Every day is for the thief but one day is for the owner of the house. All those who got forex allocation illegally during Emefiele’s time in office will be trying to hide now.
They will be looking for who knows somebody, to talk to somebody on their behalf, so that their atrocities do not come to light.
Unfortunately, for them, the Economic and Financial Crimes Commission has begun its investigation into this forex case and it must see it through
The Economic and Financial Crimes Commission is now looking into forex allocations and scrutiny of certain foreign firms that operate within Nigeria.
After discovering the allocation of over $347 billion to companies in Nigeria between January 2014 and June 2023.
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EFCC To Investigate Forex Allocation Of $347bn To 52 Companies
The EFCC will investigate local and foreign companies receiving $347 billion from the Central Bank of Nigeria.
It was gathered from the data on Wednesday that the $347.49 billion allocation was to help the companies fulfill their foreign exchange requirements and obligations.
This data provides insights into how foreign exchange is allocated and utilized across various sectors or industries of the economy.
it was found in the sectoral utilization of the CBN’s forex data.
The document shows how forex allocations were given to Dangote Group and 51 other companies during Godwin Emefiele’s tenure at the CBN
Focusing on these 52 companies, the EFCC observed that they received the largest share of the $347 billion within the specified timeframe.
As of the close of work on Thursday, the EFCC was yet to determine the exact amount of forex allocation received by these companies during Emefiele’s tenure.
An examination of the import category of the CBN’s quarterly statistical bulletin revealed that some sectors benefited from forex allocation.
The sectors are industrial, food products, manufactured products, transport, agriculture, minerals, and oil sectors.
CBN Forex Allocation Breakdown
The Apex Bank disbursed $65.99 billion in 2014, $44.6 billion in 2015, $25.5 billion in 2016, and $27.64 billion in 2017.
Also, it disbursed $40.81 billion in 2018, $43.99 billion in 2019, $28.24 billion in 2020, and $16.4 billion between January 2021 and September 2021.
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Additionally, a disbursement of $17.38 billion occurred between October 2021 and March 2022, followed by $36.88 billion between April 2022 and June 2023.
The EFCC has requested these companies to provide documents showing the allocation and utilization of forex provided to them at official rates over the last decade.
These firms have also been asked to submit their Form A and Form M, detailing their forex allocations from 2014 to June 2023.
