The Economic and Financial Crimes Commission is investigating at least $347 billion allocated to companies in Nigeria between January 2014 and June 2023, as revealed by findings from GOLDENNEWSNG.
Fresh information indicates that the anti-graft agency has expanded its forex allocation probe to encompass certain foreign firms operating in Nigeria.
However, analysis of Central Bank of Nigeria data by GOLDENNEWSNG on Wednesday unveiled that both local and foreign companies in Nigeria received a minimum of $347.49 billion from the apex bank to meet their foreign exchange requirements and obligations over the 10-year period. This information was extracted from the sectoral utilisation of the CBN’s forex data, which discloses how foreign exchange is allocated and utilized across various sectors or industries of the economy.
This development is occurring in the context of the EFCC’s investigation into forex allocations to Dangote Group and 51 other companies during the tenure of the immediate past Governor of the Central Bank of Nigeria, Godwin Emefiele.
On Wednesday, GOLDENNEWSNG on findings revealed that the EFCC was focusing its investigation on the 52 companies due to their receiving the largest portion of the $347 billion within the specified timeframe. However, the exact amount received by these top 52 beneficiaries of forex allocation under Emefiele during the review period remained unverified as of the press time on Wednesday.
Meanwhile, an examination of the CBN’s quarterly statistical bulletin indicated that, under the import category, various sectors benefited from forex allocation. These sectors encompassed industrial, food products, manufactured products, transport, agriculture, minerals, oil, communication, construction and related engineering, distribution, education, environment, financial, health and social services, tourism and travel, recreational, cultural, and sporting services.
Breaking down the allocation on a yearly basis, the bank disbursed $65.99 billion in 2014, $44.6 billion in 2015, $25.5 billion in 2016, $27.64 billion in 2017, $40.81 billion in 2018, $43.99 billion in 2019, $28.24 billion in 2020, $16.4 billion between January 2021 and September 2021. Additionally, $17.38 billion was disbursed between October 2021 and March 2022, while $36.88 billion was allocated between April 2022 and June 2023.
Specifically under the imports category, the industrial sector received the highest forex allocation at $69.71 billion, followed by food products ($24.88 billion), manufactured products ($32.73 billion), transport sector ($6.67 billion), agricultural sector ($2.83 billion), minerals ($2.88 billion), and the oil sector ($37.46 billion).