EFCC Escalates Forex Fraud Investigation, Sets Sights On 85 Entities, Including Dangote And BUA

The Economic and Financial Crimes Commission (EFCC) has significantly broadened its investigation into alleged fraudulent foreign exchange allocations during the tenure of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele….CONTINUE READING

More than 85 entities, encompassing both corporate organizations and individuals, have been implicated in this deepening inquiry.

Entities coming under scrutiny include the Dangote Group and BUA Plc, with EFCC operatives revealing their recent actions against these major corporations. The EFCC’s investigation, conducted independently of President Bola Tinubu’s appointed investigator Jim Obazee, is examining alleged preferential forex allocations by Emefiele, suspected of violating existing financial regulations and the CBN Act.

A top EFCC source disclosed to Punch that this comprehensive probe goes beyond the initial scope, with potential amendments to the charges against Emefiele. The investigation suggests that the former CBN governor may have facilitated these allocations for personal gain, involving money laundering through forex transactions and Bureau De Change operators.

The recent raids on Dangote Industries Limited in Ikoyi and BUA Towers in Victoria Island, Lagos, represent a significant escalation in the investigation. While Dangote officials confirmed cooperation with the EFCC, BUA has denied any raid on their offices.

These companies, along with others involved, have been summoned to provide extensive financial documentation from 2014 to 2023. EFCC spokesperson, Dele Oyewale, has refrained from commenting on the ongoing investigation, but inside sources indicate the commission’s determination to uncover the full extent of the alleged forex fraud.

The investigation includes potential charges of money laundering and abuse of office against Emefiele, in addition to existing allegations related to the naira redesign policy and illegal currency issuance. The EFCC source emphasized that the investigation is comprehensive, independent of the CBN investigator Obazee’s report, and likely to result in amended charges against the former CBN governor.

Following the EFCC operatives’ siege on Dangote and BUA’s offices, documents related to the firms’ forex transactions were taken away. The search took place on Thursday, lasting several hours, and the officials of the firms have been summoned to bring the necessary documents to Abuja on Tuesday. The EFCC aims to gather evidence on how government funds were allocated without any witch-hunting intentions.