EFCC Summons Foreign Firms In $347bn Forex Scam Probe

EFCC is looking into $347 billion that was given to Nigerian businesses between January 2014 and June 2023

The anti-graft agency has expanded its investigation into foreign companies operating in Nigeria as part of its forex allocation probe, according to recent findings.

The apex bank gave local and foreign businesses in Nigeria at least $347.49 billion to meet their foreign exchange requirements and obligations over a ten-year period.

The information was found in the CBN's sectoral utilization of its foreign exchange data. The allocation and use of foreign exchange across various economic sectors or industries can also be seen through the sectoral utilisation of foreign exchange.

The EFCC's investigation into foreign exchange allocations to the Dangote Group and fifty-one other companies under the immediate governor of the Central Bank of Nigeria, Godwin Emefiele, was ongoing at the time of the development.

A breakdown of the allocation per year showed that the bank disbursed $65.99bn in 2014, $44.6bn in 2015, $25.5bn in 2016, $27.64bn in 2017, $40.81bn in 2018, $43.99bn in 2019, $28.24bn in 2020, $16.4bn between January 2021 and September 2021.

Also, $17.38bn was disbursed between October 2021 and March 2022, while $36.88bn was given between April 2022 and June 2023.

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Under the imports category, the industrial sector got the most forex allocation, with $69.71bn in the period being reported. Others include food products ($24.88bn), manufactured products ($32.73bn), transport sector ($6.67bn), agricultural sector ($2.83bn), minerals (2.88bn), and oil sector ($37.46bn).

It's possible that the EFCC has begun looking into import and export infractions for a few foreign companies. Crane Currency Limited, Gleseck+Deverint GmbH, De La Rue Ltd, Oberthur Fiduclaire SAS, and Orelll Fussli are a few of the foreign companies that are presently under its scrutiny.

This was contained in an internal memo of the anti-graft agency, which was signed by the Director of Operations, Hadiza Junaidu, and titled 'Request for Information,' and with reference number CB:4000/EFCC/DOPS/VOL.28/104, and dated December 21, 2023.

The memo read in part, “I am directed to request that you check the records of cases referred to your respective commands/sections for investigation and confirm whether the under mentioned foreign companies has/is being investigated for import/export violations or any other offence. i. Crane Currency Limited ii. Gleseck+Deverint GmbH iii. De La Rue Ltd iv. Oberthur Fiduciaire SAS v. Orelll Fussli” While directing its recipients to act “urgently” on the memo, the EFCC director listed the distribution list to include zonal commanders and heads of operations. It is unclear how soon the EFCC will end the forex allocation probe.