The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into alleged fraudulent foreign exchange allocations during the tenure of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
Over 85 entities, including corporate organizations and individuals, have received letters from the EFCC regarding the ongoing probe. It is anticipated that Emefiele may face amended charges based on new discoveries arising from the forex transactions investigation.
Entities under Investigation:
While specific details of the 85 entities were not independently verified, the Dangote Group and BUA Plc are reportedly among those under scrutiny.
The EFCC has summoned senior officials of the affected entities, mandating them to provide comprehensive documentation covering their foreign exchange transactions for the past nine years.
Scope of Investigation:
The EFCC’s investigation delves into preferential foreign exchange allocations allegedly made by Emefiele, disregarding financial rules, regulations, and the CBN Act.
The anti-graft agency aims to ascertain the extent of misuse of foreign exchange allocations for money laundering purposes.
Raids and Document Seizure:
EFCC operatives recently conducted raids at the headquarters of Dangote Industries Limited and BUA Towers, seizing documents related to forex transactions.
While Dangote Group confirmed the raid and cooperated by supplying relevant documents, BUA asserted that its offices were not raided by EFCC operatives.
Charges and Expected Amendments:
The EFCC source disclosed that Emefiele might face amended charges, including allegations related to preferential forex allocations, money laundering, and abuse of office.
The investigation reportedly reveals instances where Emefiele utilized his position to facilitate preferential treatment for acquaintances, business associates, and relations.
Response from Investigated Entities:
The affected entities, including Dangote, have been given the opportunity to provide detailed and unambiguous documents to the EFCC.
Dangote emphasized its commitment to cooperating with the investigation, clarifying that it is responding to a request for information and not facing accusations of wrongdoing.
EFCC’s Stance and Continued Investigation:
The EFCC maintains that its investigation is independent of a separate probe led by Jim Obazee, appointed by President Bola Tinubu.
The agency intends to enforce regulatory actions based on key performance targets for forex offtake. The ongoing scrutiny includes an analysis of forex transactions involving various individuals and organizations.
Recommendations from Special Investigator:
Jim Obazee, in a report submitted to the President, outlined alleged misconducts by Emefiele, including lodging public funds in foreign accounts without approval, manipulating the naira exchange rate, and involvement in the e-Naira project.
Obazee recommended that Emefiele, along with others, should face prosecution for various offenses.
Conclusion:
The EFCC’s investigation into alleged forex fraud during Emefiele’s tenure as CBN governor underscores the broader efforts to address financial misconduct.
As the probe continues, further details may emerge, shedding light on the extent of the alleged irregularities and potential legal actions.
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