Every day, Nigerians come to terms more and more with how much the former Governor of the Central Bank (CBN), Godwin Emefiele, may have abused his position. Forex fraud is what it has been tagged.
This is a mess on a long road, since it could result in banks and firms being dragged into the forex fraud. That is if they ever got a share of the largesse.
Indeed, there is no hiding place for evildoers. All hidden things may come to limelight if the government has the will to do so.
Right now, the Central Bank and the Economic and Financial Crimes Commission (EFCC) are going after all forex fraud perpetrators.
The CBN, is investigating irregular foreign exchange transactions and forward contracts valued at $2.4 billion.
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This inquiry follows an extensive audit by Deloitte, which scrutinised $7 billion in dollar debts accumulated under the bank’s previous leadership.
Governor Olayemi Cardoso told journalists that the investigation will clarify the legitimacy of these FX allocations identified as problematic by the audit.
He made this known at the end of the 294th Monetary Policy Committee meeting held in Abuja.
According to him, the investigation is supported by the Economic and Financial Crimes Commission, among other security bodies.
“It was determined that a number of these transactions did not qualify…they were outright illegal.
The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid.”
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Furthermore, he said, the audit findings show that a significant portion of the scrutinised transactions lacked proper documentation. Also, in many instances, they were deemed outright illegal.
