The Economic and Financial Crimes Commission (EFCC) is probing 52 companies over forex transactions.
The commission is investigating forex allocations to these companies during the tenure of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN).
Reports say that on Monday, EFCC operatives were at the head office of Dangote Group in Lagos conducting a search.
The EFCC reportedly wrote to the various companies asking for documentation on their forex transactions in the last 10 years.
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 details of its forex transactions, insisting that it did not breach any law.
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.
The EFCC spokesperson, Dele Oyewale, declined comments when contacted.
Emefiele was suspended as CBN governor by President Bola Tinubu on June 9, 2023, and subsequently arrested and detained for over five months.
He has been charged to court with various allegations, which he denied.