EFCC Investigates Top Companies over FX Allocations in 10 Years

The Economic and Financial Crimes Commission (EFCC) is conducting a comprehensive review and investigation into foreign exchange (FX) utilisation in the last 10 years, which involves scores of leading companies in the country that may have benefited from FX allocation from the Central Bank of Nigeria (CBN).

The target companies include: Dangote Group,  TGI, and Flour Mills, among several others.

The development might not be unconnected with the investigation over arbitrary FX allocations.

Clearly, none of the companies was said to have committed any infractions, as there were yet to be proof of their involvement in criminal activities.

Equally, yesterday, former Minister of Humanitarian Affairs, Disaster Management, and Social Development, Sadiya Umar Farouq, wrote to the anti-graft agency to tender her apology for failing to appear before the commission to answer questions on alleged laundering of N37.1 billion during her tenure.

But suspended National Coordinator of the National Social Investment Programme Agency (NSIPA), Halima Shehu, reported to the agency after she was released Tuesday night.

On the FX probe, it was gathered that that EFCC had written to the 52 companies, directing them to supply documents supporting the allocation and utilisation of foreign currencies to them in the last 10 years.

Sources at Dangote Group said officials of the anti-graft agency sought documents on the company’s forex deals and transactions with the CBN under Godwin Emefiele as governor.

“They asked for the documents on forex transactions with the CBN,” a source said.

A competent source privy to the investigation told press, “We want to know how (FX) was allocated, the processes. How it started and how it ended. It’s an ongoing investigation.”

Meanwhile, Umar-Farouq wrote the anti-graft agency to apologise for failing to appear before the commission.

Spokesman of the commission, Dele Oyewale, said the former minister wrote to the anti-graft agency to explain that she was indisposed. Oyewale said EFCC had directed her to honour the invite without further delay.

Relatedly, the suspended national coordinator of NSIPA, Halima Shehu, reported to the agency yesterday, following her release Tuesday night.

She was said to be providing necessary information to the agency’s interrogators.

While not in detention, Shehu was expected to report to the commission every day until investigations were concluded.