简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:EFCC investigates $347bn forex scam, targeting firms & Dangote Group from 2014-2023. Aiming for transparency & legal compliance in Nigeria's economy.
In a momentous step, Nigeria's Economic and Financial Crimes Commission (EFCC) has launched a thorough inquiry into the allocation of an astounding $347 billion in foreign money. This investigation will last from January 2014 to June 2023, and it has lately extended to cover numerous multinational firms operating in Nigeria.
The inquiry was launched when it was discovered that the Central Bank of Nigeria (CBN) distributed a large quantity of foreign money to both local and international enterprises in Nigeria. This allotment was meant to cover their foreign currency needs as well as international financial commitments spanning almost 10 years.
This investigation is part of the EFCC's wider attempt to probe foreign currency allocations, with a special focus on transactions involving the Dangote Group and 51 other firms during the time of former CBN Governor Godwin Emefiele.
Dangote Industries, which has been accused of misusing $3.4 billion in currency, has flatly disputed the claims, claiming that all of its transactions were cleared by the CBN and were for genuine business ventures in Africa. The company has said that it is willing to fully work with the EFCC to fix these concerns.
As the inquiry develops, some firms have responded to the EFCC's demands for information, while others have asked for further time to gather the relevant documentation.
Following the Dangote Group probe, the EFCC has contacted over 85 entities, including business organizations and people, as part of its continuing investigation into suspected illegal foreign currency allocations during Emefiele's administration. As the country struggles with a foreign money shortage, the investigation has expanded to encompass overseas companies such as Crane Currency Limited and De La Rue Ltd, among others.
An internal document details the EFCC's rigorous attempts to find any inconsistencies in foreign currency transactions over the last decade. This research is crucial for maintaining financial integrity and complying with Nigeria's economic legislation.
In light of these events, the EFCC's probe is more than simply an examination of financial transactions; it is an important endeavor to protect Nigeria's economic stability. The EFCC's goal in evaluating these currency allocations is to guarantee transparency, accountability, and legal behavior of both local and foreign enterprises operating in the country.
This lengthy investigation demonstrates the EFCC's dedication to tackling financial crime and boosting Nigeria's economic security. The investigation is likely to shed light on the complexity of FX allocations and their influence on the national economy as it progresses.
Follow the WikiFX daily news link at https://www.wikifx.com/en/news.htm for continual updates on this and other stories.
The Economic and Financial Crimes Commission (EFCC) is a Nigerian law enforcement organization responsible for looking into financial crimes such as embezzlement, money laundering, and fraud. Its objective, which began in 2003, is to combat financial wrongdoing and corruption while also maintaining the integrity and openness of financial transactions. The EFCC is critical to encouraging legal compliance and maintaining an accountable atmosphere in Nigeria's economic landscape.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
With 7M UK adults holding cryptocurrency, the FCA outlines a robust plan to regulate crypto markets, stablecoins, and staking by 2026, aligning with global trends.
Webull Canada now offers extended trading hours from 4 a.m. to 5:30 p.m. ET, plus options trading. Gain flexibility and manage risk in an ever-changing market.
Robinhood Crypto debuts Ethereum staking for European users with a 100% earnings match up to €10,000. Simplified staking makes earning rewards effortless.
The Philippines enforces new virtual asset reporting rules starting January 2025, mandating 13 comprehensive reports from VASPs to ensure transparency and security.