EFCC Widens Probe into Forex Scandal, Summons Foreign Firms

Afaf Fahchouch
Afaf Fahchouch
2 Min Read
EFCC Widens Probe into Forex Scandal, Summons Foreign Firms

The Economic and Financial Crimes Commission (EFCC) has expanded its investigation into the forex scandal, reaching beyond Nigerian borders. The anti-corruption agency is delving into the allocation of at least $347 billion to companies in Nigeria between January 2014 and June 2023. Recent findings reveal that the EFCC has extended its scrutiny to include certain foreign firms operating in the country.

The Central Bank of Nigeria’s data disclosed that both local and foreign companies received substantial funds—$347.49 billion—from the apex bank to fulfill their foreign exchange requirements and obligations over the past decade. This revelation emerges amid the EFCC’s ongoing investigation into forex allocations to major entities, including the Dangote Group, involving the tenure of the former Central Bank Governor, Godwin Emefiele.

Preliminary reports indicate that the EFCC is focusing on 52 companies, including the Dangote Group, as they reportedly received the largest portion of the $347 billion during Emefiele’s leadership. However, the exact amount allotted to these top recipients is yet to be disclosed.

Analyzing the CBN’s quarterly statistical bulletin, various sectors benefited from forex allocations, including industrial, food products, manufactured products, transport, agriculture, minerals, and oil. The EFCC’s intensified scrutiny follows its visit to the headquarters of Dangote Industries Limited on January 4, 2023, as part of the broader investigation into alleged forex allocation abuse by Emefiele.

As part of the ongoing probe, the EFCC has summoned 52 companies to provide documents supporting the allocation and utilization of foreign exchange at official rates from 2014 to June 2023. This development underscores the gravity of the situation, with the EFCC leaving no stone unturned in its pursuit of transparency and accountability in forex allocations.

Stay tuned for further updates as the EFCC continues to unravel the complexities surrounding this significant forex scandal.


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