EFCC, CBN Investigation Of Forex Frauds Validate Suspicion Of Banks’ Complicity

Things are unravelling in the foreign exchange segment of the financial industry.  Indeed, foreign exchange deals that were consummated in the crevices of secret places are now being exposed for fraud as it is against the good people of Nigeria that they truly are.

In different expressions of my concerns about the criminal manipulations that had characterised foreign exchange transactions over time, I had directed public attention to the nation’s banking industry as the stronghold of the elements that are responsible for the nation’s foreign exchange challenges.

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The latest in connection with this is the revelation by the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, that security agencies including the Economic and Financial Crimes Commission are currently investigating questionable foreign exchange allocations and forward contracts previously estimated at $2.4bn. This investigation is being conducted jointly by the Economic and Financial Crimes Commission and the CBN on the back of the forensic audit of forex claims of companies submitted through their respective commercial banks.

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This revelation has fundamental implications, in more ways than one, it tells of multiple levels of fraud perpetrated by Nigerian banks in cahoot with individuals and corporate entities. This clearly must be properly investigated and appropriate sanctions applied.

I want to particularly assert that this investigation is a matter of public interest and must be seen to be treated as such. The outcomes of the investigation must be placed in the public space. Corporate sanction should be applied to culprits in the first instance ahead of further investigation.

To ensure this matter is not swept under the carpets, I have caused a Freedom of Information Petition to be forwarded to authorities of the CBN and will continue to follow up on it for compliance.

Nze Chidi Duru, OON, is a serial entrepreneur and the Founder/Chairman, Grand Towers Limited

Nze Chidi Duru

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