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The Economic and Financial Crimes Commission (EFCC) is currently conducting an investigation into forex allocations totaling at least $347 billion disbursed to companies in Nigeria from January 2014 to June 2023. Fresh findings reveal that the anti-graft agency has expanded its probe to include foreign firms operating in Nigeria.
Data from the Central Bank of Nigeria (CBN), indicates that both local and foreign companies in Nigeria received significant forex allocations from the apex bank to fulfill their foreign exchange needs and obligations over the past decade.
The EFCC’s focus on this matter follows its scrutiny of forex allocations to Dangote Group and 51 other companies during the tenure of the former Central Bank Governor, Godwin Emefiele. The investigation targets companies that received the largest share of the $347 billion within the specified timeframe.
A breakdown of the forex allocation per year reveals disbursements of $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, $17.38 billion between October 2021 and March 2022, and $36.88 billion between April 2022 and June 2023.
The industrial sector received the highest forex allocation under the imports category, amounting to $69.71 billion. Other sectors include food products ($24.88 billion), manufactured products ($32.73 billion), transport ($6.67 billion), agriculture ($2.83 billion), minerals ($2.88 billion), and the oil sector ($37.46 billion).
In the invisible category, financial services received the most forex allocation at $136.54 billion. Other sectors encompassed business services ($13.47 billion), communication services ($3.08 billion), construction and related engineering services ($147.71 million), distribution services ($257.99 million), education services ($4.98 billion), environmental services ($40,000), health-related and social services ($31.03 million), tourism and travel-related services ($721.54 million), recreational, cultural, and sporting services ($3.18 million), transport services ($7.32 billion), and other services not included elsewhere ($3.79 billion).
The EFCC’s investigation into forex allocations has prompted the agency to summon senior officials from affected entities, requesting detailed documents on their foreign exchange transactions over the past decade. The forex scarcity in Nigeria has adversely affected the economy, leading to the closure of several firms.
In a parallel development, the EFCC has reportedly initiated investigations into some foreign firms for potential import and export violations. The companies under scrutiny include Crane Currency Limited, Gleseck+Deverint GmbH, De La Rue Ltd, Oberthur Fiduclaire SAS, and Orelll Fussli.
The duration and outcome of the EFCC’s forex allocation probe remain uncertain.
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