By Pathfinder Reporter
January 8, 2024
The Pathfinder News authoritatively gathered that the Economic and Financial Crimes Commission (EFCC) currently investigating the use of foreign exchange by some companies and financial institutions under the former governor of the Central Bank of Nigeria (CBN) Godwin Emefiele will extend the probe to about 20 banks or more.
A reliable source asserted that not less than 20 commercial banks and some merchant banks would be investigated and that the investigation would span at least nine years
It said, “this is a general investigation on the use of foreign exchange in nearly the past nine years and it is not an isolated case targeted at a particular company. A whole lot of issues are being looked and the issue of forex is ringing bell because of its implication for the national economy.”
The source also added that the EFCC was looking into allocation of foreign exchange to friends and associates of Emefiele by the former CBN governor.
Another source said that the EFCC got Emefiele released to it by the Department of State Services (DSS) in October and since then a lot of investigations have gone into his activities at the helm of affairs at the CBN, adding that what is ongoing is an all-encompassing investigation into the roles of banks and financial institutions as well as heavy forex users around the time in question.
A reliable source explained that the EFCC has refused to disclose much information about its operations on the matter to avoid being accused of media trial, and that the anti-graft agency was carefully perusing all documents needed to make conclusive deductions.
“What is happening is a general investigation into forex allocations under Emefiele. It is not intended to embarrass any corporation or agency,” a source close to the commission said.
About the ongoing probe of the former Minister of Humanitarian Affairs, Hajya Sadiya Umar-Farouk, by the anti-graft agency over fraud allegedly perpetrated in her ministry while she was in office, the source said that the former minister may be given a deadline to appear before the commission this week.
The former minister had failed to appear before the commission all through last week on indications that she was suffering from illness.
A source who spoke on the suspended Chief Executive Officer of the National Social Investment Programme Agency (NSIPA), Hajia Halima Shehu said that the suspended CEO has been cooperating with investigators and that she has been appearing before investigators since last week.