The EFCC is currently investigating the allocation of at least $347 billion to companies in Nigeria from January 2014 to June 2023. Recent findings indicate that the probe now extends to foreign firms operating in Nigeria.
The data, sourced from the sectoral utilization of CBN's forex data, reveals allocations across sectors. Notably, the EFCC is scrutinizing forex allocations to Dangote Group and 51 other companies during the tenure of the former CBN Governor, Godwin Emefiele. The investigation covers the years 2014 to mid-2023, with a breakdown of annual allocations.
The industrial sector tops forex allocations at $69.71 billion, followed by food products, manufactured products, transport, agriculture, minerals, and the oil sector.
Additionally, foreign firms, including Crane Currency Limited, Gleseck+Deverint GmbH, De La Rue Ltd, Oberthur Fiduciaire SAS, and Orelll Fussli, are under EFCC's radar for potential import and export violations, as stated in an internal memo dated December 21, 2023.
The memo urges urgent action, although the timeline for concluding the forex allocation probe remains uncertain.
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