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Forex Scandal: EFCC Probes $347bn Funds, Summons Foreign Firms

The Economic and Financial Crimes Commission is 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.

However, the Central Bank of Nigeria data analysed by newsmen on Wednesday revealed that 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.

However, the amount the 52 top recipients of forex allocation under Emefiele got in the period under review could not be ascertained as of press time on Wednesday.

Meanwhile, an analysis of the CBN’s quarterly statistical bulletin showed that under the import category, the sectors that benefitted from forex allocation include industrial, food products, manufactured products, transport, agriculture, minerals, and oil.

Other sectors included communication, construction and related engineering, distribution, education, environment, financial, health and social services, tourism and travel, recreational, cultural, and sporting services.

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