The Economic and Financial Crimes Commission (EFCC) has initiated a comprehensive review and investigation into foreign exchange (FX) utilization over the last 10 years, involving prominent companies such as Dangote Group, TGI, and Flour Mills. The investigation is focused on companies that may have benefited from foreign exchange allocations from the Central Bank of Nigeria (CBN).
While there is no evidence of criminal activities, the EFCC is examining arbitrary FX allocations and has issued letters to 52 companies, including Dangote Group, requesting documents supporting the allocation and utilization of foreign currencies over the past decade. The investigation aims to understand the processes involved in FX allocation, from initiation to conclusion.
Sources within Dangote Group confirmed that the EFCC sought documents related to the company’s forex transactions with the CBN during the tenure of Godwin Emefiele as governor. The investigation is part of ongoing efforts to ensure transparency and accountability in foreign exchange operations.
In a related development, former Minister of Humanitarian Affairs, Disaster Management, and Social Development, Sadiya Umar Farouq, has written to the EFCC to apologize for her inability to appear before the commission to address questions related to the alleged laundering of N37.1 billion during her tenure. While Farouq cited indisposition, the EFCC has directed her to honor the invitation promptly.
Additionally, the suspended National Coordinator of the National Social Investment Programme Agency (NSIPA), Halima Shehu, reported to the EFCC on Thursday following her release on Tuesday night. She is expected to provide necessary information to the commission during the ongoing investigation.