On Thursday, indications surfaced that the Economic and Financial Crimes Commission (EFCC) had expanded its investigations to encompass over 50 firms allegedly engaged in forex transactions with the Central Bank of Nigeria (CBN) during the tenure of the former Governor, Godwin Emefiele
GOLDENNEWS sources revealed on Thursday that the Economic and Financial Crimes Commission (EFCC) has extended its investigations to include the Dangote Foundation and BUA Cement, among other companies. The specific nature of the allegations or the focus of the investigation regarding these entities is not explicitly outlined in the available information.
The information indicates that a Special Investigation initiated by President Bola Tinubu is examining the activities of the Central Bank of Nigeria (CBN) during the tenure of the former CBN Governor, Godwin Emefiele. The investigation alleges that Emefiele illegally deposited billions of Naira into 593 bank accounts in the United States, United Kingdom, and China without the necessary approvals from the apex bank’s board of directors and the CBN Investment Committee.
Additionally, the report suggests that the investigation uncovered instances of organizations abusing forex allocated for importing raw materials. There are also claims that some entities engaged in “round-tripping,” a practice where they acquire forex at official rates and then sell it at a higher rate.
These allegations, if proven true, could point to financial irregularities, misuse of funds, and violation of procedures within the CBN during the specified period. It’s important to note that investigations are ongoing, and the outcomes will determine the veracity of the claims made in the report. Such inquiries are critical for ensuring accountability and maintaining the integrity of financial institutions.
As of the latest report, the Economic and Financial Crimes Commission (EFCC) has initiated investigations into the activities of Dangote Group and BUA Group. While details of the investigation remain scant, it is mentioned that EFCC operatives visited the offices of Dangote in Lagos on Thursday, following a visit to BUA’s offices on Wednesday.
According to a source, the investigations are linked to reports of forex abuse that has had economic repercussions. The EFCC, armed with the comprehensive reports from the Special Investigator appointed by President Bola Tinubu, is determined to thoroughly examine the forex dealings of these organizations.
The visitations to the offices of major companies like Dangote and BUA suggest an extensive inquiry into the business sector’s forex transactions, potentially aiming to address concerns related to financial irregularities and the alleged abuse of foreign exchange resources. The EFCC’s commitment to leaving “no stone unturned” indicates a resolve to uncover any improprieties and ensure accountability in these economic matters. Further details may emerge as the investigations progress.