JUST IN: BUA’s Lagos Office Raided By EFCC Over Forex Deals With CBN

Operatives of the Economic and Financial Crimes Commission, EFCC, have besieged the BUA Group head office located at PC 32, Churchgate Street, Victoria Island, Lagos State.

It was gathered that the search by the anti-graft operatives in BUA office is still ongoing as of the time of filing this report.

BUA Group is owned by billionaire businessman, Abdul Samad Rabiu.

It had been reported that the EFCC is probing the foreign exchange allocations made to about 52 companies, including BUA Plc and Dangote Plc, during the tenure of the former Governor of the Central Bank of Nigeria, Godwin Emefiele

It was gathered that the EFCC had written to the companies directing them to supply documents supporting the allocation and utilization of foreign currencies to them in the last 10 years.

The EFCC letter to the companies is part of ongoing investigation into alleged preferential Forex allocations to individuals and organisation.

Investigators had in the past months accused the CBN of favouring and enriching some individuals and companies through non-transparent allocation of foreign exchange to them.