The Economic and Financial Crimes Commission is set to broaden its investigation into the use of foreign exchange by companies and financial institutions under the tenure of former Central Bank of Nigeria Governor, Godwin Emefiele. 

According to Tribuna Online, sources close to the commission have disclosed that the probe, initially focused on the corporate offices of Dangote Group and others, will now extend to at least 20 commercial banks and involve scrutiny of merchant banks as well.

The comprehensive investigation is expected to span a period of at least nine years, encompassing commercial banks, merchant banks, and other companies. 

A source emphasized that the probe, although not targeting a specific company, is part of a general inquiry into the utilization of foreign exchange over the specified timeframe. 

The source stated, “I cannot say how the media got the figure of 52 companies, but they are quite a number. 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.”

The EFCC is reportedly exploring various aspects, with a particular focus on the allocation of foreign exchange to individuals associated with Emefiele. The source stated, “The issue of forex is ringing a bell because of its implication for the national economy.”

Regarding Emefiele’s involvement, another source highlighted that the EFCC began its investigations after he was released to the commission by the Department of State Services in October. 

To maintain the integrity of the investigation, the EFCC is exercising caution to avoid accusations of engaging in a media trial. A source emphasized, “What is happening is a general investigation into forex allocations under Emefiele. It is not intended to embarrass any corporation or agency.”