Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has alleged a $5 million fraud involving African Export-Import Bank, First City Monument Bank (FCMB), and other parties, according to an internal memo cited in reports.The document, dated April 28, 2017, relates to a complaint by EM-International System Nigeria Limited (EMIS) over a financing arrangement for telecoms equipment.
According to the memo, investigators examined a tripartite agreement involving the parties and raised concerns about due diligence and compliance with disbursement conditions. The report alleges that funds linked to the transaction were released before contractual obligations, including equipment supply, were fulfilled.
The EFCC document further stated that EMIS did not receive the expected equipment despite payments made to a third-party supplier, identified as COM-DEV. It recommended that financial liabilities and recovery options be explored through legal or arbitration channels.
In its response cited in the memo, FCMB acknowledged opening accounts for EMIS in connection with a $5 million facility obtained from Afreximbank, but said the company later struggled to service the loan. The EFCC memo referenced several individuals in connection with the investigation. However, no court ruling establishing criminal liability was cited, and the allegations remain subject to legal determination.
