The Economic and Financial Crimes Commission says it’s investigating at least $347bn allocated to companies in Nigeria between January 2014 and June 2023.
This came as fresh findings show that the anti-graft agency has extended its forex allocation probe to include some foreign firms operating in Nigeria.
The local and foreign companies in Nigeria got at least $347.49 billion from the apex bank to service their foreign exchange needs and obligations within the 10-year period.
The data was contained in the sectoral utilisation of the CBN’s forex data. Sectoral utilisation of foreign exchange also reveals how foreign exchange is allocated and used across different sectors or industries of the economy.
The development came against the backdrop of the EFCC’s probe of forex allocations to Dangote Group and 51 other companies under the immediate past Governor of the Central Bank of Nigeria, Godwin Emefiele.
A breakdown of the allocation per year showed that the bank disbursed $65.99bn in 2014, $44.6bn in 2015, $25.5bn in 2016, $27.64bn in 2017, $40.81bn in 2018, $43.99bn in 2019, $28.24bn in 2020, $16.4bn between January 2021 and September 2021.
Also, $17.38bn was disbursed between October 2021 and March 2022, while $36.88bn was given between April 2022 and June 2023.
Under the imports category, the industrial sector got the most forex allocation, with $69.71bn in the period being reported. Others include food products ($24.88bn), manufactured products ($32.73bn), transport sector ($6.67bn), agricultural sector ($2.83bn), minerals (2.88bn), and oil sector ($37.46bn).
The EFCC may have started investigating some foreign firms for import and export violations.
some of the foreign firms currently under its radar are Crane Currency Limited, Gleseck+Deverint GmbH, De La Rue Ltd, Oberthur Fiduclaire SAS, and Orelll Fussli.
This was contained in an internal memo of the anti-graft agency, which was signed by the Director of Operations, Hadiza Junaidu, and titled ‘Request for Information,’ and with reference number CB:4000/EFCC/DOPS/VOL.28/104, and dated December 21, 2023.
The memo read in part, “I am directed to request that you check the records of cases referred to your respective commands/sections for investigation and confirm whether the under mentioned foreign companies has/is being investigated for import/export violations or any other offence.
“i. Crane Currency Limited ii. Gleseck+Deverint GmbH iii. De La Rue Ltd iv. Oberthur Fiduciaire SAS v. Orelll Fussli”
While directing its recipients to act “urgently” on the memo, the EFCC director listed the distribution list to include zonal commanders and heads of operations.
It is unclear how soon the EFCC will end the forex allocation probe.
