In a move to ensure transparency and accountability, the Economic and Financial Crimes Commission (EFCC) has embarked on a comprehensive investigation into the allocation of $347.49 billion to both local and foreign companies in Nigeria. The period under scrutiny spans from January 2014 to June 2023, revealing a significant examination into the sectoral utilization of foreign exchange by the Central Bank of Nigeria (CBN).
The probe, an extension of the ongoing investigation into forex allocations to Dangote Group and 51 other companies during the tenure of the former Governor of the Central Bank of Nigeria, Godwin Emefiele, showcases a commitment to scrutinizing financial transactions and forex disbursements over the past decade.
The breakdown of the forex allocation per year underscores the substantial financial involvement, with notable amounts disbursed, such as $65.99 billion in 2014, $40.81 billion in 2018, and $36.88 billion between April 2022 and June 2023. The investigation aims to shed light on the utilization of these funds and assess the adherence to regulatory guidelines.
The sectoral utilisation data discloses that the industrial sector received the highest forex allocation under the imports category, amounting to $69.71 billion. Other sectors included food products ($24.88 billion), manufactured products ($32.73 billion), transport sector ($6.67 billion), agricultural sector ($2.83 billion), minerals ($2.88 billion), and the oil sector ($37.46 billion).
Notably, the EFCC has widened its scope to include foreign firms operating in Nigeria in its forex allocation probe. Companies such as Crane Currency Limited, Gleseck+Deverint GmbH, De La Rue Ltd, Oberthur Fiduclaire SAS, and Orelll Fussli are currently under scrutiny for potential import and export violations.
An internal memo from the EFCC, signed by the Director of Operations, Hadiza Junaidu, reveals the agency’s intent to gather information pertinent to the investigation. Titled ‘Request for Information,’ the memo emphasizes the importance of thorough scrutiny to ensure compliance with regulatory standards.
As the investigation unfolds, it marks a crucial step in promoting financial accountability and integrity within Nigeria’s economic landscape. The EFCC’s efforts to address potential irregularities in forex allocations demonstrate a commitment to fostering transparency and combating financial malpractices, ultimately contributing to the overall stability of the nation’s economic framework.
