The Economic and Financial Crimes Commission (EFCC) is currently probing 52 companies over forex transactions, TheCable understands.
The commission is investigating forex allocations to these companies during the tenure of Godwin Emefiele as governor of the Central Bank of Nigeria (CBN).
On Monday, EFCC operatives were at the head office of Dangote Group in Lagos conducting a search, sources informed TheCable.
TheCable understands that the EFCC wrote to the various companies asking for documentation on their forex transactions in the last 10 years.
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Some of the big companies being investigated are Dangote Group, BUA Group and Flour Mills — but they have all denied wrongdoing in their communications with the EFCC.
According to insiders, the Dangote Group said it is ready to explain every detail of its forex transactions as it did not breach any laws.
Details of the EFCC investigations are still sketchy but it appears to be a blanket investigation into the biggest companies that got forex allocations from the CBN under Emefiele.
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Dele Oyewale, the EFCC spokesman, declined comments when contacted by TheCable.
Emefiele was suspended as CBN governor by President Bola Tinubu on June 9, 2023, and was subsequently arrested and detained for over five months.
He has been charged to court over various allegations which he denies.
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