The Economic and Financial Crimes Commission (EFCC) has written to 52 companies directing them to provide documents supporting the allocation and utilisation of foreign exchange sold to them at official rates in the last 10 years.
The companies, among them Dangote and BUA groups – both of whose head offices in Lagos were raided on Thursday by the anti-graft agency – were indicted by CBN Special Investigator, Jim Obazee.
The EFCC had asked the firms to submit Form A and Form M which detailed the forex allocations to them between 2014 and June 2023.
But while some companies complied with the directive, several others were said to have asked for time to get the proper documents.
EFCC Operatives
Until June 2023, Nigeria operated multiple exchange rates which economists said contributed to the distortions in forex allocation, market volatility, and fluctuations.
The policy was blamed for the inflationary pressures on the naira and the thriving black market activities which were said to have undermined the effectiveness of the CBN monetary policies.
A top EFCC official revealed that the EFCC was probing the preferential foreign exchange allocations allegedly made by Emefiele in defiance of extant financial rules and regulations and the CBN Act.
The official claimed: “The EFCC is investigating the Dangote Group over the preferential foreign exchange allocations made by the former CBN Governor Godwin Emefiele in defiance of extant financial rules and regulations and in disregard to the CBN Act.
“There are about 51 other big companies under probe over the development too, and the commission discovered that the allocations were not approved by the former President Muhammadu Buhari, so it was more of a means for the former CBN governor and his cronies to launder money through forex and Bureau De Change operators.”
Source: The PUNCH
