The Economic and Financial Crimes Commission is investigating at least $347bn allocated to companies in Nigeria between January 2014 and June 2023.
This came as fresh findings show that the anti-graft agency has extended its forex allocation probe to include some foreign firms operating in Nigeria.
The data was contained in the sectoral utilisation of the CBN’s forex data. Sectoral utilisation of foreign exchange also reveals how foreign exchange is allocated and used across different sectors or industries of the economy.
However, the Central Bank of Nigeria on Wednesday revealed that local and foreign companies in Nigeria got at least $347.49 billion from the apex bank to service their foreign exchange needs and obligations within the 10-year period.
The development came against the backdrop of the EFCC’s probe of forex allocations to Dangote Group and 51 other companies under the immediate past Governor of the Central Bank of Nigeria, Godwin Emefiele.
On Wednesday it was revealed that the EFCC was beaming its searchlight on the 52 companies because they got the largest chunk of the $347bn within the timeframe.
However, the amount the 52 top recipients of forex allocation under Emefiele got in the period under review could not be ascertained as of press time on Wednesday.
According to reports, 52 companies have been directed to provide documents supporting the allocation and utilisation of foreign exchange sold to them at official rates in the last 10 yea
Meanwhile, an analysis of the CBN’s quarterly statistical bulletin showed that under the import category, the sectors that benefitted from forex allocation include industrial, food products, manufactured products, transport, agriculture, minerals, and oil.
Other sectors included communication, construction and related engineering, distribution, education, environment, financial, health and social services, tourism and travel, recreational, cultural, and sporting services.
A breakdown of the allocation per year showed that the bank disbursed $65.99bn in 2014, $44.6bn in 2015, $25.5bn in 2016, $27.64bn in 2017, $40.81bn in 2018, $43.99bn in 2019, $28.24bn in 2020, $16.4bn between January 2021 and September 2021.
Also, $17.38bn was disbursed between October 2021 and March 2022, while $36.88bn was given between April 2022 and June 2023.
Under the imports category, the industrial sector got the most forex allocation, with $69.71bn in the period being reported. Others include food products ($24.88bn), manufactured products ($32.73bn), transport sector ($6.67bn), agricultural sector ($2.83bn), minerals (2.88bn), and oil sector ($37.46bn).
Under the invisible category, financial services ($136.54bn) got the most forex allocation. Others include business services ($13.47bn), communication services ($3.08bn), construction and related engineering services ($147.71m), distribution services ($257.99m), education services ($4.98bn), environmental services ($40,000), health-related and social services ($31.03m), tourism and travel related services ($721.54m), recreational, cultural and sporting services ($3.18m), transport services ($7.32bn), and other services not included elsewhere ($3.79bn).
On January 4, 2023, operatives of the EFCC visited the headquarters of Dangote Industries Limited in Ikoyi, Lagos, as part of the ongoing investigation into the alleged abuse of the foreign exchange allocations by Emefiele.
Emefiele and his activities as the apex bank governor are currently under investigation by a Special Investigator on the CBN and Related Entities, Jim Obazee. In July 2023, the President, Asiwaju Bola Tinubu, appointed a special investigator to probe the Central Bank of Nigeria.
The investigator, Obazee, was tasked with investigating the apex bank and key Government Business Entities.
Obazee submitted the report of the investigation sometime in December 2023.
The EFCC had demanded that the firms submit their Form A and Form M, which detailed their forex allocations between 2014 and June 2023.
