Emmanuel OchayiThe Economic and Financial Crimes Commission (EFCC) has escalated its investigation into alleged fraudulent foreign exchange allocations during the tenure of former Central Bank Governor Godwin Emefiele, expanding its inquiries to over 85 entities, including corporate bodies and individuals.
The move signals potential fresh charges against Emefiele and heightened scrutiny into preferential forex allocations.
Join our WhatsApp ChannelAn unnamed EFCC official revealed, “The probe has extended beyond 52 entities, and I can confirm that the Dangote Group and BUA Plc are part of the 85 entities under probe over the preferential foreign exchange allocations made by the former CBN governor.”
The EFCC on Thursday, raided the headquarters of Dangote Industries Limited and BUA Towers in Lagos, collecting documents related to forex transactions. While Dangote confirmed cooperation with the EFCC, BUA denied any office raids.
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The investigation, described as thorough and independent of other inquiries, aims to uncover alleged irregularities in forex allocations.
According to an EFCC source, Emefiele is expected to face amended charges soon due to discoveries arising from the ongoing probe.
“The charges against him are plenty. It is a pity that such a highly placed man used his office the way he did it,” the source stated, hinting at charges including money laundering and abuse of office.
In response to EFCC’s actions, Dangote detailed their interactions, citing a request for extensive forex transaction details from 2014 to date. Despite their commitment to providing information, the EFCC allegedly insisted on collecting documents directly from their offices.
EFCC’s spokesperson declined to comment on developments, while a senior official emphasized the agency’s aim to gather evidence on government fund allocations without witch-hunting individuals or entities.
The EFCC has summoned senior executives from affected companies to provide detailed documents, with Dangote officials scheduled to present documents in Abuja on Tuesday.
As the investigation unfolds, Emefiele’s legal team prepares for potential new charges, reflecting a deepening crisis tied to alleged irregularities in forex allocations during his tenure as CBN governor.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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