and others in the invisible category.
The EFCC’s investigation includes a demand for documents supporting the allocation and utilization of foreign exchange by the 52 companies.
Notably, the probe extends beyond domestic entities, with some foreign firms like Crane Currency Limited, Gleseck+Deverint GmbH, De La Rue Ltd, Oberthur Fiduciaire SAS, and Orelll Fussli now reportedly under scrutiny for import and export violations.
The ongoing forex allocation probe, marked by EFCC visits to corporate entities and requests for detailed foreign exchange transaction documents, occurs against the backdrop of challenges in the Nigerian economy, including forex scarcity and the closure of multinational firms.
The investigation led by Special Investigator Jim Obazee, appointed by President Asiwaju Bola Tinubu, aims to scrutinize the Central Bank of Nigeria and related entities.
The timeline for concluding the forex allocation probe remains uncertain.
